CDON delivered an in-line Q4 report. GMV of SEK 644m was 3% above our estimate of SEK 627m and growing 15.4% y/y, driven by CDON momentum. GPAM of 10% was in line with SEBe of 10.1%. EBITDA was SEK 18m, up 72% y/y. Our first take is for minor mechanical upward estimate revisions to FY26E based on the Q4 report. Our current valuation range of SEK 88-118 is under review.
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