Q4 3P GMV and results are weaker than expected by us. More importantly, CDON disclosed positive EBITDA in January and also reiterates its break-even EBITDA target for full-year 2023, outlining convincing and implementing cost measures. Separately, CDON will combine with Fyndiq, Sweden's largest marketplace for bargains, for newly issued shares corresponding to SEK 735m (40% of shares in the combination). Our current mid-point of SEK 375 is under review.
LÄS MER
