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CDON Q4: Weaker 3P GMV, but strong EBITDA start to January 2023 - proposed M&A with Fyndiq - SEB

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.

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.
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