Ahead of CDON’s Q3 report, we cut our GMV forecasts (reflecting reported market surveys in the period) while raising our GP after marketing (GPAM) estimates by an average of 3% over our projection period (2023-25). After assuming a higher share of net cost savings this year and next, we raise our EBITDA forecasts by an average of 9% for the same period. We reiterate our DCF-based mid-point equity value of SEK 315 per share.
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