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SENASTE
CDON has announced the acquisition of Sweden’s Fyndiq (a marketplace for bargains) that would own c. 40% of CDON post-M&A. Assuming an EV paid of SEK 658m, this would also imply a valuation premium on EV/GMV and EV/GP (pre-synergies). Fyndiq would add 24% to 2022 pro forma GMV and 55% to gross profit. We await clarity on any synergies and have yet to consolidated Fyndiq in our estimates. We reiterate our SEK 375 mid-point valuation.
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