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CDON: Site traffic trend suggests weaker GMV growth - SEB

Based on site traffic developments year-to-February, we lower our GMV 3P marketplace growth estimates for CDON and Fyndiq. Also, we have shifted some of the SEK 40m in gross savings from the Fyndiq merger in 2024 to 2025 and added SEK 8m (“SEK 7-9m”) in costs relating to the pending move of its headquarters this year. In all, based on revised earnings, we set our new DCF-based mid-point equity value at SEK 275 (325).

Based on site traffic developments year-to-February, we lower our GMV 3P marketplace growth estimates for CDON and Fyndiq. Also, we have shifted some of the SEK 40m in gross savings from the Fyndiq merger in 2024 to 2025 and added SEK 8m (“SEK 7-9m”) in costs relating to the pending move of its headquarters this year. In all, based on revised earnings, we set our new DCF-based mid-point equity value at SEK 275 (325).
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