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SENASTE
We argue the marketplace business model fits well over a cycle, with various product categories for consumers and known costs for merchants. Longer-term, we expect online retail to gain share of total retail and for marketplaces to gain share of the online retail market. In Q2, CDON managed to generate traffic growth (first time since Q4 2020) in a falling market. Based on revised forecasts we set our mid-point value at SEK 450 (SEK 485).
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