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CDON: Sustaining a strong GPAM performance trend - SEB

Most importantly, based on a strong GP after marketing (GPAM) performance in Q3 (bettering our estimates by 14%), we upgrade our full-year GPAM forecasts by an average of 5% in 2023-25. While delivering positive Q3 EBITDA of SEK 3m (in line with FY 2023 guidance), temporarily higher costs in Q3 explain a minor miss versus our SEK 11m forecast. Clearly, focus remains on profitability over growth. We keep our mid-point equity value at SEK 315.

Most importantly, based on a strong GP after marketing (GPAM) performance in Q3 (bettering our estimates by 14%), we upgrade our full-year GPAM forecasts by an average of 5% in 2023-25. While delivering positive Q3 EBITDA of SEK 3m (in line with FY 2023 guidance), temporarily higher costs in Q3 explain a minor miss versus our SEK 11m forecast. Clearly, focus remains on profitability over growth. We keep our mid-point equity value at SEK 315.
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