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Cdon: Targeting ebitda breakeven in 2023 - SEB

We have revised mainly our GMV growth assumptions to reflect deteriorating consumer confidence and reported weak online market sales over Christmas trading, as well as a more muted outlook for 2023. In all, we forecast 3P GMV to record a y/y decline of 4% in Q4 (Sweden market: -6%) and for LBITDA of SEK 30m (incl. SEK 25m in NRIs). We set our new DCF-based mid-point equity value at SEK 375 (425), implying a prospective EV/GMV of 1.1x 2023E.

We have revised mainly our GMV growth assumptions to reflect deteriorating consumer confidence and reported weak online market sales over Christmas trading, as well as a more muted outlook for 2023. In all, we forecast 3P GMV to record a y/y decline of 4% in Q4 (Sweden market: -6%) and for LBITDA of SEK 30m (incl. SEK 25m in NRIs). We set our new DCF-based mid-point equity value at SEK 375 (425), implying a prospective EV/GMV of 1.1x 2023E.
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