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SENASTE
We initiate coverage of CDON with a midpoint DCF equity value of SEK 850. CDON is the leading marketplace in the Nordic region, with 2.3m customers (8% of the population) and over 1,500 connected merchants. CDON offers an exposure to structural growth as consumption shifts online and high margin potential reflecting the oligopolistic nature of marketplaces. Growth is asset light (commission model, no WC need), which also drives a high ROCE.
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