2024 was nothing other than a disappointment for CDON, with total GMV declined by 14% y/y, GPAM by 11% and EBITDA by 79%. However, the company has taken several steps during the year towards a lower cost structure which should enable improved operating leverage going forward. We leave our forecasts and mid-point value of SEK 88 unchanged (range of SEK 75-101) with estimate revisions purely mechanical from the Q4 miss.
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