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Cdon: Underlying fundamentals remain in play - SEB

In Q4, CDON recorded rather weak 3P GMV growth compared to our estimates (while taking online market share). We have revised our financial forecasts to reflect a gradual improvement in y/y growth in the year ahead. Underlying fundamentals (e-commerce share of retail, marketplace share of online) remain intact, and we argue that CDON, a leading Nordic marketplace, is well positioned to capitalise on structural opportunities in coming years.

In Q4, CDON recorded rather weak 3P GMV growth compared to our estimates (while taking online market share). We have revised our financial forecasts to reflect a gradual improvement in y/y growth in the year ahead. Underlying fundamentals (e-commerce share of retail, marketplace share of online) remain intact, and we argue that CDON, a leading Nordic marketplace, is well positioned to capitalise on structural opportunities in coming years.
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