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Cdon: We expect decelerating, but still strong 3P GMV growth y/y - SEB

CDON, the leading online marketplace in the Nordics, will report Q1 2021 results on Wednesday 21 April at 13.00 CET. We believe 3P GMV growth will be a key focus in the report. Here, we expect a deceleration, but still a solid 30% y/y growth. Total GMV (SEB: SEK 507m, consensus: SEK 485m) will continue to be burdened by its retail sales operations (mainly media products).

We reiterate our financial forecasts and our SEK 850 midpoint DCF equity value per share.
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