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Cdon: Yes, they can - SEB

Now consolidating its recent acquisition of Fyndiq, CDON Group reported Q2 EBITDA ahead of our estimates, despite weaker GMV developments. In all, we raise our 2023 EBITDA forecast (by SEK 20m) to SEK 33m. A seasonally weaker Q2 period and a rather challenging e-commerce market throughout H1 this year are now in the books. We argue the equity is being valued at steep discounts to peers. We reiterate our SEK 315 mid-point value.

Now consolidating its recent acquisition of Fyndiq, CDON Group reported Q2 EBITDA ahead of our estimates, despite weaker GMV developments. In all, we raise our 2023 EBITDA forecast (by SEK 20m) to SEK 33m. A seasonally weaker Q2 period and a rather challenging e-commerce market throughout H1 this year are now in the books. We argue the equity is being valued at steep discounts to peers. We reiterate our SEK 315 mid-point value.
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