CDON posted a quarter with solid growth of 14% y/y. GPAM grew 9% y/y with balanced contributions from both CDON and Fyndiq. Growth initiatives, including onboarding of five European giants and retail media, are progressing as planned, with scaling expected in Q2. After the report, we make minor adjustments to our estimates, and our DCF-based valuation range is set at SEK 98-117 (89-119).
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