CDON
Cdon: 3P GMV slightly short of our forecasts, but still up 25% y/y amid difficult trading - SEB (SEB Research)

2021-04-21 14:11

CDON, the Nordic region's largest marketplace, reported 3P GMV growth of 25% in Q1. This compares to our estimates for 30% growth. The deceleration in 3P GMV growth relates to challenges relating to indexation and automation on its new platform (launched late last year). Gross margins improved to ahead of our expectations, while SG&As came in higher. In all, adjusted LBIT of SEK 12m is SEK 5m higher than our forecasts for LBIT of SEK 7m. Our midpoint DCF value is SEK 850.

This research has been commissioned by CDON. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.


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