As we suspected, CDON had a challenging start to the year, with 3P GMV at its core CDON marketplace down 24% y/y, burdened by weak site traffic following Google changing its search algorithms in Q4/23. Take rates and group GPAM continue up and management remains firm on its ongoing SEK 40m savings programme (from the merger with Fyndiq). We leave our forecasts almost unchanged, and we reiterate our mid-point of SEK 275.

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