CDON: Prevailing difficult online retail market trading in August – SEB

Today’s e-commerce indicator for August from Svensk Handel is showing a y/y contraction of 11%. This is the same y/y decline as reported in July and suggesting a prevailing difficult market for online retailers and marketplaces. While CDON has outperformed the market so far in this year, our current 3P GMV forecasts imply a slight uptick in Q3 y/y growth. CDON site traffic has also deteriorated in August vs. in July, according to Similarweb. Our estimates are under review.

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