Our initial take (first quarterly results including the recent acquisition of Fyndiq) is that CDON’s total GMV developments are up 22% y/y (9% below our estimate). Its core CDON 3P GMV growth rate of -14% y/y also indicates lost market share. Importantly, we estimate underlying EBITDA at SEK 7m (SEBE: SEK -1m), implying strong cost control and margin levers. Management reiterates confidence in reaching FY/23 ”EBITDA breakeven” guidance. Our current mid-point is SEK 315.

https://research.sebgroup.com/corporate/reports/121590

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