Cdon: Q2, Weak site traffic but strong merchant intake - SEB

CDON, the Nordic region's largest marketplace, reported GMV decline of 10% (but 3P +4%) in Q2 (SEBe -5%). The deceleration in 3P GMV continues to pertain to diminishing traffic and more difficult comps. CDON comments momentum improved throughout the quarter and into July. Also, merchant intake remains strong, which is important for the long-term story. In all, adjusted LBIT of SEK 24m is SEK 10m higher than our forecasts for LBIT of SEK 14m. Our midpoint DCF value is SEK 750.

https://research.sebgroup.com/corporate/reports/109364