Cdon: Reasons to revisit - SEB

CDON had a difficult H1, including issues with site traffic, down 37% y/y in Q2 (3P GMV growth of 4% was achieved via better conversion and higher average baskets). July’s statistics suggest traffic is improving (-15% y/y) and, importantly, CDON states growth of 20% in 3P GMV for the first half of July, suggesting that the trough has passed. We arrive at a new DCF-based mid-point equity value of SEK 650 (750).

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/110095