Ahead of CDON’s Q3 report, we factor in the strong preliminary GMW and EBITDA trends of June and August, which increases our Q3/25 EBITDA estimate by 121%. The strong start to Q3 indicates that momentum is picking up and confirms our case for growth to accelerate in H2. While our underlying 2025 EBIT estimate rises by c. 10%, dilution from the share issue leaves our DCF-based mid-point value of SEK 104 unchanged.
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