CDON delivered Q4 results showing better-than-expected profitability as EBITDA was SEK 11m (vs SEBe of SEK 8m). However, total GMV came in 6% below our estimates and EBIT was SEM -32m vs our forecast of SEK -15m due to an impairment of intangible assets of SEK 17.9m in the quarter. On the positive side, underlying operating cost base is trending towards the c. SEK 40m run rate. Our financial forecasts and our current mid-point equity value of SEK 88 are under review.
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