Ahead of CDON’s Q4 report, we factor in weaker GMV development reflecting fierce competition during ‘Black Week’ and a seasonally shorter campaign period during Christmas. Following a change of analyst, we update our forecasts for 2024-26 and cut our adj. EBITDA estimates by an average of 10% in 2025-26. We set a new mid-point value at SEK 88 (175) with a range of SEK 75-101 (150-200).
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