CDON delivered Q1 total GMV of SEK 394m , 7% better than our estimate of SEK 369m growing 16% y/y, driven mainly by CDON. EBITDA came in at SEK -3m (vs SEBe of SEK -3m) affected by the recent launch of a number of growth initiatives. GPAM of 10.7% was lower than SEBe of 11.5%. Our first take is for minor mechanical estimate revisions to FY 2026E based on the Q1 report. Our current valuation range of SEK 89-119 is under review.
LÄS MER
