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Quality over quantity was the message from CDON’s Q3 report, where 3P GMV grew by 15%, despite lower site traffic y/y. Redeye also comments on the appointment of Peter Kjellberg as the new CEO.
CDON will report its Q3’21 tomorrow, October 21 (at CET 13:00), and Redeye expects a quarter with mid-single-digit 3P GMV growth and a continuation of the 1P phase-out, albeit a bit slower than in H1'21 percentage-wise.
Redeye comments on the directed issue yesterday evening of 440,000 shares to both Swedish and international institutions at a price of SEK 455 per share.
CDON’s Q2’21 report was a mixed bag, where the 3P GMV grew by low single digits, and the effective take rate declined. On the other hand, there were also bright spots, such as improving conversion rates and increased basket sizes.
Redeye lowers the expected GMV in Q2’21, as we have seen indications of more muted site traffic.
Redeye's initial response is positive to the Shopit investment. Shopit has one of the most extensive and detailed product taxonomies available, and its services are expected to improve the customer experience.
Redeye comments on the news that Kristoffer Väliharju will retire as CEO of CDON.
CDON’s Q1’21 showed no big surprises. The number of customer visits was down a bit y/y, while the merchant intake showed strength (+200 in Q1’21). We have altered our near-term estimates slightly, but the investment case is unchanged.
Redeye initiates coverage of CDON, a high-margin and capital-light online marketplace with 2.3 million active customers and 1,500 connected merchants. While the recent rally has driven valuation to unsupported levels and the company now faces a formidable competitor in Amazon, we see long-term value in its exciting marketplace transformation and strengthening network effects.
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