Ahead of Q4/25, we expect CDON group’s positive trend to continue and expect GMV growth of 12.4% y/y with a take rate at 20.4%. We expect higher OPEX and thus lower 2025E EBITDA to SEK 32m (SEK 37m), but still model Q4 EBITDA growth of 73% y/y. We lower our DCF valuation range to SEK 88-118 (SEK 89-119).

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