We fine-tune our estimates ahead of CDON’s Q2/25 report and reiterate our DCF-based mid-point equity value of SEK 92. Website traffic data for April and May indicate that Fyndiq had a strong start to quarter, which we believe will translate into solid GMW growth in Q2 and potentially also help momentum in H2/25. With further sequential cost savings throughout the year, we believe CDON will deliver solid EBITDA growth come YE/25.

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