Q1 3P (i.e. marketplace) GMV are 2% ahead of our estimates. Looking at its core CDON marketplace, GMV of SEK 277m (SEBE: SEK 270m) are down 24% y/y, reflecting the feared impact on site traffic from Google’s algorithm changes implemented in Q4 last year. Total gross profit after marketing (GPAM) was SEK 44m (11.2% of GMV), beating our SEK 38m estimate (9.7% of GMV). LBITDA was SEK 2m (SEBE: SEK 6m). Our current mid-point equity value is SEK 275/share.

https://research.sebgroup.com/corporate/reports/126902

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