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CDON AB
(CDON)
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Rating:54Neutral
Price Target:
kr44.00
▼(-19.71% Downside)
Action:Reiterated
Date:10/22/26
The score is held back primarily by continued unprofitability and a weak technical trend (price below key moving averages with negative MACD). These are partially offset by improving revenue/GMV momentum, strong gross margin characteristics, a low-debt balance sheet, and a broadly positive earnings-call outlook that points to potential operating leverage if growth continues.
Positive Factors
Marketplace growth
Sustained double-digit GMV growth indicates improving marketplace adoption and expanding transaction volume across the platform. Continued growth can strengthen merchant participation, broaden customer selection, and create operating leverage if the company keeps costs from rising proportionally.
Negative Factors
Persistent operating losses
Persistent operating and net losses show that strong gross margins have not yet translated into sustainable earnings. Until revenue growth produces sufficient operating leverage, CDON remains exposed to execution risk and may have less flexibility to reinvest from internally generated profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Marketplace growth
Sustained double-digit GMV growth indicates improving marketplace adoption and expanding transaction volume across the platform. Continued growth can strengthen merchant participation, broaden customer selection, and create operating leverage if the company keeps costs from rising proportionally.
Read all positive factors
CDON AB (CDON) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr556.23M
Dividend YieldN/A
Average Volume (3M)724.00
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth7.12%
EPS Growth8.47%
CountrySE
Employees74
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-5.71
Shares Outstanding11,259,717
10 Day Avg. Volume1,264
30 Day Avg. Volume724
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.23
Price to Sales (P/S)1.55
P/FCF Ratio-116.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-5.46
Revenue Forecast (FY)kr438.82M
CDON AB Business Overview & Revenue Model
Company Description
CDON AB operates a major digital marketplace throughout the Nordic region. This platform empowers consumers to effortlessly purchase and compare prices for millions of products offered by a wide array of online retailers across the Nordics. Its ex...
CDON AB Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
The call was broadly positive, driven by accelerating GMV growth, four consecutive quarters of double-digit growth, strong September and October momentum, improving Nordic expansion, technology initiatives, a stronger cash position, and reaffirmation of the 2027 EBITDA ambition. The main concerns were weak Fyndiq performance early in the quarter due to EU tariffs, lower reported profitability, higher marketing and operating expenses, unresolved retail media monetization, and uncertainty around the additional EUR 2 fee in November.Positive Updates
Strong Marketplace Scale and Pure Marketplace Model
CDON Group has 3 million active customers, 100 million annual visits, and 2,000 connected merchants. Since the quarter, the company operates as a pure marketplace model with no inventory on its books or in its warehouses. Management highlighted that marketplaces represent 50% of online sales in the most developed world compared with 10% in the Nordics.
Negative Updates
Weak Start to the Quarter and EU Tariff Pressure
The quarter started weak, particularly for Fyndiq, after a EUR 3 tariff on goods entering the EU was introduced on July 1. Management said the tariff caused a significant dent in Fyndiq sales during July and August. Another EUR 2 handling fee was expected to be introduced on November 1, and management said it was difficult to predict how quickly the company could adjust.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Marketplace Scale and Pure Marketplace Model
CDON Group has 3 million active customers, 100 million annual visits, and 2,000 connected merchants. Since the quarter, the company operates as a pure marketplace model with no inventory on its books or in its warehouses. Management highlighted that marketplaces represent 50% of online sales in the most developed world compared with 10% in the Nordics.
Read all positive updates
Company Guidance
Management expects Q4 growth to continue, with “ideally further operational leverage, and improving profitability in Q4,” and said it is “quite optimistic for this quarter.” It expects “another EUR 2 of a handling fee to be introduced in November,” while remaining “humble” about the impact of the existing EUR 3 and additional EUR 2 tariffs. The company will continue to invest in Nordic growth and brand marketing during next year, expects a continuation of the current cost level “rather than further increase,” and anticipates further strong performance from the European giants into 2027. Management expects “a gradual improvement from here out until reaching that approaching SEK 100 million target of 2027,” and said Nordic growth “should continue as is.”CDON AB Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
74
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 457.00M | 444.00M | 435.20M | 468.70M | 461.20M | 542.20M |
| Gross Profit | 381.90M | 365.60M | 333.00M | 323.40M | 227.10M | 226.90M |
| EBITDA | 4.00M | 29.30M | 3.50M | 20.30M | -125.80M | -41.70M |
| Net Income | -64.90M | -56.80M | -110.90M | -68.60M | -149.90M | -62.60M |
Balance Sheet | ||||||
| Total Assets | 744.90M | 802.40M | 864.60M | 954.30M | 237.70M | 371.00M |
| Cash, Cash Equivalents and Short-Term Investments | 140.70M | 149.60M | 144.90M | 153.80M | 123.10M | 202.90M |
| Total Debt | 0.00 | 0.00 | 7.10M | 6.40M | 0.00 | 0.00 |
| Total Liabilities | 235.10M | 241.60M | 288.70M | 267.20M | 193.20M | 174.20M |
| Stockholders Equity | 509.80M | 560.80M | 576.00M | 687.10M | 44.50M | 189.90M |
Cash Flow | ||||||
| Free Cash Flow | 31.60M | -5.90M | -8.80M | -1.00M | -78.10M | -127.00M |
| Operating Cash Flow | 43.70M | -5.80M | 15.20M | -700.00K | -56.00M | -105.40M |
| Investing Cash Flow | -26.60M | -24.90M | -24.00M | 23.80M | -23.40M | -52.90M |
| Financing Cash Flow | 41.90M | 35.40M | 0.00 | 7.50M | 100.00K | 188.40M |
CDON AB Technical Analysis
Neutral
54.80
Price Trends
46.16
Positive
52.60
Negative
61.06
Negative
Market Momentum
0.45
Negative
63.30
Neutral
83.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CDON, the sentiment is Neutral. The current price of 54.8 is above the 20-day moving average (MA) of 43.13, above the 50-day MA of 46.16, and below the 200-day MA of 61.06, indicating a neutral trend. The MACD of 0.45 indicates Negative momentum. The RSI at 63.30 is Neutral, neither overbought nor oversold. The STOCH value of 83.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:CDON.
CDON AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr30.85B | 24.43 | 41.64% | 1.42% | 9.82% | 33.55% | |
73 Outperform | kr1.21B | 13.85 | ― | 5.11% | 4.48% | 34.85% | |
58 Neutral | kr9.58B | 39.03 | ― | 0.65% | 9.35% | -91.93% | |
57 Neutral | kr4.46B | 29.60 | ― | ― | 7.48% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr556.23M | -8.65 | ― | ― | 7.12% | 8.47% | |
52 Neutral | kr1.83B | -52.76 | -2.25% | ― | -2.34% | 93.68% |
* General Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.