CDON AB (CDON) AI Stock Analysis

CDON AB

(Nasdaq OMX AB:CDON)

Select Model

Rating:62Neutral

Price Target:SEK 51.00▲(6.25% Upside)

Action:reiterated

Date:10/29/26

CDON AB's moderate score of 62 is primarily driven by accelerating GMV growth following its transition to a pure marketplace model and a robust turnaround in free cash flow generation. Short-term technical indicators also show bullish recovery momentum. However, the stock is heavily weighed down by its lack of bottom-line profitability—reflected in persistent net losses and a negative P/E ratio—as well as recent margin pressures from increased marketing costs and EU tariffs.

Positive Factors

Asset-light marketplace modelThe pure marketplace structure removes inventory ownership from operations and can support scalable growth with lower working-capital intensity. Its established customer, traffic, and merchant base also creates network effects that can strengthen assortment and marketplace relevance over time.

Negative Factors

Persistent operating and net lossesThe company has not yet converted strong revenue and GMV growth into sustainable earnings, leaving profitability dependent on future operating leverage. Continued operating and net losses can consume equity, constrain reinvestment capacity, and make the 2027 EBITDA ambition execution-dependent.

CDON AB (CDON) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 528.08M
Dividend Yield: ―
Average Volume (3M): 997
Price to Earnings (P/E): -6.6
Beta (1Y): 0.66
Revenue Growth: 7.12%
EPS Growth: 8.47%
Country: Sweden
Employees: 74
Sector: General
Sector Strength: 55
Industry: Specialty Retail

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 exten...

CDON AB Earnings Call Summary

Earnings Call Date:Oct 21, 2026(Q3-2026)|% Change Since:12.15%|Next Earnings Date:Feb 03, 2021

Earnings Call SentimentPositive

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.

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

CDON's financials highlight a transitional phase. The company boasts a pristine, debt-free balance sheet and a remarkable turnaround to positive free cash flow, providing essential stability. However, persistent net losses, negative operating margins, and declining shareholder equity underscore the ongoing need for core profitability improvements.

Income Statement

42Neutral

Balance Sheet

68Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	460.60M	444.00M	435.20M	468.70M	461.20M	542.20M
Gross Profit	391.70M	365.60M	333.00M	323.40M	227.10M	226.90M
EBITDA	-29.10M	29.30M	3.50M	20.30M	-125.80M	-41.70M
Net Income	-81.30M	-56.80M	-110.90M	-68.60M	-149.90M	-62.60M
Balance Sheet
Total Assets	727.10M	802.40M	864.60M	954.30M	237.70M	371.00M
Cash, Cash Equivalents and Short-Term Investments	137.90M	149.60M	144.90M	153.80M	123.10M	202.90M
Total Debt	0	0	7.10M	6.40M	0	0
Total Liabilities	243.40M	241.60M	288.70M	267.20M	193.20M	174.20M
Stockholders Equity	483.70M	560.80M	576.00M	687.10M	44.50M	189.90M
Cash Flow
Free Cash Flow	57.40M	-5.90M	-8.80M	-1.00M	-78.10M	-127.00M
Operating Cash Flow	69.50M	-5.80M	15.20M	-700.00K	-56.00M	-105.40M
Investing Cash Flow	-25.40M	-24.90M	-24.00M	23.80M	-23.40M	-52.90M
Financing Cash Flow	6.60M	35.40M	0	7.50M	100.00K	188.40M

CDON AB Technical Analysis

Technical Analysis SentimentPositive

Last Price48.00

Price Trends

50DMA45.74Positive

100DMA52.02Negative

200DMA60.81Negative

Market Momentum

MACD0.74Negative

RSI55.16Neutral

STOCH75.15Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CDON, the sentiment is Positive. The current price of 48.00 is above the 20-day moving average (MA) of 43.93, above the 50-day MA of 45.74, and below the 200-day MA of 60.81, indicating a neutral trend. The MACD of 0.74 indicates Negative momentum. The RSI at 55.16 is Neutral, neither overbought nor oversold. The STOCH value of 75.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CDON.

CDON AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:CDON against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:CLAS.B	79Outperform	SEK 31.53B	24.96	41.64%	1.39%	9.82%	33.55%
SE:BOKUS	70Outperform	SEK 1.19B	13.59	―	5.21%	4.48%	34.85%
SE:CDON	62Neutral	SEK 528.08M	-6.61	―	―	7.12%	8.47%
SE:APOTEA	58Neutral	SEK 9.59B	39.05	―	0.65%	9.35%	-91.93%
SE:BHG	57Neutral	SEK 4.43B	29.40	―	―	7.48%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:KJELL	45Neutral	SEK 1.81B	-52.21	-2.25%	―	-2.34%	93.68%

* General Sector Average

Performance Comparison

SE:CDON and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CDON	CDON AB	46.90	-13.10	-21.83%
SE:CLAS.B	Clas Ohlson AB	496.00	168.63	51.51%
SE:BHG	BHG Group AB	24.70	-3.24	-11.60%
SE:KJELL	Kjell Group AB	19.00	11.11	140.66%
SE:APOTEA	Apotea AB	92.15	12.36	15.48%
SE:BOKUS	Bokusgruppen AB	73.00	-8.36	-10.28%

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.

Date of analysis: Oct 29, 2026

CDON AB AI Stock Analysis