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CDON.ST - CDON AB


whistlerbumps
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Has anyone looked at CDON?  Just spun out of Qliro in Nov and is a leading e-commerce marketplace in the Nordics.  Growing 3P GMV rapidly (~100% 2020 YTD and grew 75% and 100% in the two quarters pre-COVID so not just a COVID boost).  Growth is a bit hidden because they are shrinking a 1P business (revenue=GMV) while the 3p business (revenue ~10% of GMV). 

 

E-commerce marketplaces are good businesses at scale and CDON is the leader in an underpenetrated market.  Not that profitable currently due to lack of scale but costs are mainly fixed so growth should drop to the bottom line and EBITDA in a few years could be multiples of what it is today.

 

Trades at 0.4x GMV vs peers and transactions at closer to 2.5-3x.  Curious if anyone has looked at it or has any thoughts...

 

 

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