Buy Or Sell Opportunity • May 04
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at kr72.00. The fair value is estimated to be kr91.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Breakeven Date Change • Apr 23 The analyst covering CDON previously expected the company to break even in 2028. New forecast suggests losses will reduce by 81% per year to 2027. The company is expected to make a profit of kr6.00m in 2028. Average annual earnings growth of 145% is required to achieve expected profit on schedule.
Reported Earnings • Apr 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: kr5.20 loss per share (improved from kr10.31 loss in FY 2024). Revenue: kr444.0m (up 2.0% from FY 2024). Net loss: kr56.9m (loss narrowed 49% from FY 2024). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Annonce • Mar 26
CDON AB to Report Fiscal Year 2025 Results on Apr 09, 2026 CDON AB announced that they will report fiscal year 2025 results at 12:00 PM, Central European Standard Time on Apr 09, 2026 Price Target Changed • Mar 09
Price target decreased by 21% to kr105 Down from kr133, the current price target is provided by 1 analyst. New target price is 50% above last closing price of kr70.00. Stock is down 2.0% over the past year. The company is forecast to post a net loss per share of kr4.56 next year compared to a net loss per share of kr5.20 last year. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from kr487.0m to kr498.0m. Forecast EPS reduced from -kr4.11 to -kr4.56 per share. Multiline Retail industry in Sweden expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at kr135. Share price was steady at kr70.60 over the past week. Annonce • Feb 06
CDON AB to Report Q4, 2025 Results on Feb 13, 2026 CDON AB announced that they will report Q4, 2025 results at 1:00 PM, Central European Standard Time on Feb 13, 2026 Breakeven Date Change • Oct 26
No longer forecast to breakeven The analyst covering CDON no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr2.00m in 2027. New forecast suggests the company will make a loss of kr7.00m in 2027. Reported Earnings • Oct 24
Third quarter 2025 earnings: Revenues exceed analyst expectations Third quarter 2025 results: Revenue: kr109.8m (up 6.6% from 3Q 2024). Net loss: kr9.60m (loss narrowed 50% from 3Q 2024). Revenue exceeded analyst estimates by 2.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Annonce • Oct 15
CDON AB, Annual General Meeting, May 18, 2026 CDON AB, Annual General Meeting, May 18, 2026. Location: stockholm Sweden Breakeven Date Change • Oct 03
Forecast to breakeven in 2027 The analyst covering CDON expects the company to break even for the first time. New forecast suggests losses will reduce by 23% per year to 2026. The company is expected to make a profit of kr2.00m in 2027. Average annual earnings growth of 65% is required to achieve expected profit on schedule. Reported Earnings • Jul 16
Second quarter 2025 earnings: Revenues exceed analyst expectations Second quarter 2025 results: Revenue: kr100.5m (up 3.4% from 2Q 2024). Net loss: kr21.4m (loss narrowed 37% from 2Q 2024). Revenue exceeded analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jun 30
Forecast to breakeven in 2027 The analyst covering CDON expects the company to break even for the first time. New forecast suggests the company will make a profit of kr2.00m in 2027. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Annonce • May 08
CDON AB Approves Board Elections CDON AB announced that at its Annual General Meeting on held May 7, 2025, approved the new election of Alexander Bricca, Houman Akhavan, Mikaela Willman and Felix Erhardt as members of the Board of Directors for the period until the end of the next Annual General Meeting. New Risk • Apr 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr106m Forecast net loss in 1 year: kr54m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (kr54m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr587.0m market cap, or US$60.9m). Breakeven Date Change • Apr 25
Forecast to breakeven in 2027 The analyst covering CDON expects the company to break even for the first time. New forecast suggests losses will reduce by 79% per year to 2026. The company is expected to make a profit of kr21.0m in 2027. Average annual earnings growth of 87% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 16
Forecast to breakeven in 2027 The analyst covering CDON expects the company to break even for the first time. New forecast suggests losses will reduce by 79% per year to 2026. The company is expected to make a profit of kr21.0m in 2027. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Reported Earnings • Apr 10
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: kr10.31 loss per share (further deteriorated from kr7.25 loss in FY 2023). Revenue: kr435.2m (down 7.1% from FY 2023). Net loss: kr110.9m (loss widened 62% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Annonce • Apr 07
CDON AB, Annual General Meeting, May 07, 2025 CDON AB, Annual General Meeting, May 07, 2025, at 15:00 W. Europe Standard Time. New Risk • Mar 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr4.0m net loss in 2 years). Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (kr651.5m market cap, or US$63.8m). New Risk • Feb 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr111m Forecast net loss in 2 years: kr4.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr4.0m net loss in 2 years). Market cap is less than US$100m (kr720.3m market cap, or US$67.3m). Reported Earnings • Feb 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: kr10.32 loss per share (further deteriorated from kr7.25 loss in FY 2023). Revenue: kr435.2m (down 7.1% from FY 2023). Net loss: kr110.9m (loss widened 62% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Oct 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr748m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr748m free cash flow). Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr838.6m market cap, or US$79.3m). Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr103.0m (down 8.2% from 3Q 2023). Net loss: kr19.2m (loss narrowed 11% from 3Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Annonce • Oct 19
Cdon AB Appoints Nomination Committee Ahead of Annual General Meeting 2025 CDON AB's Nomination Committee (Sw. valberedningen) ahead of the Annual GeneralMeeting 2025 has been appointed in accordance with the current instructions for theNomination Committee (adopted by the Annual General Meeting 2021). The Nomination Committee consists of: Jonathan Buba, appointed by Nantahala Capital,; Ebba Ljungerud, appointed by Rite Ventures, and David Kanen, appointed by Kanen Wealth Management. The members of the Nomination Committee elected Ebba Ljungerud as the Chair of theNomination Committee at the Committee's first meeting. New Risk • Sep 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (kr881.6m market cap, or US$86.4m). New Risk • Sep 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr999.9m (US$96.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 43% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr999.9m market cap, or US$96.4m). Reported Earnings • Jul 14
Second quarter 2024 earnings released: kr3.18 loss per share (vs kr3.49 loss in 2Q 2023) Second quarter 2024 results: kr3.18 loss per share (improved from kr3.49 loss in 2Q 2023). Revenue: kr97.2m (down 6.7% from 2Q 2023). Net loss: kr34.2m (flat on 2Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr95.8m (up 4.7% from 1Q 2023). Net loss: kr27.1m (loss widened 442% from 1Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Multiline Retail industry in Europe. Buy Or Sell Opportunity • Apr 08
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to kr166. The fair value is estimated to be kr208, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 27%. Annonce • Apr 04
CDON AB to Report Q3, 2024 Results on Oct 24, 2024 CDON AB announced that they will report Q3, 2024 results on Oct 24, 2024 Reported Earnings • Feb 16
Full year 2023 earnings released: kr6.38 loss per share (vs kr23.25 loss in FY 2022) Full year 2023 results: kr6.38 loss per share (improved from kr23.25 loss in FY 2022). Revenue: kr468.7m (up 1.6% from FY 2022). Net loss: kr68.6m (loss narrowed 54% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Annonce • Feb 03
CDON AB to Report Q4, 2023 Results on Feb 15, 2024 CDON AB announced that they will report Q4, 2023 results at 1:00 PM, Central European Standard Time on Feb 15, 2024 New Risk • Nov 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 51% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Reported Earnings • Oct 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr112.2m (up 15% from 3Q 2022). Net loss: kr21.5m (loss narrowed 12% from 3Q 2022). Reported Earnings • Jul 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr170.4m (up 60% from 2Q 2022). Net loss: kr34.3m (loss widened 31% from 2Q 2022). Annonce • May 10
CDON AB Approves Board Appointments CDON AB announced at the AGM held on May 9, 2023 that the company approved election of Christoffer Norman as Chair of the Board and Erik Segerborg as Deputy Chair. Reported Earnings • Apr 09
Full year 2022 earnings released: kr23.25 loss per share (vs kr10.18 loss in FY 2021) Full year 2022 results: kr23.25 loss per share (further deteriorated from kr10.18 loss in FY 2021). Revenue: kr461.2m (down 15% from FY 2021). Net loss: kr149.9m (loss widened 140% from FY 2021). Reported Earnings • Feb 17
Full year 2022 earnings released: kr23.28 loss per share (vs kr10.18 loss in FY 2021) Full year 2022 results: kr23.28 loss per share (further deteriorated from kr10.18 loss in FY 2021). Revenue: kr461.2m (down 15% from FY 2021). Net loss: kr149.9m (loss widened 140% from FY 2021). Recent Insider Transactions • Jan 11
Insider recently sold kr310k worth of stock On the 9th of January, David Olhed sold around 2k shares on-market at roughly kr163 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr279k more than they bought in the last 12 months. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Brad Hathaway was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 21
Third quarter 2022 earnings released: kr3.80 loss per share (vs kr1.38 loss in 3Q 2021) Third quarter 2022 results: kr3.80 loss per share (further deteriorated from kr1.38 loss in 3Q 2021). Revenue: kr97.5m (down 14% from 3Q 2021). Net loss: kr24.5m (loss widened 188% from 3Q 2021). Annonce • Jul 15
CDON AB to Report Q4, 2022 Results on Feb 16, 2023 CDON AB announced that they will report Q4, 2022 results on Feb 16, 2023 Reported Earnings • Jul 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr106.4m (down 10% from 2Q 2021). Net loss: kr26.1m (loss widened 11% from 2Q 2021). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Josephine Salenstedt was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 14
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: kr10.18 loss per share (down from kr3.95 loss in FY 2020). Revenue: kr542.2m (down 32% from FY 2020). Net loss: kr62.6m (loss widened kr56.3m from FY 2020). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Reported Earnings • Feb 17
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: kr9.71 loss per share (down from kr1.00 loss in FY 2020). Revenue: kr542.2m (down 32% from FY 2020). Net loss: kr62.6m (loss widened kr56.7m from FY 2020). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Reported Earnings • Oct 25
Third quarter 2021 earnings released: kr1.24 loss per share (vs kr6.00 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: kr113.6m (down 27% from 3Q 2020). Net loss: kr8.00m (down kr8.60m from profit in 3Q 2020). Breakeven Date Change • Jul 16
Forecast to breakeven in 2021 The analyst covering CDON expects the company to break even for the first time. New forecast suggests the company will make a profit of kr37.8m in 2021. Earnings growth of 59% is required to achieve expected profit on schedule. Reported Earnings • Apr 26
First quarter 2021 earnings released: kr2.30 loss per share The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr131.5m (down 69% from 1Q 2020). Net loss: kr13.8m (down 182% from profit in 1Q 2020). Is New 90 Day High Low • Feb 13
New 90-day high: kr744 The company is up 417% from its price of kr144 on 13 November 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 30% over the same period. Reported Earnings • Feb 07
Full year 2020 earnings released: kr0.98 loss per share The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr795.3m (down 28% from FY 2019). Net loss: kr5.90m (loss widened 293% from FY 2019).