Buy Or Sell Opportunity • Jun 15
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to €5.48. The fair value is estimated to be €7.86, 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. New Risk • Jun 12
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 German stocks, typically moving 13% 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 Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (€68.4m market cap, or US$79.1m). Board Change • May 20
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 Houman Akhavan was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • 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 Announcement • 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 Announcement • Oct 15
CDON AB, Annual General Meeting, May 18, 2026 CDON AB, Annual General Meeting, May 18, 2026. Location: stockholm Sweden Announcement • 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. Announcement • 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 • 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 (9.8% average weekly change). Market cap is less than US$100m (€73.2m 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 42% per year, which means it is significantly lagging earnings. Announcement • 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 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.4m (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 Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (€87.4m 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 35% 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 05
Now 20% undervalued Over the last 90 days, the stock has risen 9.5% to €13.40. The fair value is estimated to be €16.81, 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%. 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 German stocks, typically moving 7.1% 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 44% 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 (7.1% average weekly change). 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 43% per year, which means it is performing significantly worse than earnings. Announcement • 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 25
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 German stocks, typically moving 6.6% 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 (6.6% 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). Board Change • May 18
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Josephine Salenstedt is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • 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). Board Change • Feb 23
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 • Feb 18
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). Announcement • Feb 17
CDON AB (OM:CDON) agreed to acquire Fyndiq AB for SEK 735 million. CDON AB (OM:CDON) agreed to acquire Fyndiq AB for SEK 735 million on February 16, 2023. The purchase price amounts to approx. SEK 735 million and the Fyndiq sellers will receive shares in CDON as consideration in addition to a small cash component of approx. SEK 7 million. The Fyndiq sellers will receive ordinary shares in CDON as purchase price, save that key employees also will receive a portion of their purchase price for their shares in cash and a portion in the form of incentive shares in CDON that are reclassifiable into ordinary shares in 2027 subject to the fulfilment of a defined performance condition related to the value growth in CDON's ordinary share. Fredrik Norberg, founder and CEO of Fyndiq will be appointed as the CEO of the combined company and Thomas Pehrsson, current CFO and acting CEO of CDON, will be appointed CFO and Deputy CEO. The transaction is expected to be completed during the second quarter of 2023, subject to approval by the shareholders of CDON at an Extraordinary General Meeting to be held on 28 March 2023.
Cederquist acted as legal advisor to CDON AB (OM:CDON). Vinge acted as legal advisor to Fyndiq. Board Change • Feb 11
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. Announcement • Dec 08
CDON AB Announces CEO Changes, Effective from 1 January 2023 The Board of Directors of CDON AB (publ) has mutually agreed with Peter Kjellberg that he will leave his position as the CEO (Chief Executive Officer) of the company on 1 January 2023. Peter will remain in a consultancy role until 1 February 2023 to finalize the re-branding of CDON (CDON 2.0). The Board has decided to appoint Thomas Pehrsson, currently CFO, as the acting CEO of CDON effective from 1 January 2023. The recruitment process to find a new permanent CEO will commence immediately. Peter Kjellberg joined CDON in January 2022 and has successfully rebuilt the organization and led the rebranding of the company to match the company's focus on 3P marketplaces. In 2023, the company will transition to focus to core commercial operations and profitability. Thomas Pehrsson will help the company drive towards its earlier disclosed Fiscal Year 2023 target of at least EBITDA breakeven1 while continuing to develop CDON's long-term growth vision. Peter Kjellberg will be at the disposal of the Board during his notice period. Board Change • Nov 23
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 Third quarter 2022 results: Revenue: kr97.5m (down 14% from 3Q 2021). Net loss: kr24.5m (loss widened 206% from 3Q 2021). Announcement • Oct 13
CDON AB, Annual General Meeting, May 09, 2023 CDON AB, Annual General Meeting, May 09, 2023. Agenda: To consider number of board members and auditors and, where applicable, deputy auditors; to elect chair of the general meeting; to elect board members; to elect chair of the board, board fees with the division between the chair and other members of the board of directors and, if applicable, remuneration for committee work; to elect auditors and, where applicable, deputy auditors, remuneration of auditors; and to transact such other business matters. Board Change • Sep 26
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 Jonas Calles 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. Announcement • 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 • May 13
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. Announcement • May 12
Cdon AB Approves Election of Jonathan Sundqvist and Jonas Calles as Members of the Board of Directors for the Period Until the End of the Next Annual General Meeting CDON AB approved election of Jonathan Sundqvist and Jonas Calles as members of the Board of Directors for the period until the end of the next Annual General Meeting at the AGM held on May 11, 2022. Reported Earnings • Apr 14
Full year 2021 earnings released: kr10.18 loss per share (vs kr3.95 loss in FY 2020) 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). Board Change • Apr 08
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. Announcement • Apr 04
CDON AB to Report Q1, 2022 Results on Apr 21, 2022 CDON AB announced that they will report Q1, 2022 results at 1:00 PM, Central European Standard Time on Apr 21, 2022 Board Change • Mar 22
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 • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint 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%. Announcement • Feb 09
CDON AB Appoints Madeilene Södarv as Chief Customer Officer, Effective on April 02, 2022 CDON AB (CDON) appoints Madeilene Södarv as Chief Customer Officer (CCO), starting April 02, 2022. Ms.Södarv will join the Management Team and be responsible for the further development of the customer experience and marketing. Ms. Södarv joins CDON from Ikano Bank, a leading consumer finance bank where she was Head of Customer Experience. Announcement • Feb 08
CDON Recruits Martin Lundhgren for the Role of Head of Technology, Effective February 21, 2022 CDON announced that Martin Lundhgren is now being recruited for the role of Head of Technology. Martin will take up his new role on February 21, 2022. Announcement • Feb 03
CDON AB to Report Q4, 2021 Results on Feb 16, 2022 CDON AB announced that they will report Q4, 2021 results at 1:00 PM, Central European Standard Time on Feb 16, 2022 Announcement • Feb 02
CDON AB Appoints Thomas Pehrsson as Chief Financial Officer, Effective March 7, 2022 CDON AB appoints Thomas Pehrsson as permanent Chief Financial Officer. Mr. Pehrsson will assume his role on March 7, 2022. Stefan Egerstad, CDON:s interim CFO since November 1, 2021 will remain during the transitional period. Mr. Pehrsson has an extensive background within finance and more than 20 years experience within finance management and management consultancy. He was most recently CFO for the Nordic subsidiary of Tunstall Health Group, a global technology company within digital healthcare. Prior experiences include, among others, the companies BorgWarner, Capgemini, The Coca-Cola Company and ABB. Announcement • Feb 01
CDON AB Appoints Magnus Nanne as Chief People Officer CDON AB Magnus Nanne as Chief People Officer. Mr. Nanne will assume his role on January 31, 2022 and join the Management Team. Board Change • Nov 05
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 • 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). Board Change • Oct 20
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. Breakeven Date Change • Jul 29
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. Announcement • Jul 07
CDON AB (OM:CDON) entered into an agreement to acquire 30% stake in Shopit Online Europe AB for SEK 26.6 million. CDON AB (OM:CDON) entered into an agreement to acquire 30% stake in Shopit Online Europe AB for SEK 26.6 million on July 5, 2021. Under the deal, CDON will pay SEK 26.6 million in cash for 30% of the shares and enter into a commercial agreement. With the acquisition, CDON will have an option to acquire the remaining 70% of Shopit within 18 months to a set price. Breakeven Date Change • Jun 05
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 55% is required to achieve expected profit on schedule. Announcement • Mar 06
CDON AB Announces Executive Changes CDON's CEO Kristoffer Väliharju temporarily resigns as CEO due to illness. Marcus Lindqvist, who has been Chairman of the Board since 2016 and Group CEO of CDON's former owner company Qliro Group, has been appointed acting CEO. In connection with this, Marcus Lindqvist leaves his seat on the Board. The Board member Josephine Salenstedt, who is a partner in the main owner Rite Ventures, has been appointed new Chairman of the Board until the next general meeting. Announcement • Feb 05
CDON AB Proposes No Dividend Be Paid for 2020 The board of CDON AB proposed that no dividend be paid for 2020.