whistlerbumps Posted December 8, 2020 Share Posted December 8, 2020 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... Link to comment Share on other sites More sharing options...
cameronfen Posted December 8, 2020 Share Posted December 8, 2020 Do they have documents in English? Link to comment Share on other sites More sharing options...
whistlerbumps Posted December 9, 2020 Author Share Posted December 9, 2020 You can find the old Qliro (now Nelly) quarterly reports in English where CDON was a segment: https://www.nellygroup.com/en/investors/ Attached are two presentations in EnglishCDON_Q3.pdf Link to comment Share on other sites More sharing options...
whistlerbumps Posted December 9, 2020 Author Share Posted December 9, 2020 Other english presentation qliro-group-equity-issue-august-2020.pdf Link to comment Share on other sites More sharing options...
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