CDON AB (CDON) AI Stock Analysis

• Market Cap: kr737.86M
• Dividend Yield: N/A
• Average Volume (3M): 3.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 66
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.89
• Shares Outstanding: 10,540,867
• 10 Day Avg. Volume: 1,375
• 30 Day Avg. Volume: 3,409
• PEG Ratio: -0.14
• Price to Book (P/B): 1.64
• Price to Sales (P/S): 2.17
• P/FCF Ratio: -107.51
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: kr73.00 ▲(15.87% Upside)

The score is held back primarily by continued losses and weak/volatile cash generation despite strong revenue growth and very high gross margin. Technicals are a meaningful offset, with the stock trading above major moving averages and positive momentum. Valuation is constrained by negative earnings (negative P/E) and no provided dividend yield.

Positive Factors

High gross margin and revenue rebound

An 81.5% gross margin and a 160.7% revenue rebound suggest the core marketplace earns highly profitable top-line revenue and benefits from favorable product mix or pricing power. These structural unit-economics give room for durable operating leverage if fixed costs are controlled and scale is sustained.

Zero debt and sizable equity base

A debt-free balance sheet with substantial equity reduces solvency risk and interest burden, providing persistent financial flexibility. This structural strength supports strategic investments, marketing or logistics buildout, and buffers the business through cyclical periods without imminent refinancing pressure.

Marketplace model with diversified merchant revenue

The marketplace model yields recurring, high-margin revenue from commissions, merchant fees and value-added services. Network effects from more merchants and buyers can create durable competitive advantages, enabling scalable revenue per incremental customer and diversified revenue streams over the medium term.

Negative Factors

Persistent unprofitable operations

Sustained negative EBIT and net margins indicate the company has not yet converted strong gross margins into operating profitability. Ongoing operating losses constrain reinvestment, increase the need for external capital, and imply structural issues in cost base or insufficient operating leverage to achieve durable profitability.

Fragile cash generation and volatile FCF

Very low and sharply declining free cash flow undermines the firm's ability to self-fund growth or absorb shocks. Multi-year episodes of negative operating and free cash flow show cash generation is volatile, raising structural financing risk and limiting capacity to invest in marketplace improvements without external funding.

Eroding equity and negative returns on capital

Declining shareholders' equity across periods and a -15% ROE show cumulative losses are eroding capital and that invested capital is not generating returns. This structural deterioration increases the likelihood of future dilution or capital raises and weakens long-term investor confidence in capital allocation.

CDON AB Business Overview & Revenue Model

Company Description

CDON AB operates online marketplace in Nordic region. The company's marketplace allows customers to buy and compare prices for millions of products from a range of Nordic e-retailers. It offers consumer electronics, movie, music, games, office supplies, books, toys, household appliances, sport, outdoor, beauty care, fashion, and shoes products. The company was founded in 1999 and is based in Malmo, Sweden. CDON AB is a subsidiary of Nelly Group AB (publ).

How the Company Makes Money

CDON AB Financial Statement Overview

Summary

Revenue rebounded strongly (+160.7%) and gross margin is exceptionally high (81.5%), but profitability remains structurally weak (TTM EBIT margin -15.5%, net margin -19.4%) with ongoing losses. The balance sheet is a clear positive (zero debt, sizable equity cushion), while cash flow is only marginally positive and deteriorated sharply year-over-year (TTM FCF 0.8m; FCF growth -94.9%).

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded strongly (+160.7%) and gross margin remains exceptionally high (81.5%), suggesting a more favorable mix. However, profitability is still weak: EBIT margin is -15.5% and net margin is -19.4% in TTM, with losses persisting across the period (2021–TTM). While losses improved versus 2024 (net loss -83.3m vs -110.9m), the business has not yet demonstrated consistent operating leverage or a clear path to sustained earnings.

Balance Sheet

The balance sheet is a relative strength: TTM shows zero debt and a sizable equity base (558.3m) against 745.0m of assets, which reduces financial risk and interest burden. That said, returns remain negative (TTM return on equity -15.0%), reflecting that capital is not currently generating profits, and equity has trended down from 2023 (687.1m) to TTM (558.3m).

Cash Flow

Cash generation is fragile. TTM operating cash flow is positive (3.2m) and free cash flow is slightly positive (0.8m), but both are down sharply year-over-year (free cash flow growth -94.9%). Cash flow support for earnings remains limited (TTM operating cash flow to net income ~1.7%), and the multi-year pattern includes several periods of negative operating and free cash flow (notably 2021–2023 and 2024 free cash flow -8.8m).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	430.00M	435.20M	468.70M	461.20M	542.20M	795.30M
Gross Profit	350.60M	333.00M	323.40M	227.10M	226.90M	250.70M
EBITDA	-33.20M	-26.90M	-7.30M	-130.80M	-60.70M	-5.30M
Net Income	-83.30M	-110.90M	-68.60M	-149.90M	-62.60M	-6.30M
Balance Sheet
Total Assets	745.00M	875.60M	954.30M	237.70M	380.90M	295.70M
Cash, Cash Equivalents and Short-Term Investments	87.20M	144.90M	153.80M	123.10M	202.90M	173.30M
Total Debt	0.00	7.10M	6.40M	0.00	0.00	0.00
Total Liabilities	186.70M	299.60M	267.20M	193.20M	181.20M	236.80M
Stockholders Equity	558.30M	576.00M	687.10M	44.50M	189.90M	61.00M
Cash Flow
Free Cash Flow	800.00K	-8.80M	-14.90M	-78.10M	-127.00M	6.80M
Operating Cash Flow	3.20M	15.20M	-700.00K	-56.00M	-105.40M	29.60M
Investing Cash Flow	-18.80M	-24.00M	23.80M	-23.40M	-52.90M	-22.80M
Financing Cash Flow	35.20M	0.00	7.50M	100.00K	188.40M	-34.40M

CDON AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOKUS	70 Outperform	kr1.17B	18.24	―	4.49%	9.46%	59.55%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CDON	58 Neutral	kr737.86M	-9.03	―	―	―	―
BBROOM	56 Neutral	kr77.73M	―	―	―	―	―
OBAB	56 Neutral	kr460.12M	-18.97	―	―	27.27%	-1165.24%