CDON AB (CDON) AI Stock Analysis

• Market Cap: kr779.17M
• Dividend Yield: N/A
• Average Volume (3M): 3.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 66
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 1.11
• Shares Outstanding: 11,259,717
• 10 Day Avg. Volume: 1,375
• 30 Day Avg. Volume: 3,409
• PEG Ratio: 0.24
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 1.55
• P/FCF Ratio: -56.90
• 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): -1.63
• Revenue Forecast (FY): kr490.44M

• Rating: 56 Neutral
• Price Target: kr79.00 ▲(25.40% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held back primarily by weak financial performance—persistent losses and negative/volatile cash flow—despite a strong, low-leverage balance sheet. Technicals are supportive with an uptrend above key moving averages, but valuation is constrained by a negative P/E and no dividend yield data.

Positive Factors

Low financial leverage

A near-zero debt profile and sizeable equity provide structural financial resilience, lowering insolvency risk and preserving strategic optionality. This durability lets the company sustain short-term losses, invest in marketplace improvements, or pursue opportunistic M&A without debt-driven constraints.

Marketplace business model

The platform model generates scalable, high-margin take-rate revenue and multiple monetization avenues (commissions, merchant fees, value-added services). Network effects and merchant diversification create durable structural advantages if user traffic and merchant onboarding remain steady.

High gross margin & revenue stabilization

An ~82% gross margin and returning revenue growth indicate strong product mix and platform economics. High gross margins create room to cover fixed operating costs and make a path to sustained profitability achievable if management maintains revenue growth while controlling SG&A.

Negative Factors

Persistent operating losses

Repeated operating losses erode retained earnings and constrain reinvestment capacity over time. Even with margin expansion, sustained negative profitability requires structural cost cuts or higher volume to reach break-even, otherwise equity could be depleted despite low leverage.

Negative, volatile cash flow

Inconsistent and negative operating/free cash flow limits self-funding, increases reliance on external capital, and reduces flexibility to invest in merchant acquisition or platform improvements. Volatility raises execution risk for scaling initiatives over the medium term.

Limited operating scale

A small workforce and modest trading volume suggest constrained operational bandwidth and limited market liquidity. Scale limitations can slow merchant acquisition, product development, and marketing reach, making it harder to exploit marketplace economics and achieve durable operating leverage.

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 primarily makes money through its marketplace model. Key revenue streams typically include: (1) commissions or take-rates charged to third-party merchants on completed sales made via the platform (often calculated as a percentage of gross merchandise value for orders); (2) merchant fees for access to and use of the marketplace, which may include subscription, onboarding, or service fees tied to participation on the platform; and (3) value-added services sold to merchants that enhance sales performance or operational execution, such as paid marketing/advertising placements, promotional tools, or logistics-related services (where offered). The company’s earnings are influenced by factors such as the number of active merchants, customer traffic and conversion on the marketplace, average order values, product category mix (which can affect commission rates), return/cancellation rates, and the effectiveness of merchant acquisition/retention. Specific material partnerships or exact fee schedules are null.

CDON AB Financial Statement Overview

Summary

Balance sheet strength (minimal debt and solid equity position) is a key positive, but it is offset by continued operating and net losses and a return to negative operating cash flow in 2025 with negative free cash flow. Revenue stabilization and strong gross margin are improving signals, yet profitability and cash generation remain the main weaknesses.

Income Statement

Revenue has stabilized and modestly improved in 2025 (+3.3% YoY) after a decline in 2024, and gross margin has expanded sharply over time (to ~82% in 2025). However, profitability remains weak: EBIT and net income are still meaningfully negative in 2025 (net margin ~-12.8%), and the company has been loss-making across all provided years, indicating the cost base is still too high relative to sales.

Balance Sheet

The balance sheet is a clear strength: debt is minimal to none (2025 debt-to-equity ~0.0) and equity is sizeable relative to assets, suggesting low financial leverage and reduced solvency risk. The main weakness is that ongoing losses imply poor returns on equity in prior years (where provided), which could pressure the equity base if profitability does not improve.

Cash Flow

Cash generation is inconsistent. Operating cash flow turned negative again in 2025 (-12m) after being positive in 2024 (+15.2m), and free cash flow is negative in recent years (2025 ~-12.1m; 2024 ~-8.8m), indicating the business is not yet self-funding. A positive is that cash burn is far lower than earlier periods (e.g., 2021–2022), but the trajectory remains volatile and not sustainably positive.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	444.00M	435.20M	468.70M	461.20M	542.20M
Gross Profit	365.60M	333.00M	323.40M	227.10M	226.90M
EBITDA	-56.30M	-26.90M	-7.30M	-130.80M	-60.70M
Net Income	-56.80M	-110.90M	-68.60M	-149.90M	-62.60M
Balance Sheet
Total Assets	802.40M	875.60M	954.30M	237.70M	380.90M
Cash, Cash Equivalents and Short-Term Investments	149.60M	144.90M	153.80M	123.10M	202.90M
Total Debt	0.00	7.10M	6.40M	0.00	0.00
Total Liabilities	241.60M	299.60M	267.20M	193.20M	181.20M
Stockholders Equity	560.80M	576.00M	687.10M	44.50M	189.90M
Cash Flow
Free Cash Flow	-12.10M	-8.80M	-14.90M	-78.10M	-127.00M
Operating Cash Flow	-12.00M	15.20M	-700.00K	-56.00M	-105.40M
Investing Cash Flow	-24.90M	-24.00M	23.80M	-23.40M	-52.90M
Financing Cash Flow	41.60M	0.00	7.50M	100.00K	188.40M

CDON AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOKUS	67 Neutral	kr1.13B	14.48	―	4.49%	9.46%	59.55%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CDON	56 Neutral	kr779.17M	-12.12	―	―	―	―
OBAB	49 Neutral	kr312.32M	-37.08	―	―	27.27%	-1165.24%
BBROOM	42 Neutral	kr62.49M	-3.47	―	―	―	―