Thread by @_inpractise

$CDON vs other marketplaces globally:

the highest GMV growth
lowest take rate
lowest penetration of core markets
AND lowest fwd EV / GMV multiple which is <1

However, it's unclear if slowdown in $CDON 3P GMV was $amzn or more the supply issues quoted by mgmt

Also, if you're $AMZN EMEA VP - what do you focus on?

Nordics - difficult geog / logistics, much further from Ger AMZN stronghold, v diff language / culture

OR

Poland: bigger market, faster and larger GMV growth, existing warehouses, close to Ger?

$AMZN are also more likely to have a bigger advantage with FBA to improve Polish infrastructure versus in Sweden where PostNord already do next day reliably in Sweden