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Nyhetsflöde Gofore

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4/22/2024 5:10:35 AM - Gofore: Not bad for the bottom of a cycle - SEB - As we expected, Gofore delivered a healthy margin in Q1, despite the slow trading environment. Our view is that market activity has continued to improve, albeit slowly, and hence Q1 should have marked the bottom of this cycle. Gofore continues to outperform the market and we find it well positioned for a gradual market rebound. We input a small increase in 2024E EBITA and fine-tune our fair value range to EUR 28-31 (27-30).
4/19/2024 6:50:20 AM - Gofore Q1: Successfully managing profitability in soft environment - SEB - In Q1, Gofore proved our point of its ability to keep margins at a healthy level despite weaker sales momentum. The EBITA margin came in at 13.8% vs. our estimate of 13.5% and EBITA was 2% slightly ahead of our expectation. March sales were clearly below last year, but this was largely due to day-count and timing of Easter. Pricing environment is tight, but utilisation improved toward quarter end. At first glance no need for material estimate changes.
3/28/2024 6:07:35 AM - Gofore: Q1 to be toughest quarter in terms of growth - SEB - We expect Gofore’s organic growth in Q1 to be marginally negative and we have slightly cut our 2024E growth rates as we do not expect a rapid market turnaround. However, the company should be able to show healthy profitability; also, we think Gofore remains well positioned when the market does pick up because it has not resorted to employee layoffs. We adjust our fair value range to EUR 27-30 (EUR 28-30).
3/11/2024 9:27:24 AM - Gofore: Another small sales miss in February - SEB - Gofore continued to post sales slightly below (-3%) our estimate in February; however, capacity (headcount and subcontractors) was in line with our estimate. In fact, the company's headcount declined marginally m/m (third consecutive month), which is the best leading indicator for short-term sales momentum. We also emphasise that March is likely to be soft, due to the timing of Easter and a very strong comparison period. All in all, our take is neutral to slightly negative.
2/21/2024 6:28:27 AM - Gofore: Coming to the trough with a solid margin - SEB - We think Gofore’s Q4 report is further proof of the company’s execution. After Q2/23, it became evident that growth would slow towards the end of the year, prompting Gofore to start focusing on profitability, which paid off in H2 and Q4. The company will likely have to continue defending its margin for a couple of quarters, but we remain confident it will return to double-digit growth by 2025. Our fair value range is finetuned to EUR 28-30 (27-30).
2/20/2024 7:37:04 AM - Gofore Q4: Solid beat in profitability - SEB - Gofore delivered Q4 EBITA well above our estimate thanks to slower-than-expected salary inflation. Also other operating costs were lower than we had input, which shows the company is able to squeeze its costs in slower demand environment. January sales missed slightly our estimate, indicating that the slow market momentum has continued. However, we still find Gofore's performance to be relatively strong in the current environment. Overall, our read is positive.
2/6/2024 6:27:00 AM - Gofore: A couple of quiet quarters, and then back - SEB - Gofore’s sales data for Q4 is already out and hence the focus is on profitability. We estimate the Q4 margin to fall to 13.8% from 16.5% a year ago. We find that Q1 will also be difficult but already see signs of reviving markets and that Gofore should return to healthy growth in H2. Despite estimate cuts, we take our fair value range up a notch to EUR 27-30 and note that with 2024E multiples the peer discount remains significant.
1/15/2024 6:34:05 AM - Gofore: Organic growth slows to around 0% in December - SEB - Gofore's December sales were some 6% below our estimate with organic growth virtually halted. However, after the slowness seen already in November the result was not surprising. Looking at full quarter performance, Sales was also some 6% below our estimate. Also, the daily invoicing was somewhat softer than our estimate despite the company's net recruitment in December being negative. Hence, the reported sales data indicates margin pressure for Q4.
1/10/2024 2:33:53 PM - Gofore: Some sings of market bottoming out - SEB - At SEB's Nordic Seminar, Gofore's CEO explained how the company stands out in the market and what has been driving its market outperformance over the past few years. We find that after period of a very strong growth, Gofore is also now feeling the weak market environment. However, the company still had organic growth of 20% in Q3 and the management now sees some signs of the underlying market bottoming out.
12/12/2023 11:54:45 AM - Gofore: First monthly report showing signs of a slowdown - SEB - Gofore's November sales clearly missed our expectation and organic growth was just c. 5% (SEB estimate). In Q3, organic growth was still 20% and we had expected organic growth of 16% for Q4 (October was c. 18%). However, headcount is also increasing by less that we had thought. We flag that Gofore has been able to outperform its markets recently, hence the slowdown does not come as a surprise- to us.
11/9/2023 6:16:47 AM - Gofore: October sales slightly below our expectation - SEB - Gofore's sales in October grew 28% y-o-y, which we calculate means c. 18% organic growth. The month's sales were close to 3% behind our expectation. However, the company took more cautious stance in recruiting: the total FTE was also below our estimate and the daily sales per FTE was just 1% below our estimate. Summing up, we find that October confirms the growth pace is gradually slowing , which we have been expecting for some time.
10/20/2023 5:15:20 AM - Gofore: Costs under control ahead of slower growth - SEB - Our investment case for Gofore is unchanged after the Q3 results, with the company proving our point that it can control costs in a slower growth environment. Even so, in what has become an increasingly difficult market, Gofore managed to sustain organic growth of 20% in Q3/23. We continue to see the current valuation undemanding given the company’s growth profile and margin prospects. We repeat our fair value range of EUR 26-29.
10/19/2023 7:05:58 AM - Gofore Q3: EBITA 9% ahead our estimate, September sales slightly below - SEB - Gofore posted better than expected profitability for Q3 as the EBITA margin came in at 11.5% vs. SEB est. of 10.4%. The strong profitability was thanks to cost control and lower than expected use of subcontractors. The organic growth in Q3 was 20%, which stands out in the struggling Finnish digital consulting market. The September sales were slightly below our estimate, but daily invoicing/FTE shows still positive trend vs. previous year. Positive first read.
10/6/2023 5:31:02 AM - Gofore: September to tell the direction for year-end - SEB - With July-August sales data already reported, Gofore is heading for another quarter with strong organic growth while the sector is struggling with overcapacity. We think that Gofore will face a tougher market also, but this seems to be already priced in by the markets. We trim our fair value range to EUR 26-29 (28-31) following the continued rise in the risk-free rate.
9/15/2023 6:42:14 AM - Gofore: Finnish Small- & Mid-Cap Day: Recipe for the secret sauce - SEB - At SEB's Finnish small- and mid-cap day, Gofore's CEO brought more understanding on why the company continues to outperform the digital transformation market in Finland. While many peers have issued profit warnings and the market is evidencing price pressure, Gofore's latest monthly sales report pointed above 20% organic growth (SEB estimate). We expect slower growth ahead, but the company's headcount growth suggests otherwise.
9/11/2023 11:40:14 AM - Gofore: August sales data - a promising start for the Autumn season - SEB - Gofore's August sales came in 2% above our forecast and organic growth was around 22%, we estimate. The company continued to recruit more than we had input, which we continue to read as a positive indication for the coming months' sales. The daily invoicing/FTE was also slightly better than we had input. Yet, on a y/y basis the daily invoicing/FTE was flat, meaning that the margins are likely to remain under pressure. However, we expected declining margins.
8/15/2023 9:49:59 AM - Gofore: Strong seasonally silent July - SEB - Gofore's strong growth track continued in July with reported growth at 44%, implying organic growth of around 30%. The sales topped our estimate by EUR 0.5m and with headcount broadly in line vs. SEB est. The daily invoicing/FTE was 8% above our forecast. However, we note that July is seasonally a very silent month and hence drawing too far-reaching conclusions based on the month's performance is difficult. Nevertheless, we think July sets a good start for H2.
7/18/2023 6:09:46 AM - Gofore: Case intact, despite salary inflation ticking up - SEB - Gofore’s market environment is getting softer, but its high exposure to the public sector provides stability. Another of its focus areas, intelligent industry, should enjoy structural growth and the company just acquired a new business to strengthen its position in the private sector. Despite the salary-inflation-driven miss in Q2, we stick to our view that Gofore’s organic growth should continue to be in the double digits ahead.
7/17/2023 6:38:30 AM - Gofore Q2: Profitability below estimates as salary inflation weighs - SEB - Gofore's Q2 profitability missed our estimate as the June sales were some 3% below and the salary inflation during the quarter rose to 5.4% (SEB est. 3.8%). The June headcount was in line with our estimate, but organic growth declined to 21% (SEB est). We have forecasted 20% organic growth for Q3 and our first read is that there should not be material top line estimate pressure. However, the salary inflation forecast needs to be reassessed.
6/20/2023 5:36:20 AM - Gofore: Employee count indicates continuing growth - SEB - With April-May sales data already out (broadly in line), there should not be any major sales deviations in the Q2 report. However, we reduce our margin expectations following higher-than-expected net recruitment. The positive twist is that we raise our H2 sales estimate slightly. The case remains unchanged: we continue to see clearly slower growth, but the market should continue to grow with Gofore continuing to win market share.
6/8/2023 11:24:46 AM - Gofore: May sales in line with our estimate - SEB - Gofore continued to deliver solid organic growth (SEB est. 25%) in May, with the monthly sales print in line with our estimate. As in April, the recruitment pace was faster than our input, which we continue to read as positive for the coming months. Daily invoicing/FTE was somewhat below our estimate, but given a significant volume increase we believe operating leverage will result in a solid margin performance for the quarter. We believe a neutral reaction is warranted.
6/7/2023 5:42:00 AM - Gofore: Significant frame agreement with Finnish Tax Administration - SEB - Gofore announced yesterday that it has been chosen as supplier in extensive Finnish Tax Administration frame agreement tender. The estimated total value of the expertise areas for which Gofore was chosen is EUR 106.5m (six-year frame). Although the value splits among chosen suppliers we note that Gofore was ranked number one in most of the expertise areas and should get material share of the total value. We conclude that the deal should back growth with this key customer.
5/10/2023 1:14:17 PM - Gofore: April sales 3% below our estimate - SEB - Gofore's April sales were somewhat below our estimate. We estimate organic growth to have slowed to 20%, partly explained by day count. Net recruitment topped our estimate clearly. Although this has a negative impact on the month's daily invoicing per FTE, our impression is positive: we are confident that the recruitment pace acts as a good indication for near-term growth. All in all, our first take is neutral.
4/26/2023 5:17:46 AM - Gofore: Inflation is not a worry with growth of >30% - SEB - With a lower-than-expected fixed cost level and controlled salary inflation coupled with strong 32% organic growth took Gofore’s Q1 EBITA above our estimates. We have hiked our 2023E EBITA by 10%. However, macro uncertainty persists and we still think the growth pace will slow down markedly and margin is likely to decline in H2. However, our fair value range rises a notch to EUR 29-32 (from EUR 28-31).
4/25/2023 7:19:48 AM - Gofore Q1: Profitability again better than expected - SEB - Gofore continued to surprise positively as Q1 EBITA came in somewhat above (8%) our estimate. The positive deviation owes to operational leverage (other operating costs) and slightly lower personnel expenses / employee (salary inflation). March sales topped our estimate by 1%, implying roughly 30% organic growth. At first glance a solid report, which leaves our conservative estimates for the rest of the year looking shy.
4/17/2023 6:34:35 AM - Gofore: Expecting signs of slower growth - SEB - We expect another solid quarter by Gofore. With January-February sales already reported, we see organic growth for the quarter at c. 30% and EBITA margin should improve y/y. However, we expect the pace of growth to slow towards year-end. To understand the extent of the slowdown, we will pay close attention to management commentary about current trading and recruiting plans. Our fair value range remains unchanged at EUR 28-31.
3/14/2023 12:25:25 PM - Gofore: February sales and FTE data broadly in line - SEB - Gofore posted another solid monthly sales report broadly in line with our expectations. We calculate that organic growth remained around 30% in February. Noteworthy that Gofore is starting to prepare to adapt its recruitment pace to customer demand. We find this proactive move expected as we have forecasted the organic growth pace to slow down materially towards the year end. Thus, our read on February data release is neutral.
2/20/2023 6:44:18 AM - Gofore: Just keeps delivering - SEB - Gofore’s Q4 marked a quarter where the company proved that the business has scale effects when things are done right. We hike our margin expectations as we believe the company can offset salary inflation with recruitments. Uncertainty remains elevated, but monthly sales reports keep topping our estimates. We hike our fair value range for Gofore to EUR 28-31 (previously EUR 25-28).
2/17/2023 8:11:01 AM - GoforeQ4: Clearly stronger-than-expected profitability - SEB - Gofore's Q4 EBITA came in well above (+19%) our estimate. As the company reports its monthly sales and employee data ahead we find that the positive deviation owes to average salaries. This implies that either wage inflation has been less than we have assumed or the average salary in the acquired eMundo has been well below Gofore's average. The strong performance has continued in January with the month sales 5% above our estimate. Solid report.
1/16/2023 7:16:51 AM - Gofore: Hiking estimates after CMD & Q4 sales data - SEB - At its CMD, Gofore convinced us that the medium- and long-term growth opportunity remains solid. The company believes that it can deliver >15% organic growth boosted with acquisitions. We lift our earnings estimates on the CMD message, solid Q4 sales data and eMundo acquisition, with 2023 EBITA up by 7% and organic sales growth at 17%. Our fair value range rises from EUR 23-25 to EUR 25-28.
1/12/2023 8:57:42 AM - Gofore: Strong growth track continues in December; CMD tomorrow - SEB - Gofore’s December marked another month of solid sales growth, topping our estimates. As in previous months, daily invoicing/FTE in Q4 was roughly the same as last year, thus, given inflation, the margin in Q4 should be under pressure. However, we already account for a declining margin for Q4. The company will host a CMD tomorrow in which we expect more colour on the revised organic growth target of >15% for 2023-24.
12/15/2022 7:05:17 AM - Gofore: Hikes growth target and reshapes strategy - SEB - Gofore just announced new financial targets and a new strategic plan for 2023-24. The company hiked its organic growth target to 15% (previously 10%) while other financial targets are reiterated. Our read is that the new growth target provides better visibility for 2023E. Estimating next's year growth has been challenging due to the expected economic downturn and very rapid current growth pace. We model 11% growth for 2023E.
12/12/2022 12:17:49 PM - Gofore: November sales report, organic growth remains above estimates - SEB - Gofore posted another solid monthly sales report with November sales increasing by 52% y/y. We calculate that the organic growth in November was still above 30% (on very strong comps), which tops our organic growth estimate of 22% clearly. The continued hefty increase in headcount indicates also that the growth momentum is not losing power near term. Daily invoicing / FTE came in 2% above our estimate. All in all, our read-x on the November data is positive.
11/22/2022 6:45:22 AM - Nasdaq gör några förändringar i OMX Helsinki Benchmark index - Nasdaq har genomfört den halvårsvisa översynen av OMX Helsinki Benchmark index. Förändringarna får effekt vid börsens öppning torsdagen 1 december. Det framgår av ett pressmeddelande.
11/8/2022 1:22:51 PM - Gofore: October sales data tops our estimate by 2%; invoicing/FTE in line - SEB - Gofore's monthly sales were again slightly above our estimate. Organic growth remained around 30%. However, daily billing/FTE did not improve on last year's strong print. Hence, given salary inflation, margins are likely to remain under pressure. We forecast a declining margin for Q4. The increase in headcount indicates strong growth in the coming months. All in all, our first read on the October data is neutral.
10/28/2022 7:29:18 AM - Gofore: Acquires German eMundo for EUR 8m - SEB - Gofore announces the acquisition of German eMoudo GmbH. The acquisition adds c. EUR 8m or 5% to Gofore’s 2022E sales. The EUR 8m transaction is funded via Gofore shares (30%) and cash (70%). Assuming a 10% EBITDA margin for eMundo, 2022E EV/EBITDA would land at around 10x, which compares to Gofore's multiple of 14x. Gofore has for some time looked at German market; we think the acquisition will bring better scalability to its international operations.
10/19/2022 6:57:19 AM - Gofore: No sign of a slowdown - SEB - We continue to view Gofore as a quality name in the Nordic IT services space after its Q3 report. Despite missing our EBITA estimate on a higher headcount and rising personnel costs, our impression is that its near-term sales growth will be strong. Hence, we think the case remains broadly unchanged and that the key risk looks to be its ability to price in salary inflation. We repeat our fair value range of EUR 23-25.
10/18/2022 6:58:52 AM - Gofore Q3: EBITA misses on rising number of employees - SEB - Gofore's Q3 EBITA missed our forecast by 15% while sales were in line. At first read the miss owes to higher than expected employee take-up in September. Also the average personnel costs per employee grew more than we had anticipated. Our initial take is that the strong recruitment pace indicates that solid demand will continue in the short term. The pick-up in wages is worrying and prices need to be raised to maintain margin momentum.
10/7/2022 5:39:46 AM - Gofore: Current trading strong, but can it stay so - SEB - Gofore’s current trading looks solid and shows no signs of a slowdown. With August sales topping our estimates and strong momentum in recruiting, we raise our near-term estimates, but we take our 2023 EBITA estimate down slightly as we see growth slowing following the weakening macro environment. Gofore remains a quality small cap case and our slightly lowered fair value range of EUR 23-25 still suggests upside.
9/8/2022 10:56:12 AM - Gofore: Monthly sales report: Above (hiked) estimates again - SEB - Gofore posted August sales well above (+7%) our estimate, with reported y/y growth at >50%. Its organic growth is not showing any signs of decelerating; in fact, just the opposite. The higher sales were made with greater-than-expected resources, but the daily invoicing per FTE was higher than we had expected and improved 5% from previous year, which is enough to offset inflation, we think. All in all, another solid monthly data point, in our view.
8/15/2022 6:15:30 PM - Gofore: General uncertainty not visible in the numbers - SEB - Gofore’s strong profitability in Q2 increases our confidence in the company offsetting increasing wage inflation and achieving rising (or at least steady) margins ahead. Our 2022 estimates increase, but we make minor negative revisions to 2023, as we fear a weak macro environment will result in a more challenging market. However, Gofore remains a double-digit growth case in our eyes. Our fair value range rises slightly to EUR 25-28.
8/15/2022 6:48:57 AM - Gofore Q2: Another solid report with EBITA above our expectation - SEB - Gofore posted Q2 EBITA above our expectation. Despite wage inflation exceeding the increase in average sales prices, operational leverage, including higher utilisation, has been enough to offset the inflationary pressure. July sales came in above our expectation, indicating that momentum remains strong. The company sees elevated uncertainty in the markets, although the general outlook is positive.
8/9/2022 5:54:48 AM - Gofore: Solid Q2 expected, H2 will meet tough comps - SEB - We marginally trim our estimates ahead of Gofore’s Q2 report. Although the company continues to surprise positively on sales, we see sales growth slightly slowing, (partially due to strong comps). With an increase in the number of employees and expected wage inflation, we find the margin improvement will become more difficult. Fair value range is fine-tuned to EUR 25-27.
7/10/2022 4:51:45 PM - Gofore: Another busy month - SEB - Gofore delivered EUR 12.5m of sales in June, exceeding our estimate by 1.8%. Also, organic growth was higher than we had estimated, as it was in April and May, we believe. Total sales in Q2 were EUR 37.1m, 3.6% above our estimate. However, daily invoicing per total FTE was a bit behind our estimate and 1% year-on-year growth is not enough to exceed cost inflation, we believe. However, we believe that the acquisition impact explains part of this difference.
6/8/2022 9:18:49 AM - Gofore posts another month of growth - SEB - Gofore continues its strong development, posting EUR 13.1m sales in May, which was 5% above our estimate after beating our sales estimate by 4% in April. Also daily invoicing per FTE in May was above our estimate and 5% up year-on-year, supporting in offsetting salary inflation. The company continues to attract new employees and signed several new agreements during the month, supporting development in the next years.
5/9/2022 2:52:26 PM - Gofore: Strong organic growth continues in April, daily invoicing rate up 7% - SEB - Gofore continued solid reported and organic growth in April with organic growth remaining above 20%, according to our estimates. The month’s sales also topped our estimate, despite we had hiked our sales forecast post the Q1 report. We also read that the improved daily invoicing per employee should translate to improving EBITA margin also for Q2, despite the salary inflation.
4/21/2022 7:10:06 AM - Gofore: Success in growth and recruitment - SEB - Gofore’s Q1 growth accelerated from the already strong pace at end-2021, whilst the increase in the number of personnel shows the company expects solid demand to continue in the coming quarters. Despite the minor miss in profitability – we have cut our 2022 EBITA estimate by 2% – we believe the investment story is intact. The company is outgrowing the market and has hefty acquisition capacity to boost is pace of growth.
4/20/2022 7:16:14 AM - Gofore Q1: Robust growth continued in March, Q1 profitability misses marginally - SEB - Gofore posted March sales above our estimates, while the Q1 profitability slightly missed our forecast. The first take is that growth momentum remains stronger than we expected but relative profitability will be somewhat weaker. Yet, in terms of absolute profit estimates the revisions are likely to be muted. Overall, no major changes to the story.
4/6/2022 6:39:10 AM - Gofore: Momentum to last despite elevated uncertainty - SEB - Based on already published sales data for January-February, Gofore is heading for another solid quarter in Q1. The story remains broadly intact even though uncertainty may have elevated. We see underlying demand, especially in the public sector, staying strong. We reiterate our fair value range of EUR 25-28 despite minor negative estimate fine-tuning.
3/10/2022 2:55:13 PM - Gofore: Strong organic growth continues in February - SEB - Gofore's February sales topped our estimate by 2% and organic growth remained strong at 22% (SEB est.). The recruiting side also looks strong and the number of employees and FTEs was also somewhat higher than expected. The daily invoicing rate was in line with our estimate, indicating that our margin estimate should be well founded. No major deals were announced and the company repeats its zero exposure to Ukraine or Russia. All in all, a slightly positive first read.
3/1/2022 6:32:07 AM - Gofore: Margin increase set to continue - SEB - Gofore’s H2/21 report did not include any major surprises and it strengthened our outlook for continuing strong organic growth and improving margins in 2022 despite salary inflation. The picture is blurred, however, due to geopolitical woes. Despite our estimate hikes, we have maintained our fair value range of EUR 25-28 for Gofore, reflecting the current uncertainties.
2/28/2022 8:15:18 AM - Gofore H2: Strong profitability in Q4 as expected, no direct exposure to Ukraine - SEB - Gofore's Q4 EBITA came in marginally above our forecast. Gofore also updates its disclosure policy and no guidance is given going forward - Instead the monthly and quarterly business reviews disclosure will be improved. This should not be read as negative we note. The impact of geopolitical tensions remain unclear, but Gofore flags that it has no direct exposure to Ukraine or Russia. Solid report at first glance.
2/17/2022 7:05:16 AM - Gofore: Robust demand turning to improving margins - SEB - Gofore shares have performed relatively well in the turbulent market, but for a reason. Gofore’s Q4 sales came in above expectations with high billing rates. The company also made a large acquisition with nice multiple arbitrage. Moreover, market demand looks strong in the short- and medium- term, with Finnish health care reform boosting already robust demand. We hike our estimates and our fair value range ahead of the Q4 report.
1/12/2022 2:17:42 PM - Gofore: Very strong December sales data - SEB - Gofore's December sales data were very strong, with reported sales beating our estimate by 12% and organic sales growth at roughly 28%. Looking at the full Q4 data, we note stress that the annualised sales per employee increased 9% y/y, indicating very high billing rates. Based on the monthly sales data, we conclude that Gofore continues to win market share and the sales per employee also indicates a strong margin development.
1/12/2022 6:55:57 AM - Gofore: Promising standings for 2022 - SEB - At SEB's Nordic Seminar, CEO Mikael Nylund provided a solid overview on the company that has outperformed its peers in terms of growth and profitability during the past years. Building on a holistic digi-native service offering and next generation IT service competences, we believe the company remains well positioned to capture the growth opportunities that are being driven by Covid-19, Finnish healthcare reform, digitalisation megatrend, and M&A.
1/4/2022 6:47:27 AM - Gofore: Acquires Devecto at reasonable multiple; boosts sales by 10% - SEB - Gofore continues its M&A strategy by acquiring Devecto Oy. With the acquisition, Gofore strengthens its position in the private sector and its services within industrial digital transformation. We find the move rational, as in addition to a reasonable valuation it allows future cross-selling opportunities to new private sector clients. The transaction multiple (EV/EBITDA of 10x) is well below Gofore’s own valuation (of 21x).
12/13/2021 11:14:50 AM - Gofore: November sales ahead of our estimates - SEB - Gofore reported November work-day adjusted growth above our estimates. The company’s daily sales per FTE increased by 8% from the previous year, which we believe is enough to offset salary inflation and hence the numbers are supportive for Q4 profitability. Gofore announced also a significant new EUR 6m deal. However, the demand looks to be so strong that the company had to withdraw from a recently won deal due to capacity constraints.
11/8/2021 1:50:13 PM - Gofore: Double-digit organic growth continues in October - SEB - Gofore reported October work-day adjusted growth well in line with our Q4 estimates. We note that the company’s daily sales per FTE increased by 6% from previous year, which we believe is enough to offset salary inflation. Gofore also announced three new major deals totaling EUR 6.6m. All in all, a monthly report that is very well in line with our fresh estimates for the company (coverage initiated last Friday).
11/6/2021 6:09:16 AM - Go for the growth in digitalisation - SEB - As a digital transformation partner, Gofore is benefiting from the strong growth in the modern digital IT services market. The company has delivered sales CAGR of 32% since 2017 with profitability above peers. Building on its holistic services offering and strong management advisory arm, we find that the company continues to deliver robust growth fuelled by value-accretive M&A. We set our fair value range at EUR 24-26.
8/16/2021 7:06:11 AM - Gofore: Faring well despite minor headwind - Evli - Gofore continued to grow profitably and despite some minor bumps on the road EBITA was quite as expected at EUR 6.8m (Evli EUR 7.0m). We continue to expect above 30% in 2021. We retain our HOLD-rating and target price of EUR 21.
8/13/2021 7:10:24 AM - Gofore: Solid growth and good profitability - Evli - Gofore’s EBITA/adj. EBITA of EUR 6.8m/6.9m in H1 were rather in line with expectations (Evli 7.0m/7.2m). Revenue grew 38.3% to EUR 51.7m in H1 (pre-announced). Revenue and adj. EBITA in 2021 are expected to grow compared with 2020.
4/20/2021 7:04:20 AM - Gofore: Slight weakness but still looking good - Evli - Gofore’s Q1 showed slight weakness y/y due to working day differences and lower billing rates due to changes in a customer’s deliveries, but overall progress remains good. With the recent share price rally, we lower our rating to HOLD (BUY), with a TP of EUR 21.0.
3/8/2021 7:56:03 AM - Gofore: Strong organic growth in 2020 despite pandemic - Evli - Gofore’s H2 results showed little signs of weakness and with the more recent acquisitions the growth pace is set to continue well into double-digit figures. We upgrade our rating to BUY (HOLD) with a target price of EUR 21.0 (16.0).
1/18/2021 8:10:42 AM - Gofore: Growth narrative remains intact - Evli Research - Gofore held its Capital Markets Day on January 14th, which for us acted mainly as a confidence boost, as updated financial targets and strategy had been communicated earlier. The company remains well on its track of profitable and rapid growth, with little obstacles to be seen. We retain our HOLD-rating and target price of EUR 16.0.
12/18/2020 7:54:06 AM - Gofore: Good things going on - Evli Research - Seeking above 20% long-term growth
11/16/2020 8:09:46 AM - Gofore: Continued profitable growth - Evli Research - Seeking above target market growth
8/17/2020 5:48:42 AM - Gofore: Steady as she goes - Evli Research - No surprises in the H1 results
8/11/2020 7:43:13 AM - Gofore: Sizeable acquisition boosting growth - Evli Research - Acquisition and guidance revision