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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.
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