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.
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