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Gofore: Finnish public market will be tough in 2025 - SEB

Ahead of Gofore’s Q3 report, we take a more cautious view on the Finnish public sector market for 2025, resulting in tangible estimate cuts. While the worst might be behind, the tight public budgets will keep the market challenging for Gofore. However, we keep our fair value range unchanged at EUR 26-29 and note the share continues to trade at a discount to peers.

Ahead of Gofore’s Q3 report, we take a more cautious view on the Finnish public sector market for 2025, resulting in tangible estimate cuts. While the worst might be behind, the tight public budgets will keep the market challenging for Gofore. However, we keep our fair value range unchanged at EUR 26-29 and note the share continues to trade at a discount to peers.
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