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.
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