Gofore’s Q1 profitability was burdened by cost over-runs in certain fixed price projects. However, this does not mitigate the lack of material signs of a market recovery. Gofore’s 2025E EV/EBITDA is now at 7x, which in our view begins to look like a distressed valuation case for a company with a very capital light model and proven track of market outperformance. Fair value finetuned to EUR 23-25.
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