With a lower-than-expected fixed cost level and controlled salary inflation coupled with strong 32% organic growth took Gofore’s Q1 EBITA above our estimates. We have hiked our 2023E EBITA by 10%. However, macro uncertainty persists and we still think the growth pace will slow down markedly and margin is likely to decline in H2. However, our fair value range rises a notch to EUR 29-32 (from EUR 28-31).
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