Bildkälla: Stockfoto

Gofore: Low point passed - SEB

We think Gofore’s Q3 report confirms the worst should be behind it. Although reported sales growth in Q4 may still be marginally negative, we flag the signal of added headcount in September. Our key worry relates to the Finnish public sector in 2025. However, Gofore may well continue to win market share on the right projects. With minor changes to our estimates, we retain our fair value range of EUR 26-29 for Gofore.

We think Gofore’s Q3 report confirms the worst should be behind it. Although reported sales growth in Q4 may still be marginally negative, we flag the signal of added headcount in September. Our key worry relates to the Finnish public sector in 2025. However, Gofore may well continue to win market share on the right projects. With minor changes to our estimates, we retain our fair value range of EUR 26-29 for Gofore.
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