Ahead of Gofore’s Q2 report, we cut our growth estimates, as Q2 sales data indicates the market recovery will be slower than we expected. However, we believe the company continues to defend its profitability via cost measures. Lower estimates see us cut our fair value to EUR 26-29 (28-31). The shares now trade at 11x current year EBITA compared to average annual organic growth in the past five years of 16%.
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