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Gofore: No sign of a slowdown - SEB

We continue to view Gofore as a quality name in the Nordic IT services space after its Q3 report. Despite missing our EBITA estimate on a higher headcount and rising personnel costs, our impression is that its near-term sales growth will be strong. Hence, we think the case remains broadly unchanged and that the key risk looks to be its ability to price in salary inflation. We repeat our fair value range of EUR 23-25.

We continue to view Gofore as a quality name in the Nordic IT services space after its Q3 report. Despite missing our EBITA estimate on a higher headcount and rising personnel costs, our impression is that its near-term sales growth will be strong. Hence, we think the case remains broadly unchanged and that the key risk looks to be its ability to price in salary inflation. We repeat our fair value range of EUR 23-25.
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