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Gofore: Not bad for the bottom of a cycle - SEB

As we expected, Gofore delivered a healthy margin in Q1, despite the slow trading environment. Our view is that market activity has continued to improve, albeit slowly, and hence Q1 should have marked the bottom of this cycle. Gofore continues to outperform the market and we find it well positioned for a gradual market rebound. We input a small increase in 2024E EBITA and fine-tune our fair value range to EUR 28-31 (27-30).

As we expected, Gofore delivered a healthy margin in Q1, despite the slow trading environment. Our view is that market activity has continued to improve, albeit slowly, and hence Q1 should have marked the bottom of this cycle. Gofore continues to outperform the market and we find it well positioned for a gradual market rebound. We input a small increase in 2024E EBITA and fine-tune our fair value range to EUR 28-31 (27-30).
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