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Gofore: October sales data tops our estimate by 2%; invoicing/FTE in line - SEB

Gofore's monthly sales were again slightly above our estimate. Organic growth remained around 30%. However, daily billing/FTE did not improve on last year's strong print. Hence, given salary inflation, margins are likely to remain under pressure. We forecast a declining margin for Q4. The increase in headcount indicates strong growth in the coming months. All in all, our first read on the October data is neutral.

Gofore's monthly sales were again slightly above our estimate. Organic growth remained around 30%. However, daily billing/FTE did not improve on last year's strong print. Hence, given salary inflation, margins are likely to remain under pressure. We forecast a declining margin for Q4. The increase in headcount indicates strong growth in the coming months. All in all, our first read on the October data is neutral.
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