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Gofore Q4: Solid beat in profitability - SEB

Gofore delivered Q4 EBITA well above our estimate thanks to slower-than-expected salary inflation. Also other operating costs were lower than we had input, which shows the company is able to squeeze its costs in slower demand environment. January sales missed slightly our estimate, indicating that the slow market momentum has continued. However, we still find Gofore's performance to be relatively strong in the current environment. Overall, our read is positive.

Gofore delivered Q4 EBITA well above our estimate thanks to slower-than-expected salary inflation. Also other operating costs were lower than we had input, which shows the company is able to squeeze its costs in slower demand environment. January sales missed slightly our estimate, indicating that the slow market momentum has continued. However, we still find Gofore's performance to be relatively strong in the current environment. Overall, our read is positive.
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