Ahead of Gofore’s Q3 report, we make only minor estimate adjustments and thus keep our fair value range unchanged at EUR 19-21. Q3 should mark a clear change in the profitability trend; we expect a broadly flat EBITA margin y/y after a poor Q2. Otherwise, our focus in the report is on the Huld acquisition, which we expect to add c. EUR 3.5m in September sales. Among other things, the transaction is interesting due to its capabilities in the defence sector.
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