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Gofore: Solid Q2 expected, H2 will meet tough comps - SEB

We marginally trim our estimates ahead of Gofore’s Q2 report. Although the company continues to surprise positively on sales, we see sales growth slightly slowing, (partially due to strong comps). With an increase in the number of employees and expected wage inflation, we find the margin improvement will become more difficult. Fair value range is fine-tuned to EUR 25-27.

We marginally trim our estimates ahead of Gofore’s Q2 report. Although the company continues to surprise positively on sales, we see sales growth slightly slowing, (partially due to strong comps). With an increase in the number of employees and expected wage inflation, we find the margin improvement will become more difficult. Fair value range is fine-tuned to EUR 25-27.
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