Gofore's Q4 EBITA came in well above (+19%) our estimate. As the company reports its monthly sales and employee data ahead we find that the positive deviation owes to average salaries. This implies that either wage inflation has been less than we have assumed or the average salary in the acquired eMundo has been well below Gofore's average. The strong performance has continued in January with the month sales 5% above our estimate. Solid report.
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