Leaddesk’s H2 report was broadly in line with our estimates. However, we slightly raise our EBITDA estimates, as headcount at the end of the year was down by more than we had expected. With an increased profitability focus, the stock is currently trading at a 2023E EV/EBITDA of around 12x, which we think is undemanding should SaaS growth continue. Our fair value range rises slightly to EUR 15-17 (14-16).
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