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Leaddesk: ARR expectations up after large deals - SEB

We hike our forward-looking estimates ahead of Leaddesk’s Q4 report. While the announced wins do not affect 2023 sales, we think the year-end ARR should rise notably, paving the way for 9% sales growth in 2024. Our fair value range rises to EUR 12-14 from EUR 11-12 and we note that the share is trading at a significant discount to its local, Nordic and global peers.

We hike our forward-looking estimates ahead of Leaddesk’s Q4 report. While the announced wins do not affect 2023 sales, we think the year-end ARR should rise notably, paving the way for 9% sales growth in 2024. Our fair value range rises to EUR 12-14 from EUR 11-12 and we note that the share is trading at a significant discount to its local, Nordic and global peers.
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