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Leaddesk’s ARR increased 17% from end-H1, which in our view is more important than the headline sales miss. We think the growth case remains intact, but note that the profitability looks to come with a lag compared to our previous estimates. Despite our estimate cuts, the shares trade at 2022E EV/EBITDA of 16x, which is attractive given the company’s growth and scale. Our fair value range is down by EUR 2 to EUR 33-37 (was EUR 35-39).
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