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Leaddesk: Expected challenges, but greater impact - SEB

Leaddesk’s Q2 results were below our forecasts as energy sector clients suffered in current environment. Also the prolonged deployment of the enterprise client deals impacted both sales and costs, reminding us that the company still has relatively little experience with enterprise level deals. Our fair value range declines to EUR 19-21 (from EUR 23-25), which still implies 186% valuation upside to the mid-point.

Leaddesk’s Q2 results were below our forecasts as energy sector clients suffered in current environment. Also the prolonged deployment of the enterprise client deals impacted both sales and costs, reminding us that the company still has relatively little experience with enterprise level deals. Our fair value range declines to EUR 19-21 (from EUR 23-25), which still implies 186% valuation upside to the mid-point.
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