Ahead of Leaddesk’s H1 report, we lower our estimates slightly, despite including the recent small acquisition, with organic growth cut on FX and the likelihood of continued slow market momentum. The acquisition of Länsilinkki will enhance Leaddesk’s CPaaS capabilities; we believe the company will be able to rapidly turn around this small loss-making business, adding shareholder value in the process. Our fair value range is trimmed to EUR 14-16 (15-17).
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