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Leaddesk: Good performance in uncertain times - SEB

Leaddesk reported comparable growth of 17% in Q3, which was healthy in view of the macro environment and the slow deployment of some large deals. Having increased our EBITDA estimates materially, we flag that the 2023E EV/EBITDA of 8x does not reflect the solid growth prospects of Leaddesk’s cloud-native product. We increase our fair value range to EUR 14-16 (from EUR 12-15), which is well above the current share price.

Leaddesk reported comparable growth of 17% in Q3, which was healthy in view of the macro environment and the slow deployment of some large deals. Having increased our EBITDA estimates materially, we flag that the 2023E EV/EBITDA of 8x does not reflect the solid growth prospects of Leaddesk’s cloud-native product. We increase our fair value range to EUR 14-16 (from EUR 12-15), which is well above the current share price.
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