Leaddesk’s gross margin takes a step up as the cost synergies from last year’s acquisition materialise. The company is advancing well in the European market which we think is crucial. While AI risks the future market size, we think Leaddesk could take market share with its efforts in AI features. Also, M&A is likely to continue which could reinforce Leaddesk’s case. We have finetuned our fair value range to EUR 12-14 after raising 2024E EBITDA.
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