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Leaddesk: Profitability focus makes EV/EBITDA attractive - SEB

Ahead of Leaddesk’s H2 report we keep our sales and ARR estimates intact, but slightly raise 2023E-24E profitability. Despite the market not being overly favourable, we think the company will be able to deliver healthy organic growth in 2023 and 2024 could see acceleration again. Our fair value range remains EUR 14-16 with the mid-point for this range suggesting 64% potential upside.

Ahead of Leaddesk’s H2 report we keep our sales and ARR estimates intact, but slightly raise 2023E-24E profitability. Despite the market not being overly favourable, we think the company will be able to deliver healthy organic growth in 2023 and 2024 could see acceleration again. Our fair value range remains EUR 14-16 with the mid-point for this range suggesting 64% potential upside.
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