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Leaddesk will publish its first Q1 business update on 28 April. Ahead of the numbers we keep our estimates unchanged but provide quarterly estimates, noting that H1 will probably be tilted towards the second quarter. We find Leaddesk’s valuation attractive with sales CAGR of 19% for 2021-2024E and 2024E EV/sales approaching 1x. Our fair value range remains unchanged at EUR 33-37.
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