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LeadDesk: Sequential ARR development in focus - SEB

We make another round of estimate cuts for Leaddesk following the guidance downgrade which was triggered by the continued headwind in FX. Our fair value range comes down to EUR 11-12 (from EUR 13-15) and we note that the scalable SaaS company, which is posting around 10% organic sales growth (2023-25E), is trading at EV/EBITDA of 10.5x. In Q3, we look at the q/q ARR development which should reflect the new sales momentum.

We make another round of estimate cuts for Leaddesk following the guidance downgrade which was triggered by the continued headwind in FX. Our fair value range comes down to EUR 11-12 (from EUR 13-15) and we note that the scalable SaaS company, which is posting around 10% organic sales growth (2023-25E), is trading at EV/EBITDA of 10.5x. In Q3, we look at the q/q ARR development which should reflect the new sales momentum.
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