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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