Although our sales estimates are slightly down due to Q3 ARR development, we keep our 2024-25E EBITDA unchanged. In the big picture, we think the company needs faster growth, which in the current economic environment remains challenging. However, M&A remains on the table and we see faster growth via acquisitions as likely. Here the improved profitability opens more doors, we think. Fair value range unchanged at EUR 10-13.
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