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Leaddesk: Top line, ARR well on track - SEB

Following Leaddesk’s first Q1 business review we keep our top line estimates virtually intact and have cut our profitability estimates slightly. However, we continue to argue that profitability is not yet the driver of the investment case and, short-term, ARR growth of 30% is more relevant. We remain confident that organic growth will accelerate towards end-2022 as the deployment of large deals proceeds. We have trimmed our fair value range to EUR 30-34.

Following Leaddesk’s first Q1 business review we keep our top line estimates virtually intact and have cut our profitability estimates slightly. However, we continue to argue that profitability is not yet the driver of the investment case and, short-term, ARR growth of 30% is more relevant. We remain confident that organic growth will accelerate towards end-2022 as the deployment of large deals proceeds. We have trimmed our fair value range to EUR 30-34.
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