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Leaddesk: We expect a step-up in profit - SEB

We think Leaddesk should improve its profit in Q1 on the back of 8% sales growth and an increased focus on profitability. For the full year, we expect a clear pick-up in profit, despite the new sales market remaining challenging; our annual estimates remain unchanged. We repeat our EUR 15-17 fair value range for the share, which continues to trade at appealing multiples, in our view, given its scalable growth business model and compared to Nordic peers.

We think Leaddesk should improve its profit in Q1 on the back of 8% sales growth and an increased focus on profitability. For the full year, we expect a clear pick-up in profit, despite the new sales market remaining challenging; our annual estimates remain unchanged. We repeat our EUR 15-17 fair value range for the share, which continues to trade at appealing multiples, in our view, given its scalable growth business model and compared to Nordic peers.
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