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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