We lift adjusted EBITA estimates by 1-5% per year throughout our forecast period after results which yielded neutral to slightly negative revisions – offset by Userlike. We think the acquisition of Userlike holds potential to grow into something tangible in the group. With short-term reinvestments to reap revenue synergies, we think a few years out, Userlike holds greater margin potential and operates in a more quickly growing market than Lime.
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