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Redeye provides an update following the Q2 2024 report. Sales increased by 4.1% y/y to EUR5.1m, with a EBITDA margin of 9.1%. PrivX grew by 21.5% pushing Subscription growth by 10.9%. We reiterate our valuation range and expect H2 to be strong. We argue that SSH should be seen as a stable company within the cybersecurity sector with a robust subscription revenue model that is growing profitable.
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