We keep our estimates unchanged ahead of Leaddesk’s Q1 report (25 April). The report focus is on the ARR, which was the soft spot of Q4. While the market for new business remains challenging, we believe Leaddesk will continue focus to its profitability improvement, which should get a boost from the Zisson integration. Leaddesk trades now at EV/EBITDA of 6x (2025E), which is well below the Finnish SaaS peers. Fair value range unchanged at EUR 10-14.
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