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Gofore’s Q1 report should give further colour whether the market for Gofore is still in decline. Our read is that the market should not deteriorate further, but the recovery is just further away and milder. Hence, the savings (staff reductions) should allow for improving profit in 2025. Our FY 2025E-26E EBITA declines by 5% and fair value range is trimmed to EUR 23-26 from EUR 27-29. But 2025E EV/EBITDA of 8x remains attractive relative to peers.
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