Leaddesk: Profitability exercise well on track - SEB
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Leaddesk: Profitability exercise well on track - SEB

Leaddesk delivered a solid first quarter with the Zisson acquisition included for the first time in the figures. The company’s focus on profitability in the Nordics is visible and EBITDA keeps ticking up although the y/y organic top-line growth could be faster. We reiterate our fair value range of EUR 10-14 and note that the share trades at a significant discount to local SaaS peers.

Leaddesk delivered a solid first quarter with the Zisson acquisition included for the first time in the figures. The company’s focus on profitability in the Nordics is visible and EBITDA keeps ticking up although the y/y organic top-line growth could be faster. We reiterate our fair value range of EUR 10-14 and note that the share trades at a significant discount to local SaaS peers.
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