Although we see that Leaddesk’s ARR was negatively impacted by regulatory changes in some European countries, its profitability improved again in Q4 and we believe this can continue. Leaddesk remains vocal about its M&A-driven strategy, in a market that appears ripe for consolidation. With 2026E NIBD/EBITDA at 1x and valuations at attractive levels, Leaddesk has plenty of room for material acquisitions. Our fair value range is intact at EUR 8-10.
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