Leaddesk again delivered solid underlying profitability in Q1 despite a muted top line. However, the top line slowness is partially intentional business selection and part of the company’s strategic profitability improvement work. We make minor estimate moves and think that the targeted 20% profitability is reachable in 2027. The share trades at 2026E EV/EBITDA of c. 4x and our unchanged fair value range of EUR 8-10 is well above the spot.
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