We expect a noticeable improvement in Gofore’s margin performance in Q4. We pencil in the recent DACH region acquisition but cut organic estimates as we find the AI-powered code creation results in a value drop. However, Gofore’s billable hours are much more than coding and we believe the overall business should still grow after two years of a muted market. Our fair value range declines to EUR 17-18 from EUR 19-21.
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