Leaddesk’s Q3 boosts confidence in the company’s ability to improve profits, which are necessary for investing in future growth. The European market remains fragmented and Leaddesk is on a good journey of being an active consolidator in the market, which we think will eventually consist of a few players. Leaddesk is trading at 7.6x current year EBITDA. However, with the profitability track continuing, the multiple drops to 5x by 2027E.
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