Redeye comments on Vertiseit's Q3 report, showing ARR ahead of our forecast with accelerating organic growth, and an adjusted EBITDA-CAPEX (Cash EBITDA) above our expectations. Cash flow was held back by temporary Scala-related effects. Overall, a solid report, where Vertiseit beats our expectations slightly on all key numbers. We will likely raise our forecasts and underlying Base Case somewhat, although raising the risk-free rate from 2.5% to 3.0% in our WACC might mitigate that effect.
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