Gofore cleaned the desk in its Q2 report and is ready to shift into the next gear. Its capacity is now set to match current demand, which seems to not be worsening anymore. On a positive note, Gofore has not priced itself too low which, together with capacity cuts, should allow for a margin recovery in H2. It also seems that Gofore still has an appetite for M&A despite the large Huld acquisition. We cut our fair equity value range to EUR 19-21 (23-25) per share.
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