Ahead of Leaddesk’s Q3 report, we keep our estimates and fair value range (EUR 9-13) unchanged. While ARR growth tends to be slower in Q3, EBITDA growth should continue. The trend is important, as improving profitability should allow further growth in investments (both organic and inorganic). In our view, the valuation continues to reflect market risks related to AI, a game in which we believe Leaddesk could be a net gainer eventually.
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