We keep our estimates and fair value range unchanged Ahead of Leaddesk’s Q1 report. The strategic profitability improvement is very likely to continue in Q1, but we are also looking for signs of reviving organic topline momentum. Delivering the >20% EBITDA margin target should be achievable, especially if further efficiency measures are implemented. Yet, in the long-term the top-line trend needs to be turned as well. Our fair value range stands at EUR 8-10.
