Ahead of the Q3 report, we expect Gofore’s trading momentum to continue its gradual improvement. We flag that the company has activated a talent hunt and that Gofore is not forward leaning in its recruiting. Profitability should also increase y/y as the tailwind of Huld synergies kick in, together with improving utilisation. The shares are trading on an FCF yield of >10% and we lift our fair equity value range up a notch to EUR 17-19 (16-18) per share.
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