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Antti Luiro

Antti Luiro


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Company report

LeadDesk almost doubled its revenue in H1 driven by acquisitions. Overall, the H1 report confirmed that the company's growth story is still on track. LeadDesk has progressed systematically in expanding to the European market that is growing with the cloud revolution, and we still see good drivers for the company to continue on the same path. After the short-term uncertainty dispersed, the share's valuation has increased (2021e EV/S 5.3x), but not too much to keep up with the stably progressing growth story. 

Company report

We reiterate our accumulate recommendation for LeadDesk and revise the target price to EUR 11.50 (previously EUR 9.0).  In our estimate, LeadDesk’s investment case has progressed to a phase that is attractive from an investor’s perspective. In this phase, the company’s investments in international business and product development will start to pay off in the form of expanding market potential and scalable growth. We expect the growth of LeadDesk’s operating result to reach approximately 40% annually. Relative to this expectation, the current valuation of the share is still reasonable.

Company report

LeadDesk company report (estimates, recommendation and target price) 18/2/2019, translation published 9/9/2019


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