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.