Ahead of Gofore’s Q2 results we include the recently announced Huld acquisition, which adds roughly an estimated 20% to Gofore’s annual sales. However, we also make further small negative adjustments due to sales misses in Gofore’s Q2 monthly reports. We think the Huld transaction makes strategic sense. However, because the acquisition is Gofore’s largest ever, it comes with risks as well. Our fair value range remains at EUR 23-25.

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