BuildData posted a strong quarter in which growth in its forward-looking total contract value (TCV) remained high, at 32% y/y organically. While the growth focus remains, steps are being taken to realise cost synergies from previous M&A and reap the scalability of the model, with the company strengthening its focus on break-even EBITDA ahead. We raise our net sales assumptions by 2%, raise FY 2022/23E TCV by 4% and reiterate our fair value range of SEK 9-11.

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