Gofore: Margin increase set to continue – SEB


Gofore’s H2/21 report did not include any major surprises and it strengthened our outlook for continuing strong organic growth and improving margins in 2022 despite salary inflation. The picture is blurred, however, due to geopolitical woes. Despite our estimate hikes, we have maintained our fair value range of EUR 25-28 for Gofore, reflecting the current uncertainties.


SEB Research

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