Multitude hasn’t given any preliminary announcements of its Q4 numbers, and thus the company will most likely reach its guidance range. As our estimate was slightly below the range, we made small positive estimate revisions before the earnings.

Multitude has returned to profitable growth after a few difficult years, and we expect the company to continue on this path in the coming years. In view of this, we consider the valuation to be low and the risk/reward of the stock to be attractive.