Gofore: First-class profitability management
Gofore's revenue growth slowed organically in Q4, as expected, but profitability was well ahead of our expectations. Overall, Gofore's strong performance in a challenging year demonstrates the company's ability to adapt quickly to change and manage critical billing rates and profitability. We expect the company to continue to grow faster and more profitably than the sector in the coming years, even if the weak economy slows things down somewhat. The valuation picture (2024e adj. EV/EBIT 12x and expected return ~20%) is attractive.
Gofore
Gofore operates in the IT sector. Specialization is held towards offering digital solutions and consulting in lead and process design, as well as cloud-based solutions. The main knowledge is found in the construction and development of software systems and associated project management. The company's customers are found among corporate customers and institutions. Gofore operates mainly in the European market.
Read more on company pageKey Estimate Figures21.02
2023 | 24e | 25e | |
---|---|---|---|
Omsætning | 189,2 | 198,8 | 218,5 |
vækst-% | 26,23 % | 5,03 % | 9,92 % |
EBIT (adj.) | 26,7 | 27,3 | 31,3 |
EBIT-% (adj.) | 14,11 % | 13,76 % | 14,31 % |
EPS (adj.) | 1,40 | 1,41 | 1,65 |
Udbytte | 0,47 | 0,50 | 0,58 |
Udbytte % | 2,10 % | 2,33 % | 2,70 % |
P/E (adj.) | 16,04 | 15,28 | 13,03 |
EV/EBITDA | 11,13 | 9,87 | 8,28 |