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Research

Gofore: First-class profitability management

By Joni GrönqvistAnalyst
Gofore
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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 operates in the IT sector. The company specializes in offering digital solutions and consulting in lead and process design, as well as cloud-based solutions. The greatest 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. The largest operations are found around the European market.

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Key Estimate Figures14.12.2023

202223e24e
Revenue149.9188.7203.3
growth-%43.5 %25.9 %7.7 %
EBIT (adj.)22.025.126.4
EBIT-% (adj.)14.7 %13.3 %13.0 %
EPS (adj.)1.131.281.35
Dividend0.340.440.50
Dividend %1.5 %3.3 %3.7 %
P/E (adj.)19.610.610.0
EV/EBITDA14.16.96.0

Forum discussions

Inderes Goforen hallitus on päättänyt suunnatuista osakeanneista osana Esentri AG:n... 22.12.2025 16:19:53 EET | Gofore Oyj | Osakkeiden kokonaism...
12/23/2025, 8:29 AM
by Ummon
12
Here are Luiro’s comments on Gofore’s recent acquisition in Germany. Gofore announced that it is acquiring the German IT consulting company ...
12/23/2025, 6:08 AM
by Sijoittaja-alokas
7
Still time for one more piece of good news before the holidays! Gofore Gofore ostaa DACH-alueelta digitalisaatioyritys Esentri AG:n - Gofore...
12/22/2025, 2:32 PM
by Emmi Berlin
26
Here are Frans’s comments as Gofore gets a new CFO. Inderes Wittedin talousjohtaja siirtyy Goforelle - Inderes Wittedin talousjohtaja Saara ...
12/19/2025, 6:04 AM
by Sijoittaja-alokas
4
Thanks Harri! Kind of sorry about this, a little.
12/18/2025, 6:01 PM
by Timur Kärki
18
Congratulations Gofore Saara is really a great person <3
12/18/2025, 4:38 PM
by Harri Sieppi
17
More good news Gofore Goforen talousjohtajaksi Saara Ukkonen - Gofore 18.12.2025 15:00:00 EET | Gofore Oyj | Muutokset hallitus/johto/tilintarkastus...
12/18/2025, 1:05 PM
by Emmi Berlin
11
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