Despite costs coming in below our estimate in Q1’22 and we lifting our Group Cash-EBITDA estimates by ~15% following this and the reduced hiring plan, we lower our target slightly as our Cash-EBITDA for the SaaS business unit (which is the only business unit for which we apply value in our SOTP) comes down ~10% due to the transfer of costs - a fact that management should have communicated better, we argue. However, our BUY rec. and investment case stand. firm.
