We have raised our 2026e Cash-EBIT and EPS by ~50% after incorporating the SMSPortal acquisition into our estimates and lifting our organic growth assumptions by 2-3pp to 10%. LINK has delivered above expectations over the past two years, and the continued momentum in order intake - combined with the ongoing CPaaS market transition - supports our conviction of sustained higher growth ahead. Factoring in SMSPortal from August 2025, the stock now trades at 11.6x our 2026e cEPS and has a NIBD/Cash- ....
