We are 3% above consensus EBITDA adj. ahead of LINK’s Q4 report, and expect Q4 to mirror recent quarters, with continued mid single-digit organic gross profit growth and cost discipline. More importantly, we see accelerating gross profit growth from Q1, together with the consolidation of SMSPortal, to be the key near-term catalysts for the equity. With a modest leverage profile (NIBD/EBITDA adj. dropping to 1.0x by YE’26) and a large M&A pipeline that likely will materialize in further accretive ....
