We are 1% below consensus on EBIT ahead of Atea’s Q3 report, and slightly above on Q4, as headwinds from Microsoft Enterprise Agreements (EA) fade, supporting gross margins. Despite ’25/26e consensus EPS being down 23/14%, we are aligned with consensus on 2026 estimates, which currently expects 18% EBIT growth. With EBIT margins at historically high levels, we think the room for further margin-expansion is limited. Additionally, at 14.1x our ’26e P/E, we don’t see significant upside to valuation ....
