Joni and Frans have prepared a new company report following Digital Workforce’s Q3. 
We reiterate our ‘add’ recommendation for the share and lower the target price to 3.7 euros (previously 4.30 €), reflecting reduced forecasts. Digital Workforce’s Q3 was slightly softer than our expectations. The turnaround in results has encountered some bumps this year and progressed slower than we anticipated. However, we expect the company to grow organically better than the IT service market in the coming years, and for this growth to scale into profitability. We find the share’s valuation (2026e EV/EBIT 11x, sum of parts 4.6 €) attractive.