Since LINK’s surprisingly weak Q4 figures, datapoints in the market have been incrementally positive, showing both strong SMS momentum and increased CPaaS adoption, which should support high single digit gross profit growth. On the other hand, we expect LINK’s Q1 to be weighed by decreased volumes from the same customers that drove the Q4 miss, but this should ease later in 2026e. At 10x 2027e cEPS adj, 11% FCFE-yield and data points supporting market growth, we believe risk/reward at current le ....
