Formpipe Software’s Q4 sales were slightly below our relatively optimistic forecast, coming in at 97.3 million SEK compared to our estimate of 101.5 million SEK. Formpipe delivered great profitability during the quarter, with an EBIT of 16.8 MSEK (17% margin), while we expected 13 MSEK. CEO Christian Sundin sees even further profitability improvements are possible going forward. The number of order announcements during late Q4, a first order of e-archive by a Swedish municipality and strong performance incentives for the new life science team promise an exciting financial year 2015. We have not made adjustments to the firm's Redeye Rating. Our DCF valuation indicates a potential upside compared to today's stock price. As usual we also have bull and bear cases in the full PDF analysis.