Formpipe: Stable quarter – with one surprise

Research Update

2015-10-28

17:10

Formpipe's Q3 showed sales of 88.1 mSEK, slightly above our estimate at 85.1. Also other developments in traditionally weaker Q3 were mostly as expected, the only surprise a one-off restructuring in a specific team and well aligned with the firm’s strategy. EBIT was reduced to 3.1% (7% excluding the measure), while we expected 5.4%. We are looking forward to a traditionally intensive Q4, with quarterly sales potentially over 100 mSEK for the first time, and hope to hear more success stories from the firm’s key growth projects Life Science and Long-Term Archive in the next quarters. We have not made adjustments to the firm's Redeye Rating. As usual we also have bull and bear cases in the full PDF analysis and on the company's page in our new Universe.

AS

Alexander Sattelmaier

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