Formpipe started the year strongly, and profitability came in significantly higher than we expected. The profitability is explained by a good drive in growth areas, completed measures in areas where the company has faced challenges and a somewhat larger share of traditional licenses. As a result of Formpipe’s long contracts and the SaaS-trend, which we consider to be favorable in the medium term, we have increased our assumptions. The DCF-valuation indicates a value range of SEK 10-24 with a Base case of SEK 17 per share.