We increase our Base, Bear, and Bull case valuations. The raises are mainly due to a decreased WACC to 9.5% (10.6). The lowered WACC is a result of a raised Redeye Rating, which primarily is due to Formpipe’s increased share of recurring revenue, profitability, and stability. For example, Formpipe will enter 2019 with an additional SEK ~60m in quarterly recurring revenue – compared to SEK ~51m last year – while OPEX in 2018 was unchanged compared to 2017. Thus, the probability of stable and slightly increasing profits in 2019 is high.