Formpipe Q1’19: S&M and trad. licenses below our forecast
Research Note
2019-04-25
09:51
Both sales and adj. EBITDA came in below our estimates. Trad. licenses fell sharply to SEK 5.0m (10.5), while S&M surprisingly declined somewhat QoQ. However, the long-term trend of growing recurring revenues, while the cost base is close to fixed, remains intact.
FN
Fredrik Nilsson
Disclosures and disclaimers