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

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