We lower our sales forecast by 1% and increases our OPEX estimate by 1% for 2020, resulting in a quite sharp cut of 12% at the EBIT level. Formpipe has increased its OPEX slightly, investing in product development. This, combined with management’s positive outlook, will likely result in higher sales growth. However, as we assume that the SaaS share will continue to increase, we believe any substantial revenue gains will occur in 2021 and beyond. We leave our Base case at SEK 18.