Redeye raises Formpipe’s base case somewhat while leaving earnings estimates broadly unchanged on the back of mixed full-year results. In our view, 2019 has been a lost year for the company in terms of revenues and earnings growth, but we believe the prospects to be better for the year ahead. In particular, Formpipe’s public markets seem to be picking up while the re-organization of its private segment operation suggest better times ahead also on that side of the business.