Redeye retains its positive view of Formpipe following its deliveries deal with Malmö Stad. While we favor SaaS/S&M-deals over deliveries, the Malmö deal is the first sign of Formpipe’s initiatives to strengthen its deliveries in Public SE paying off. Also, we raised our EBIT forecasts for 2022E and 2023E, as we expect lower personnel expenses in the short term.