E 2016E 2017E. Revenue, MSEK Growth 46% 16% 12% 1% 6% EBITDA EBITDA margin 22% 23% 21% 22% 25%

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1 E 2016E 2017E COMPANY ANALYSIS 28 October 2015 Summary Formpipe Software (fpip.st) Stable quarter with one surprise Formpipe's Q3 showed sales of 88.1 msek, slightly above our estimate at Also other developments in traditionally weaker Q3 were mostly as expected, the only surprise a one-off restructuring in a specific team and well aligned with the firm s strategy. EBIT was reduced to 3.1% (7% excluding the measure), while we expected 5.4%. We are looking forward to a traditionally intensive Q4, with quarterly sales potentially over 100 msek for the first time, and hope to hear more success stories from the firm s key growth projects Life Science and Long- Term Archive in the next quarters. No updates to Redeye Rating. List: Small Cap Market Cap: 396 MSEK Industry: Information Technology CEO: Christian Sundin Chairman: Bo Nordlander OMXS 30 Formpipe Software Oct 26-Jan 26-Apr 25-Jul 23-Oct Redeye Rating (0 10 points) Management Ownership Profit outlook Profitability Financial strength 7.0 points 4.0 points 6.0 points 5.5 points 4.5 points Key Financials E 2016E 2017E Revenue, MSEK Growth 46% 16% 12% 1% 6% EBITDA EBITDA margin 22% 23% 21% 22% 25% EBIT EBIT margin 9% 10% 9% 11% 12% Pre-tax earnings Net earnings Net margin 5% 5% 5% 7% 8% Dividend/Share EPS adj P/E adj EV/S EV/EBITDA Share information Share price (SEK) 7.9 Number of shares (m) 50.1 Market Cap (MSEK) 396 Net debt (MSEK) 109 Free float (%) 85 % Daily turnover ( 000) 120 Analysts: Alexander Sattelmaier Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report. Redeye, Mäster Samuelsgatan 42, 10tr, Box 7141, Stockholm. Tel E-post:

2 Redeye Rating: Background and definitions Formpipe Software The aim of a Redeye Rating is to help investors identify high-quality companies with attractive valuation. Company Qualities The aim of Company Qualities is to provide a well-structured and clear profile of a company s qualities (or operating risk) its chances of surviving and its potential for achieving long-term stable profit growth. We categorize a company s qualities on a ten-point scale based on five valuation keys; 1 Management, 2 Ownership, 3 Profit Outlook, 4 Profitability and 5 Financial Strength. Each valuation key is assessed based a number of quantitative and qualitative key factors that are weighted differently according to how important they are deemed to be. Each key factor is allocated a number of points based on its rating. The assessment of each valuation key is based on the total number of points for these individual factors. The rating scale ranges from 0 to +10 points. The overall rating for each valuation key is indicated by the size of the bar shown in the chart. The relative size of the bars therefore reflects the rating distribution between the different valuation keys. Management Our Management rating represents an assessment of the ability of the board of directors and management to manage the company in the best interests of the shareholders. A good board and management can make a mediocre business concept profitable, while a poor board and management can even lead a strong company into crisis. The factors used to assess a company s management are: 1 Execution, 2 Capital allocation, 3 Communication, 4 Experience, 5 Leadership and 6 Integrity. Ownership Our Ownership rating represents an assessment of the ownership exercised for longer-term value creation. Owner commitment and expertise are key to a company s stability and the board s ability to take action. Companies with a dispersed ownership structure without a clear controlling shareholder have historically performed worse than the market index over time. The factors used to assess Ownership are: 1 Ownership structure, 2 Owner commitment, 3 Institutional ownership, 4 Abuse of power, 5 Reputation, and 6 Financial sustainability. Profit Outlook Our Profit Outlook rating represents an assessment of a company s potential to achieve long-term stable profit growth. Over the long-term, the share price roughly mirrors the company s earnings trend. A company that does not grow may be a good short-term investment, but is usually unwise in the long term. The factors used to assess Profit Outlook are: 1 Business model, 2 Sale potential, 3 Market growth, 4 Market position, and 5 Competitiveness. Profitability Our Profitability rating represents an assessment of how effective a company has historically utilised its capital to generate profit. Companies cannot survive if they are not profitable. The assessment of how profitable a company has been is based on a number of key ratios and criteria over a period of up to the past five years: 1 Return on total assets (ROA), 2 Return on equity (ROE), 3 Net profit margin, 4 Free cash flow, and 5 Operating profit margin or EBIT. Financial Strength Our Financial Strength rating represents an assessment of a company s ability to pay in the short and long term. The core of a company s financial strength is its balance sheet and cash flow. Even the greatest potential is of no benefit unless the balance sheet can cope with funding growth. The assessment of a company s financial strength is based on a number of key ratios and criteria: 1 Times-interest-coverage ratio, 2 Debt-to-equity ratio, 3 Quick ratio, 4 Current ratio, 5 Sales turnover, 6 Capital needs, 7 Cyclicality, and 8 Forthcoming binary events. 2

3 Solid quarter - with one surprise Formpipe Software Q3 was in line with our expectations apart from the announced one-off restructuring in the Danish general consulting business Q3 is traditionally one of the weaker quarters for Formpipe, which has also been the case this year. At the same time, revenue growth has been good and according to our expectations. Net sales came in at 88.1 msek, slightly above our estimate at 85.1 msek mostly due to FX effects. This is an 8% YoY increase, in line with Q2 YoY growth (after adjustment for the GXPi acquisition). Expected vs. Actual - Summary (SEKm) Q3'14 Q3'15E Actual Diff Sales % EBITDA % EBIT % EPS (adjusted) % EPS (unadjusted) Sales growth YoY 16.5% 3.9% 7.6% EBIT margin 6.5% 5.4% 3.0% EBIT margin (excl. one-offs) 7.3% 7.0% Source: Redeye Research The slight difference between our estimates and Formpipe s Q3 revenues is partly explained by positive exchange rate differences. At the same time, one could also have expected an even more positive outcome in Q3 based on the number of tender offers the firm replied to during Q2. Many of these are however likely only allocated to Formpipe or competing providers in Q4 or even Q1 2016, so that we hope for a good sales performance of the firm in these quarters. Expected vs. Actual - Revenues (SEKm) Q3'14 Q3'15E Actual Diff Support and maintenance % License % Delivery % Source: Redeye Research Unexpected, but reasonable surprise: one-off restructuring in Danish customer specific consulting team Looking at the segment performance, it can be seen that the Swedish operations had an above-average Q3 both in terms of sales and profitability, while the Danish Q3 performance was not too impressive. This is one of the reasons around the surprise in this Q3 report - which was the announcement of a one-off restructuring primarily in the Danish general consulting business. This measure impacted EBIT with 3.5 msek, reducing EBIT margin to 3.1% compared to our expectation at 5.4% and a margin of around 7% excluding the restructuring cost. Formpipe says the measure is a one-off, and will be executed until the end of Q They however chose 3

4 to expense all related costs already in the reported Q3 financials, so that the restructuring will only impact this quarter s profitability. Performance by segment (SEKm) 2013 Q1'14 Q2'14 Q3'14 Q4' Q1'15 Q2'15 Q3'15 SWEDEN Sales (ext & int) YoY growth 20.4% 11.4% 16.3% 24.1% 31.8% 21.6% 16.8% 9.7% 5.4% EBITDA Margin 22.1% 29.0% 20.5% 21.3% 27.2% 24.6% 28.0% 28.1% 33.8% DENMARK Sales (ext & int) YoY growth 71.9% 20.6% 15.9% 11.6% 4.4% 12.7% 10.1% 9.3% 0.9% EBITDA Margin 21.4% 17.2% 15.3% 21.0% 31.2% 21.3% 26.4% 17.7% 17.0% LIFE SCIENCE Sales (ext & int) n/a 0 n/a n/a n/a n/a YoY growth n/a n/a n/a n/a n/a n/a % 423.9% 3.8% EBITDA n/a -2 n/a n/a n/a n/a Margin n/a % n/a n/a n/a n/a -39.2% -30.1% -16.0% Source: Redeye research Note: differences in 2014 Sweden numbers compared to earlier reports are due to separate reporting of Life Science started Q1'15. The primary goal of the restructuring is the customer specific solutions consulting team. This team accounted for 10% of revenues in 2014 and delivers IT consulting work that is mostly unrelated to Formpipe s own products. Revenues were therefore primarily non-recurring, and as in general with IT consulting, also profitability therefore varied a lot in between individual quarters, even if it was in line with the rest of Formpipe s business seen over a longer time period. As the firm lost a major client project recently and saw a heavy price pressure in the market from competitors like pure IT consultancies, Formpipe s management decided to reduce this specific team to about half its size. The measure is aligned with the firm's strategy of becoming a more focused product company. Reducing consulting work, especially if it s unrelated to the firm s own products, is therefore an understandable step. It is also expected that the move will reduce volatility in earnings and further increase the share of recurring revenues. At the same time, Formpipe will try to maintain the client relations is has gained through the now reduced consulting team, in the hope to deliver smaller consultancy projects going forward and using these as a sell-in point for their software products. Differences to our cost estimates mainly due to our assumptions regarding a potential sales cost decrease There is not much to interpret into the cost composition of an individual quarter The differences of actual sales compared to our estimates are mainly related to a rather optimistic assumption we had regarding sales cost in Q3. Both these and the other cost posts are rather hard to forecast for individual quarters. They depend on a number of factors such as how many and what type of contracts Formpipe wins, how many subcontractors they use for the 4

5 implementation of new projects just to name two bigger ones. While an individual quarter therefore says less, we hope that Formpipe can over time and seen on a year-by-year basis control these costs better and work towards a slow, but steady margin expansion. A key in this is the profitability in the Danish operations, which - as named several times earlier - still have improvement potential (see table Performance by segment above), which the firm is continually working on. Looking forward, personnel costs will be impacted both by the one-off reductions in headcount in the Danish consulting team described earlier, but also planned recruitments for the Swedish delivery organization and Life Science team. Increasing the Swedish delivery organization can help increase the firm s margins on projects where they have to use subcontractors or partners for delivery today. By recruiting sales related employees for the Life Science team, Formpipe further ramps up their efforts to find customers to its Life Science solution, primarily Platina QMS and X-docs. Expected vs. Actual - Costs (SEKm) Q3'14 Q3'15E Actual Diff Sales cost % Other cost % Personnel cost % Activated development cost % Source: Redeye Research Product development is an investment into the future but it can take time until major new solutions get significant market traction Continued focus on product development is another factor impacting profitability, but at the same time of course a necessary investment into the future. Formpipe is now actively trying to establish the bigger projects of recent years, their Life Science offer Platina QMS and the Long-Term Archive solution, in the market on a broader basis. Both areas have seen a number of smaller, but strategically important contracts in the last quarters, but Q3 was rather quiet and we hope to hear about new closed contracts in Q4. The Meetings app, a smaller, more recent and rather innovative development has however found its first customers during the lasts months. While the product does not contribute majorly to license incomes in itself, Formpipe has started to show that they can build and sell such solutions to existing customers based on several of its core products (Platina, W3D3, Acadre). This both strengthens existing client relationships, shows the firm s ability to upsell and also in some cases helps to increase the user base of Formpipe s core products in existing installations. Activated development cost continue to lie at a higher level compared to previous years quarters, being ultimately an accounting effect, according to Formpipe caused by a harmonization of the activation principles in the 5

6 Danish subsidiary according to IFRS and in alignment with the local auditors during Q Broad product portfolio, strong client and recurring revenue base and the right talent are still the firm s critical success factors Sights on continued growth based on stable basis Our long-term view of the firm remains unchanged. Given its strong and broad product portfolio, as well as the steadily increasing recurring revenues, the firm is well positioned for further growth. This is not only symbolized by the continued stream of contracts signed, but also by a loyal customer base that the firms continually upsells to, based on their clients needs and ongoing product development. Since Q1 2015, Formpipe has started to also report the performance of its Life Science team separately. The Life Science segment is one of the key growth opportunities for Formpipe in the near- to mid-term future. After the acquisition of UK-based GXPi in 2014, Formpipe has the right competence on board to sell both towards small and medium-sized clients in the segment as well as the major players. While smaller clients will normally buy the cloud-based X-docs solution developed by GXPi, Formpipe also wants to position its Platina QMS product with the major players in the industry. In addition, other products such as Long-Term Archive could be relevant for both customer segments over time. Based on earlier information from the firm, we had expected the new Life Science team to possibly reach breakeven on EBITDA level towards the end of Given the new recruitments now communicated, we however expect that a breakeven will occur during mid-2016 the earliest. As an indicator for this, we will be looking out for further deals above 1 msek closed with smaller, but hopefully also first bigger deals closed with somewhat bigger clients in the industry, either in Europe or the US. A key driver of future performance in the Life Science segment will be the fact that the acquisition pricing for GXPi has been structured with a significant performance-based component. The 1.3 million GBP initial purchase price is coupled with a further maximum 3.5 million GBP performance-based earn-out. This earn-out is calculated as a 50% share of the EBITDA contribution over 3 years of the new combined Life Science team. In the purchase price specification published in Formpipe s Q4 report, the firm values the earn-out at 57% of its maximum, indicating the management s expectations of the actual contribution of the team during the next years. Renegotiated loan agreements now increasing flexibility in investment decisions Financial position Formpipe continues to work on the reduction of its debt after the 2012 acquisition of Traen. Interest-bearing debt is at msek (147.2 msek previous quarter), leaving net debt at msek (140.3 msek). The development of this debt position is exposed to exchange rate effects, since the majority of the debt is denoted in Danish Crowns. 6

7 The debt repayment has been on track, but of course has limited the possibilities of the firm to use its excess cash flow for acquisitions, product development and other business reinvestments or paying dividends. To address this, the company has managed to renegotiate its loan agreements during Q2. As a result, the yearly amortization has been decreased from 24 msek to around 15 msek. Both short-term margins and revenues revised to reflect the communicated one-off restructuring Financial forecasts After the last quarter, we had corrected our margin estimates to some extent given the continued focus on investments - for example in product development the firm communicated. In addition, we adjusted for the fact that we now expect the new Life Science team to contribute positively to the EBITDA result in 2016 at the earliest. Given the one-off restructuring project communicated by the firm, we are this time revising both our revenue and margin forecasts for the short-term future. On the revenue side, we are adjusting our forecast for the full year 2016 downwards by 5%. This is based on the information from the firm that the team affected by the restructuring contributed to around 10% of net sales in 2014, and around half of the team will remain after the organizational change to be completed until the end of Q The following financial years in our forecast are affected by this change according to the yearly growth rates we have set. Given the continued good sales performance, we have slightly adjusted our forecasts of sales growth for 2016 and Our expected average yearly revenue growth now lies at 4.8% (4.6%), excluding the adjustment for the restructuring explained earlier. As for costs and resulting margins, we are trying to backtrack potential personnel cost reductions based on the assumption that the 3.5 msek oneoff costs are used to pay a settlement of an average 3 months salary excl. social costs to the affected employees. This gives us an estimate of the potential reduction in personnel costs, which however is reduced at the same time by a number of hires we expect during the next year as well as regular salary increases. Overall, we expect a margin improvement compared to 2015 and forecast a margin for 2016 that lies at 10.3%, below our earlier estimate of 11%. This forecast however already assumes that Formpipe will improve its efficiency compared to FY 2015, and the next 2 quarters will show how realistic our forecast is in this regard. CEO Christian Sundin repeatedly commented that continued profitability improvements can be expected especially in the Danish operations as well as from increased traction in sales for both Life Science and e-archiving solutions. 7

8 Actuals & Forecasts (SEKm) 2013 Q1'14 Q2'14 Q3'14 Q4' Q1'15 Q2'15 Q3'15 Q4'15E 2015E Q1'16E Q2'16E Q3'16E Q4'16E 2016E Sales EBITDA EBIT PTP EPS (SEK) Sales growth YoY 46% 18% 16% 16% 16% 16% 19% 14% 8% 8% 12% -5% 0% 5% 5% 1% EBIT margin 9.3% 6.7% 7.1% 6.5% 17.3% 9.8% 10.6% 6.1% 3.0% 12.4% 8.2% 6.1% 9.4% 13.9% 13.4% 10.9% EPS growth YoY 0% 978% 58% -50% 15% 14% 91% 12% -16% -16% 6% -81% 49% 320% 31% 41% Source: Redeye research New major tender by City of Stockholm, but final decision not expected in near-term future There has been a new request for tenders for the major contract regarding content management with the City of Stockholm. A first tender for this contract was initially won by Formpipe, but then the buyer decided to cancel the tender after a successful lawsuit by a competitor due to a formal issue. The new tender was open for submissions by providers until late May. According to information from Formpipe, the tender has been rewritten, but still reminds of the earlier in. While Formpipe has been ranked as the best provider in the first tender, this does not guarantee an easy win in the new one, especially since parts of the bidding details have now become known to competitors. And even if Formpipe should win the new tender and has learned from the shortcomings in the previous process, competitors will of course again have the chance to file a complaint against the decision. As a result, we do not expect a final and binding decision regarding the tender in the near-term future. A high share of recurring revenues contributes to a strong cash flow and lowers the company s risk profile Formpipe s business model builds on a combination of recurring license as well as support and maintenance revenues, which the client either pays as part of a SaaS (Software as a Service) licensing model or in addition to a delivery fee for initial implementation of the software. How clients choose to negotiate the model for the recurring fees has a significant impact on Formpipe s license revenues and margins in individual quarters, but makes no major difference in the long run. The trend, in accordance with the overall software industry, goes towards more clients opting for a SaaS model, similar to hiring a solution. The analysis below focuses on the steady growth of support and maintenance revenues, which is a critical driver for long-term profitability in the firm. Close to 50% of revenues are recurring, which is a big stability factor for the firm. 8

9 Quarterly revenue distribution (SEKm, left) vs. EBIT margin (right) % % % 20% 15% 10% 20 5% 0 0% Q1'08 Q4'08 Q3'09 Q2'10 Q1'11 Q4'11 Q3'12 Q2'13 Q1'14 Q4'14 Q3'15 Support and maintenance Delivery License revenues Adjusted EBIT margin NB: EBIT margins in graph above are not adjusted for one-off events Split of recurring and non-recurring revenue vs operating cost Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Recurring revenue Non-recurring revenue Operating cost (incl. capitalized work for own account, depreciation) Valuation You can always see our latest rating, valuation and investment case description on beta.redeye.se (free membership required) Our DCF valuation motivates a value of 9.4 SEK per share Since the acquisition of GXPi, mainly due to its size and the chosen performance-based purchase pricing, had no major long-term effect on the debt and risk profile of Formpipe, our WACC remains at 11 percent. We calculate with an average growth of 4.8 percent between 2016 and 2023 and a long-term EBIT margin of 15 percent, but have as commented revised our mid-term EBIT margins slightly. The resulting motivated value per share is 9.4 (9.6) SEK. 9

10 The bull scenario value is 15.9 SEK per share Bull case In our bull scenario, both the Life Science and long-term archiving propositions will get significant traction in the market and contribute to sales and profit above current expectations during the coming 1 to 2 years. The overall market conditions for the firm increase somewhat and all in all, revenues therefore increase quicker at an average rate of 6.8% over the next years while long-term average EBIT margin would be at 20%. This results in a motivated value of 15.9 (16.0) SEK. A bear case development indicates a value of 5.5 SEK per share Bear case In our bear case, neither the long-term archiving nor the Life Science solutions get significant traction in the market during 2015 or The overall market remains somewhat on hold, meaning that sales growth for Formpipe Software will be slower with lower utilization in the Danish consulting organization as a result. All in all, revenues therefore increase at an average 3.4% and long-term average EBIT margin would lie at 11%. The resulting motivated value is 5.5 (5.8) SEK. Formpipe still misses a strong majority shareholder, which we see as a disadvantage in the long run Stock and owner information Median turnover in Formpipe s stock during the last 12 months was at around shares per day. A key weakness in the firm today is in our opinion the lack of a strong major shareholder, the addition of which would be beneficial for Formpipe in the future. During the third quarter of 2015, we have only seen a number of minor changes in the firm s ownership structure. Martin Gren, founder and board member at Axis Communications, has increased his stake and now owns 3.87%, being the 7 th biggest shareholder. Both SEB Life International and Thomas Wernhoff also bought shares, increasing their share of capital by 0.6% and 0.55%, respectively. 10

11 Summary Redeye Rating Formpipe Software The rating consists of five valuation keys, each constituting an overall assessment of several factors that are rated on a scale of 0 to 2 points. The maximum score for a valuation key is 10 points. You can always see our latest rating, valuation and investment case description on beta.redeye.se (free membership required) Rating changes in the report No changes Management 7.0p Ownership 4.0p Formpipe Software's CEO Christian Sundin has a long experience from the IT sector, has worked with Formpipe since 2006 and is knowledgeable about the market. The company has no specific financial goals, which would be positive to have. Management shows however a high ambition level for the firm by using both product development and acquisitions to get into new markets. The acquisition of Traen and the following equity issue however still surprised many stockholders and could have been announced through clearer communication by the company. The ownership rating for Formpipe Software is relatively weak since the company currently misses an active major shareholder, which we see as a disadvantage. On the positive side, CEO Christian Sundin, CFO Joakim Alfredson as well as Head of Sales & Marketing Erik Lindberg all have relatively high holdings in the firm's stock. The company also has a number of institutions among its major shareholders, which is positive. Profit outlook 6.0p Profitability 5.5p Formpipe Software's market seems stable with underlying growth. Customers are mainly from the public sector and a big part of revenues are recurring, which creates stability in the business model. We see good growth possibilities since the company has both cross-sales opportunities between its Danish and Swedish operations after the Traen acquisition. In addition, new solutions for long-term archiving and the Life Science sector are being established in the market, but have not seen their breakthrough yet. Formpipe's profitability has been relatively stable apart from some quarters. Recurring revenues are increasing, mainly due an increase of sales through a SaaS-model (Software as a Service). This in turn can influence profitability in individual quarters quite heavily since license revenues temporarily could be lower, which has a big impact on the net margin. In the long run, we see this however as being positive for the firm's profitability. Financial strength 4.5p Before the acquisition of Traen, Formpipe Software had negative net debt. Due to the acquisition, the capital strength rating has however decreased since the debt level increased. Since the company has a clear amortization plan, we expect to increase the rating over time as the debt level decreases. 11

12 Income statement E 2016E 2017E Net sales Total operating costs EBITDA Depreciation Amortization Impairment charges EBIT Share in profits Net financial items Exchange rate dif Pre-tax profit Tax Net earnings Balance E 2016E 2017E Assets Current assets Cash in banks Receivables Inventories Other current assets Current assets Fixed assets Tangible assets Associated comp Investments Goodwill Cap. exp. for dev O intangible rights O non-current assets Total fixed assets Deferred tax assets Total (assets) Liabilities Current liabilities Short-term debt Accounts payable O current liabilities Current liabilities Long-term debt O long-term liabilities Convertibles Total Liabilities Deferred tax liab Provisions Shareholders' equity Minority interest (BS) Minority & equity Total liab & SE Free cash flow E 2016E 2017E Net sales Total operating costs Depreciations total EBIT Taxes on EBIT NOPLAT Depreciation Gross cash flow Change in WC Gross CAPEX Free cash flow Capital structure E 2016E 2017E Equity ratio 45% 47% 49% 52% 54% Debt/equity ratio 61% 47% 37% 33% 26% Net debt Capital employed Capital turnover rate Growth E 2016E 2017E Sales growth 46% 16% 12% 1% 6% EPS growth (adj) 7% 14% 26% 22% 21% DCF valuation Cash flow, MSEK WACC (%) 10.9 % NPV FCF ( ) 56 NPV FCF ( ) 205 NPV FCF (2025-) 332 Non-operating assets 21 Interest-bearing debt -143 Fair value estimate MSEK 471 Assumptions (%) Average sales growth 3.8 % Fair value e. per share, SEK 9.4 EBIT margin 13.8 % Share price, SEK 7.9 Profitability E 2016E 2017E ROE 6% 6% 6% 8% 9% ROCE 6% 7% 7% 9% 10% ROIC 5% 6% 6% 8% 8% EBITDA margin 22% 23% 21% 22% 25% EBIT margin 9% 10% 8% 11% 12% Net margin 5% 5% 5% 7% 8% Data per share E 2016E 2017E EPS EPS adj Dividend Net debt Total shares Valuation E 2016E 2017E EV P/E P/E diluted P/Sales EV/Sales EV/EBITDA EV/EBIT P/BV Share performance Growth/year 13/15e 1 month -2.5 % Net sales 14.1 % 3 month % Operating profit adj 7.4 % 12 month 49.1 % EPS, just 19.9 % Since start of the year 29.5 % Equity 10.9 % Shareholder structure % Capital Votes Avanza Pension 8.7 % 8.7 % Handelsbanken Fonder 7.6 % 7.6 % Swedbank Robur Fonder 6.1 % 6.1 % Humle Fonder 4.8 % 4.8 % Andra AP-Fonden 4.7 % 4.7 % SEB Fonder 4.6 % 4.6 % Martin Gren 3.9 % 3.9 % Nordnet Pensionsförsäkring 3.5 % 3.5 % Thomas Wernhoff 3.2 % 3.2 % Marcus Wallinder 2.9 % 2.9 % Share information Reuters code List Small Cap Share price 7.9 Total shares, million 50.1 Market Cap, MSEK Management & board CEO CFO IR Chairman Christian Sundin Joakim Alfredson Bo Nordlander Financial information Q1 report June 19, 2016 Q2 report July 12, 2016 FY 2015 Results February 10, 2016 Analysts Alexander Sattelmaier Redeye AB Mäster Samuelsgatan 42, 10tr Stockholm 12

13 Revenue & Growth (%) EBIT (adjusted) & Margin (%) E 2016E 2017E 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% E 2016E 2017E 16,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% Net sales Net sales growth EBIT adj EBIT margin Earnings per share Equity & debt-equity ratio (%) 0,7 0,6 0,5 0,4 0,3 0,2 0, E 2016E 2017E 0,7 0,6 0,5 0,4 0,3 0,2 0,1 0 0,6 0,5 0,4 0,3 0,2 0, E 2016E 2017E 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% EPS, unadjusted EPS, adjusted Equity ratio Debt-equity ratio Sales division Geographical areas License Support and maintenance Delivery Conflict of interests Alexander Sattelmaier owns shares in the company : No Redeye performs/have performed services for the Company and receives/have received compensation from the Company in connection with this. Company description Since its start in 2004, Formpipe showed strong growth and increasing margins. The firm's main sales focus is in the public sector, reducing sensitivity to economic cycles. Recently, an additional focus on selected private market actors has been added with the Life Science segment. Increasing recurring revenues from support and maintenance make Formpipe's business model attractive. 13

14 DISCLAIMER Important information Redeye AB ("Redeye" or "the Company") is a specialist financial advisory boutique that focuses on small and mid-cap growth companies in the Nordic region. We focus on the technology and life science sectors. We provide services within Corporate Broking, Corporate Finance, equity research and investor relations. Our strengths are our award-winning research department, experienced advisers, a unique investor network, and the powerful distribution channel redeye.se. Redeye was founded in 1999 and since 2007 has been subject to the supervision of the Swedish Financial Supervisory Authority. 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