Recurring revenue were SEK 68m (-1% vs. ABGSCe), corresponding to y-o-y growth of 9.6%. Private had a good quarter, with 20% sales growth y-o-y coupled with an impressive ACV of SEK 7.5m. As such, its strategy with an intensified focus on Private is, in our view, progressing well. Public Sweden, however, had a softer quarter, with -7% sales growth y-o-y, which consequently hampered the group’s top line (and EBIT). This was in line with Q1 trends. Going forward, the company wants to continue to recruit new employees for its Public segments.
Estimate changes and valuation
On a preliminary basis, we expect consensus to lower its ’22-‘23e EBIT estimates mid to high single digits on the weaker-than-expected Q2 results. FormPipe’s share is down 22% over the past 3 months and is trading at 20x ‘23e EV/EBIT on our unrevised estimates.
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