We now forecast 2023 sales of SEK 516m, corresponding to a ’20-‘23e CAGR of 9%. We continue to see upside to this from future M&A, which we have not included in our forecasts. Owing to its scalable business model, we find Formpipe’s 2025 target of >20% EBIT margin reachable. Based on our new 2022 estimates, we see 29x EV/EBIT, which represents a 24% discount to Nordic SaaS peers.
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