<a id="bm-comp-ca487e6c-3f14-4e18-905f-1a15b41879cb" name="bm-comp-ca487e6c-3f14-4e18-905f-1a15b41879cb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ca487e6c-3f14-4e18-905f-1a15b41879cb" style="vertical-align: top; width:100.000000%;"><ul><li>We update our model after the announced divestment of Public</li><li>Extraordinary dividend on the cards; growth rates to improve</li><li>Lasernet trading at 2.3x EV/sales in '26e (excl. the anticipated DPS)</li></ul></td></tr></table><a id="bm-comp-30963351-c751-4c71-b065-3f6af79dd5e4" name="bm-comp-30963351-c751-4c71-b065-3f6af79dd5e4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="30963351-c751-4c71-b065-3f6af79dd5e4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">We expect Lasernet to see annual double-digit growth</h3><p>Following the announced <a data-bm-trackable="false" href="https://mfn.se/cis/a/formpipe-software/formpipe-software-ab-to-divest-its-public-sector-business-area-for-a-total-consideration-of-up-to-sek-850-million-c41de230" target="_blank">SEK 850m divestment</a> of Formpipe's public business – expected to close in Q4'25 – we update our model and consequently cut our '26e-'27e sales and EBIT forecasts by 57-56% and 79-73%, respectively. What remains is Lasernet, a global document and customer communication management software suite with SEK 236m in r12m sales, of which ~60% are SaaS revenues. More than 90% of its revenues stem from customers outside Sweden, and its two main ERP platforms are Dynamics and Temenos. Between 2018-2024, the business unit reported a sales CAGR of 13% (of which SaaS 49% CAGR), and we expect annual sales growth of ~12% over the coming years. Although there is some near-term margin headwind from ~SEK 25m in overhead costs, the business model is highly scalable. We therefore model an 18% EBITDA margin in 2027e, up from 11% in 2025.</p><h3 class="bm-h3">More streamlined business should benefit resource allocation</h3><p>The divestment will give Formpipe an elevated cash position (SEK 726m '25e), and we believe an extraordinary dividend of SEK 11/share (~SEK 600m) could be on the cards in 2026. Furthermore, internal resource allocation will also likely improve, as will organic growth rates and, gradually, margins.</p><h3 class="bm-h3">Q3 due on 19 November</h3><p>Formpipe's Q3 is due on 19 November, where we expect sales of SEK 59m (+7% y-o-y for Lasernet) coupled with an adj. EBITDA of 7m (12% margin). Temenos has recently seen improvements in its ARR growth (it is targeting 13% annual ARR growth until 2028), which bodes well for Formpipe's ACV. Adjusting for the anticipated cash distribution, the valuation sits at 2.3x EV/sales in 2026. For comparison, Nordic software peers are at a median of 3.6x.</p></td></tr></table>