Formpipe: Public divestment changes the outlook - ABG

* We update our model after the announced divestment of Public* Extraordinary dividend on the cards; growth rates to improve* Lasernet trading at 2.3x EV/sales in '26e (excl. the anticipated DPS)We expect Lasernet to see annual double-digit growthFollowing the announced SEK 850m divestment 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.More streamlined business should benefit resource allocationThe 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.Q3 due on 19 NovemberFormpipe'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.