Formpipe: Resilient Business Model
Redeye revises its Formpipe forecasts, due to the SARS-CoV-2 pandemic. While we believe that the recurring revenue (62% of 2019 sales) will be unaffected, we assume new sales – primarily in the private sector – to decrease significantly in Q2 and Q3 2020. We reduce our Base case slightly, resulting in decent upside potential.