Formpipe: Strengthens the Private segment
Redeye likes Formpipe’s acquisition of UK-based EFS, strengthening Lasernet’s growth prospects. While EFS will increase Formpipe’s sales by ~8%, the main motive for the purchase is to expand the Lasernet partner network. In addition to the strategic logic, we appreciate Formpipe putting its net cash to work. We remain neutral to the share and increase our Base case slightly.