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Formpipe

Enterprise content management

Formpipe is an IT company, active in the ECM (Enterprise Content Management) segment. The company develops and sells products that structure the information flow for companies, municipalities and organisations. Its customers are in mainly in the public sector (75%) but the company also commercializes to the private sector (25%). Formpipe offers ECM in four different areas: Case and Document Management, Customer Communications Management, Grants Management and Structured Data Archiving.

Formpipe is riding the digitalization trend. Companies, organisations, municipalities etc. are all digitalizing their operations, which is something that Formpipe wants to take advantage of. Furthermore, the company has recently begun its migration from having a revenue model with upfront payments to a SaaS model (Software as a Service) with recurring revenues. This has initially affected revenues negatively, but should give better visibility and stability in earnings going forward.

The company has a wide variety of different products, which is expensive to maintain compared to having just a few. Although this diversifies the revenue streams, there is a risk that the overlay costs are not offset by this positive effect. While the public sector can be described as stable, there are often long sell cycles and restricted budgets that dampen the selling process.

SEKm 2018 2019e 2020e
Sales 406 418 437
Sales growth (%) 4,1 3 4,5
EBITDA 100 104 112
EBITDA margin (%) 24,5 24,9 25,5
EBIT adj 53 58 66
EBIT adj margin (%) 13,1 14 15
Pretax profit 51 59 67
EPS rep 0,75 0,87 0,99
EPS growth (%) 28,4 15,8 13,4
EPS adj 0,75 0,87 0,99
DPS 0,6 0,65 0,7
EV/EBITDA (x) 9,4 11,2 10,2
EV/EBIT adj (x) 17,6 20 17,3
P/E (x) 26,2 28,2 24,8
P/E adj (x) 26,2 28,2 24,8
EV/sales (x) 2,3 2,8 2,6
FCF yield (%) 7,8 3,8 5
Dividend yield (%) 3 2,7 2,9
Net IB debt/EBITDA -1,1 -1,3 -1,5
SEKm 2018 2019e 2020e
Sales 406 418 437
COGS -51 -46 -44
Gross profit 355 372 394
Other operating items -256 -268 -282
EBITDA 100 104 112
Depreciation on tangibles 0 0 0
Depreciation on intangibles -47 -46 -46
EBITA 53 58 66
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 58 66
Other financial items 0 0 0
Net financial items -2 1 1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 59 67
Tax -11 -13 -15
Net profit 40 46 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 46 52
EPS 0,75 0,87 0,99
EPS Adj 0,75 0,87 0,99
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,7 -22 -22
Gross margin (%) 87,5 88,9 90
EBITDA margin (%) 24,5 24,9 25,5
EBITA margin (%) 13,1 14 15
EBIT margin (%) 13,1 14 15
Pretax margin (%) 12,5 14,1 15,3
Net margin (%) 9,8 11 11,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 4,1 3 4,5
EBITDA growth (%) 14,6 4,3 7,3
EBIT growth (%) 38,2 9,9 12,4
Net profit growth (%) 34,8 15,6 13,4
EPS growth (%) 28,4 15,8 13,4
Profitability 2018 2019 2020
ROE (%) 10,4 11,5 12,4
ROE Adj (%) 10,4 11,5 12,4
ROCE (%) 16,3 20,9 24,1
ROCE Adj(%) 16,3 20,9 24,1
ROIC (%) 12,7 16,3 18,9
ROIC Adj (%) 12,7 16,3 18,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 100 104 112
EBITDA Adj margin (%) 24,5 24,9 25,5
EBITA Adj 53 58 66
EBITA Adj margin (%) 13,1 14 15
EBIT Adj 53 58 66
EBIT Adj margin (%) 13,1 14 15
Pretax profit Adj 51 59 67
Net profit Adj 40 46 52
Net profit to shareholders Adj 39 46 52
Net Adj margin (%) 9,8 11 11,9
SEKm 2018 2019e 2020e
EBITDA 100 104 112
Net financial items -2 1 1
Paid tax -11 -13 -15
Non-cash items -66 0 0
Cash flow before change in WC 21 92 98
Change in WC 101 0 8
Operating cash flow 121 91 107
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -40 -42 -42
Acquisitions and disposals 0 0 0
Free cash flow 81 50 65
Dividend paid -26 -32 -34
Share issues and buybacks 0 0 0
Other non cash items 60 6 0
Decrease in net IB debt 116 24 30
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 329 329 329
Indefinite intangible assets 0 0 0
Definite intangible assets 141 137 133
Tangible fixed assets 6 5 5
Other fixed assets 6 6 6
Fixed assets 482 478 474
Inventories 0 0 0
Receivables 96 96 100
Other current assets 0 0 0
Cash and liquid assets 124 132 158
Total assets 702 705 731
Shareholders equity 391 411 429
Minority 0 0 0
Total equity 391 411 429
Long-term debt 21 5 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 290 289 302
Other current liabilities 0 0 0
Total liabilities and equity 649 676 702
Net IB debt -109 -133 -163
Net IB debt excl. pension debt -109 -133 -163
Capital invested 282 278 265
Working capital -194 -194 -202
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1042 1296 1296
Net IB debt Adj -103 -127 -157
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 939 1169 1138
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 59 59,5 60,9
Capital invested turnover (%) 123,4 149,5 161
Capital employed turnover (%) 124,3 149,3 160,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 62 69,2 67,6
Working capital / sales (%) -35,3 -46,3 -45,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -27,9 -32,3 -38,1
Net debt / market cap (%) -11,8 -10,3 -12,6
Equity ratio (%) 55,7 58,3 58,7
Net IB debt adj. / equity (%) -26,3 -30,8 -36,6
Current ratio (%) 75,8 78,6 85,4
EBITDA / net interest (%) 4134,8 -20115,9 -9496,1
Net IB debt / EBITDA (%) -109,5 -127,8 -146,4
Interest cover (%) 2206,2 -11300,7 -5585,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,75 0,87 0,99
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,75 0,87 0,99
BVPS 7,39 7,77 8,11
BVPS Adj -1,49 -1,05 -0,64
Net IB debt / share -2,1 -2,5 -3,1
Share price 17,52 24,5 24,5
Market cap. (m) 926 1296 1296
Valuation 2018 2019 2020
P/E 26,2 28,2 24,8
EV/sales 2,31 2,79 2,6
EV/EBITDA 9,4 11,2 10,2
EV/EBITA 17,6 20 17,3
EV/EBIT 17,6 20 17,3
Dividend yield (%) 3 2,7 2,9
FCF yield (%) 7,8 3,8 5
P/BVPS 2,66 3,15 3,02
P/BVPS Adj -13,2 -23,44 -38,48
P/E Adj 26,2 28,2 24,8
EV/EBITDA Adj 9,4 11,2 10,2
EV/EBITA Adj 17,6 20 17,3
EV/EBIT Adj 17,6 20 17,3
EV/cap. employed 3,3 4,2 4,3
Investment ratios 2018 2019 2020
Capex / sales 9,9 9,9 9,5
Capex / depreciation 86,3 91,3 90,8
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 28,5 30,3 31,3
Depreciation on intangibles / definite intangibles 33 33,2 34,5
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.2 % 10.2 % 31 Dec 2018
Swedbank Robur Fonder 7.7 % 7.7 % 31 Jan 2019
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Humle Fonder 5.8 % 5.8 % 28 Feb 2019
Thomas Wernhoff 5.0 % 5.0 % 31 Dec 2018
Avanza Pension 4.6 % 4.6 % 31 Dec 2018
Andra AP-fonden 4.4 % 4.4 % 31 Dec 2018
Handelsbanken Fonder 4.0 % 4.0 % 28 Feb 2019
Carnegie Fonder 3.8 % 3.8 % 28 Feb 2019
SEB Fonder 2.7 % 2.7 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Formpipe

Name Quantity Code Date
ANNIKKI SCHAEFERDIEK + 6 000 BUY 15 Feb 2019
Carl Christian Quintus Sundin + 260 700 BUY 7 Jun 2018
Gustav Kinnander - 4 000 Redemp 21 May 2018
Gustav Kinnander + 4 000 BUY 21 May 2018
Carl Christian Quintus Sundin - 15 528 Redemp 18 May 2018
Carl Christian Quintus Sundin - 15 527 SELL 18 May 2018
Carl Christian Quintus Sundin + 15 528 BUY 18 May 2018
Thomas Aporta - 12 165 SELL 26 Apr 2018
Joakim Alfredson + 15 265 BUY 13 Mar 2018
Åsa Landén Ericsson + 950 BUY 13 Mar 2018

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