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Formpipe

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 2019 2020e 2021e
Sales 394 407 427
Sales growth (%) -3,1 3,4 4,7
EBITDA 101 110 120
EBITDA margin (%) 25,6 26,9 28,2
EBIT adj 48 57 67
EBIT adj margin (%) 12,1 14 15,7
Pretax profit 44 54 65
EPS rep 0,66 0,8 0,95
EPS growth (%) -12,3 20,9 19,5
EPS adj 0,66 0,8 0,95
DPS 0,6 0,7 0,8
EV/EBITDA (x) 11,7 9,2 8,1
EV/EBIT adj (x) 24,9 17,6 14,6
P/E (x) 33,5 24,2 20,3
P/E adj (x) 33,5 24,2 20,3
EV/sales (x) 3 2,5 2,3
FCF yield (%) 1,6 6,9 7,5
Dividend yield (%) 2,7 3,6 4,1
Net IB debt/EBITDA 0,1 -0,2 -0,4
SEKm 2019 2020e 2021e
Sales 394 407 427
COGS -48 -45 -43
Gross profit 346 362 383
Other operating items -246 -253 -263
EBITDA 101 110 120
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -41 -40 -41
EBITA 48 57 67
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 48 57 67
Other financial items 0 0 0
Net financial items -3 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 44 54 65
Tax -9 -12 -14
Net profit 35 42 51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 42 51
EPS 0,66 0,8 0,95
EPS Adj 0,66 0,8 0,95
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,9 -22 -22
Gross margin (%) 87,9 89 89,8
EBITDA margin (%) 25,6 26,9 28,2
EBITA margin (%) 12,1 14 15,7
EBIT margin (%) 12,1 14 15,7
Pretax margin (%) 11,2 13,3 15,2
Net margin (%) 8,9 10,4 11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 3,4 4,7
EBITDA growth (%) 0,9 8,9 9,7
EBIT growth (%) -10,7 20,3 17,5
Net profit growth (%) -11,9 20,9 19,5
EPS growth (%) -12,3 20,9 19,5
Profitability 2019 2020 2021
ROE (%) 8,9 10,4 12,1
ROE Adj (%) 8,9 10,4 12,1
ROCE (%) 11,1 12,8 15
ROCE Adj(%) 11,1 12,8 15
ROIC (%) 10,9 11,3 13,8
ROIC Adj (%) 10,9 11,3 13,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 101 110 120
EBITDA Adj margin (%) 25,6 26,9 28,2
EBITA Adj 48 57 67
EBITA Adj margin (%) 12,1 14 15,7
EBIT Adj 48 57 67
EBIT Adj margin (%) 12,1 14 15,7
Pretax profit Adj 44 54 65
Net profit Adj 35 42 51
Net profit to shareholders Adj 35 42 51
Net Adj margin (%) 8,9 10,4 11,9
SEKm 2019 2020e 2021e
EBITDA 101 110 120
Net financial items -3 -3 -2
Paid tax -9 -12 -14
Non-cash items 0 0 0
Cash flow before change in WC 88 95 104
Change in WC -93 18 17
Operating cash flow 60 113 121
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets -38 -38 -40
Acquisitions and disposals 0 0 0
Free cash flow 18 71 77
Dividend paid -32 -32 -37
Share issues and buybacks 0 0 0
Other non cash items -93 0 0
Decrease in net IB debt -114 29 29
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 134 132 131
Tangible fixed assets 34 36 38
Other fixed assets 5 5 5
Fixed assets 511 511 513
Inventories 0 0 0
Receivables 130 141 137
Other current assets 0 0 0
Cash and liquid assets 34 54 74
Total assets 675 706 723
Shareholders equity 400 411 424
Minority 0 0 0
Total equity 400 411 424
Long-term debt 44 36 26
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 231 260 273
Other current liabilities 0 0 0
Total liabilities and equity 676 702 675
Net IB debt 5 -23 -53
Net IB debt excl. pension debt 5 -23 -53
Capital invested 405 387 371
Working capital -101 -119 -137
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1172 1026 1026
Net IB debt Adj 10 -19 -48
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 1183 1008 978
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 57,2 59 59,7
Capital invested turnover (%) 114,6 102,8 112,5
Capital employed turnover (%) 92 91,5 95,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 66,1 60,2 62,5
Working capital / sales (%) -37,4 -27 -30
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 1,3 -5,7 -12,4
Net debt / market cap (%) 0,5 -2,3 -5,1
Equity ratio (%) 59,3 58,1 58,7
Net IB debt adj. / equity (%) 2,5 -4,5 -11,3
Current ratio (%) 70,9 75,1 77
EBITDA / net interest (%) 3118,6 3811,8 5180,8
Net IB debt / EBITDA (%) 5,2 -21,3 -43,9
Interest cover (%) 1471,9 1988,7 2896,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,66 0,8 0,95
Dividend per share Adj 0,6 0,7 0,8
EPS Adj 0,66 0,8 0,95
BVPS 7,52 7,72 7,97
BVPS Adj -1,36 -1,13 -0,86
Net IB debt / share 0,1 -0,4 -1
Share price 21,6 19,3 19,3
Market cap. (m) 1148 1026 1026
Valuation 2019 2020 2021
P/E 33,5 24,2 20,3
EV/sales 3 2,47 2,29
EV/EBITDA 11,7 9,2 8,1
EV/EBITA 24,9 17,6 14,6
EV/EBIT 24,9 17,6 14,6
Dividend yield (%) 2,7 3,6 4,1
FCF yield (%) 1,6 6,9 7,5
P/BVPS 2,93 2,5 2,42
P/BVPS Adj -16,23 -17,14 -22,5
P/E Adj 33,5 24,2 20,3
EV/EBITDA Adj 11,7 9,2 8,1
EV/EBITA Adj 24,9 17,6 14,6
EV/EBIT Adj 24,9 17,6 14,6
EV/cap. employed 2,7 2,3 2,2
Investment ratios 2019 2020 2021
Capex / sales 10,7 10,5 10,4
Capex / depreciation 97,9 100,5 103,3
Capex tangibles / tangible fixed assets 12,5 11,9 11,6
Capex intangibles / definite intangibles 28,3 29 30,4
Depreciation on intangibles / definite intangibles 30,6 30,5 31,1
Depreciation on tangibles / tangibles 6,4 5,9 5,6

Equity research

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Media

Formpipe - Interview with CEO Christian Sundin
Formpipe - Company presentation with CEO Christian Sundin

Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.3 % 10.3 % 31 Dec 2019
SEB Fonder 7.9 % 7.9 % 31 Jan 2020
Swedbank Robur Fonder 7.5 % 7.5 % 31 Dec 2019
Nordea Fonder 6.2 % 6.2 % 31 Dec 2019
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Humle Fonder 5.5 % 5.5 % 31 Jan 2020
Thomas Wernhoff 5.0 % 5.0 % 31 Dec 2019
Andra AP-fonden 4.4 % 4.4 % 31 Dec 2019
Avanza Pension 3.7 % 3.7 % 31 Dec 2019
Carnegie Fonder 3.0 % 3.0 % 31 Jan 2020
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
Thomas Aporta - 8 000 SELL 17 Dec 2019
Thomas Aporta - 12 000 SELL 27 Nov 2019
Erik Syrén + 33 816 BUY 18 Jul 2019
Carl Christian Quintus Sundin - 155 000 Redemp 7 Jun 2019
Carl Christian Quintus Sundin - 155 000 SELL 7 Jun 2019
Carl Christian Quintus Sundin + 155 000 Redemp 7 Jun 2019
Carl Christian Quintus Sundin + 155 000 BUY 7 Jun 2019
Carl Christian Quintus Sundin + 248 500 BUY 5 Jun 2019
Gustav Kinnander + 5 000 BUY 29 May 2019
Gustav Kinnander + 2 000 BUY 27 May 2019

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