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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 2020 2021e 2022e
Sales 403 431 475
Sales growth (%) 2,4 6,9 10,3
EBITDA 105 88 111
EBITDA margin (%) 26 20,4 23,3
EBIT adj 53 33 56
EBIT adj margin (%) 13,2 7,7 11,8
Pretax profit 52 31 53
EPS rep 0,77 0,46 0,78
EPS growth (%) 17,7 -40,6 69
EPS adj 0,77 0,46 0,78
DPS 0,66 0,7 0,7
EV/EBITDA (x) 15,3 21 16,6
EV/EBIT adj (x) 30,2 56 32,9
P/E (x) 38,7 74,1 43,9
P/E adj (x) 38,7 74,1 43,9
EV/sales (x) 4 4,3 3,9
FCF yield (%) 1,4 1 2,7
Dividend yield (%) 2,2 2,1 2,1
Net IB debt/EBITDA 0,1 0,4 0,3
Lease adj. FCF yield (%) 0,9 0,5 2,1
Lease adj. ND/EBITDA -0,2 0,1 0,1
SEKm 2020 2021e 2022e
Sales 403 431 475
COGS -41 -47 -49
Gross profit 362 384 426
Other operating items -257 -296 -315
EBITDA 105 88 111
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -40 -43 -42
EBITA 53 33 56
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 33 56
Other financial items 0 0 0
Net financial items -1 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 52 31 53
Tax -11 -6 -12
Net profit 41 25 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 25 41
EPS 0,77 0,46 0,78
EPS Adj 0,77 0,46 0,78
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -19,5 -22
Gross margin (%) 89,8 89,1 89,6
EBITDA margin (%) 26 20,4 23,3
EBITA margin (%) 13,2 7,7 11,8
EBIT margin (%) 13,2 7,7 11,8
Pretax margin (%) 13 7,1 11,2
Net margin (%) 10,3 5,7 8,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,4 6,9 10,3
EBITDA growth (%) 4,3 -16 26
EBIT growth (%) 12,1 -37,9 69,3
Net profit growth (%) 18,1 -40,6 68,4
EPS growth (%) 17,7 -40,6 69
Profitability 2020 2021 2022
ROE (%) 10,4 6,2 10,6
ROE Adj (%) 10,4 6,2 10,6
ROCE (%) 11,9 7,3 12,5
ROCE Adj(%) 11,9 7,3 12,5
ROIC (%) 9,8 6 9,7
ROIC Adj (%) 9,8 6 9,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 105 88 111
EBITDA Adj margin (%) 26 20,4 23,3
EBITA Adj 53 33 56
EBITA Adj margin (%) 13,2 7,7 11,8
EBIT Adj 53 33 56
EBIT Adj margin (%) 13,2 7,7 11,8
Pretax profit Adj 52 31 53
Net profit Adj 41 25 41
Net profit to shareholders Adj 41 25 41
Net Adj margin (%) 10,3 5,7 8,7
Depreciation and amortisation -51 -55 -55
Of which leasing depreciation -7 -10 -10
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 97 78 101
EBITDA lease Adj margin (%) 24,1 18,1 21,2
Leasing payments -7 -10 -10
SEKm 2020 2021e 2022e
EBITDA 105 88 111
Net financial items -1 -3 -3
Paid tax -9 -6 -12
Non-cash items -2 0 0
Cash flow before change in WC 92 79 96
Change in WC 23 -10 3
Operating cash flow 115 70 99
CAPEX tangible fixed assets -3 -4 -3
CAPEX intangible fixed assets -43 -47 -48
Acquisitions and disposals -46 0 0
Free cash flow 23 19 49
Dividend paid -32 -35 -37
Share issues and buybacks 5 0 0
Other non cash items 2 0 0
Decrease in net IB debt -22 -33 3
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 380 380 380
Indefinite intangible assets 0 0 0
Definite intangible assets 168 169 172
Tangible fixed assets 5 7 7
Other fixed assets 12 12 12
Fixed assets 558 564 569
Inventories 0 0 0
Receivables 98 121 137
Other current assets 6 6 6
Cash and liquid assets 59 27 23
Total assets 721 719 736
Shareholders equity 399 388 392
Minority 0 0 0
Total equity 399 388 392
Long-term debt 29 24 19
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 24 24 24
Other long-term liabilities 0 0 0
Short-term debt 14 14 14
Accounts payable 16 17 19
Other current liabilities 213 225 242
Total liabilities and equity 721 719 736
Net IB debt 6 32 31
Net IB debt excl. pension debt 6 32 31
Capital invested 433 449 451
Working capital -125 -115 -118
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1601 1821 1814
Net IB debt Adj 6 32 31
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 1607 1853 1844
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 57,8 59,9 65,4
Capital invested turnover (%) 91,8 91,6 98,3
Capital employed turnover (%) 87,4 88,7 99,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 49,3 48,5 45,3
Payables / sales (%) 3,9 3,9 3,8
Working capital / sales (%) -27,3 -27,8 -24,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 1,4 8,2 7,8
Net debt / market cap (%) 0,4 1,8 1,7
Equity ratio (%) 55,4 54 53,3
Net IB debt adj. / equity (%) 1,4 8,2 7,8
Current ratio (%) 65 58,6 59,1
EBITDA / net interest (%) 13158,4 3393,4 3698,5
Net IB debt / EBITDA (%) 5,3 36,3 27,7
Interest cover (%) 6689,8 1275,8 1867,5
Lease liability amortisation -8 -10 -10
Other intangible assets 143 148 153
Right-of-use asset 22 22 22
Total other fixed assets 7 7 7
Leasing liability 20 20 20
Total other long-term liabilities 28 28 28
Net IB debt excl. leasing -15 11 10
Net IB debt / EBITDA lease Adj (%) -15,3 14,6 10,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 54 54 53
EPS 0,77 0,46 0,78
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,77 0,46 0,78
BVPS 7,48 7,28 7,35
BVPS Adj -2,34 -2,62 -2,64
Net IB debt / share 0,1 0,6 0,6
Share price 24,49 34 34
Market cap. (m) 1306 1814 1814
Valuation 2020 2021 2022
P/E 38,7 74,1 43,9
EV/sales 3,99 4,3 3,88
EV/EBITDA 15,3 21 16,6
EV/EBITA 30,2 56 32,9
EV/EBIT 30,2 56 32,9
Dividend yield (%) 2,2 2,1 2,1
FCF yield (%) 1,4 1 2,7
P/BVPS 4 4,67 4,62
P/BVPS Adj -12,78 -13 -12,89
P/E Adj 38,7 74,1 43,9
EV/EBITDA Adj 15,3 21 16,6
EV/EBITA Adj 30,2 56 32,9
EV/EBIT Adj 30,2 56 32,9
EV/cap. employed 3,5 4,1 4,1
Investment ratios 2020 2021 2022
Capex / sales 11,4 11,8 10,6
Capex / depreciation 104,4 113,2 112,1
Capex tangibles / tangible fixed assets 48,7 55,9 33,7
Capex intangibles / definite intangibles 30,2 31,7 31,3
Depreciation on intangibles / definite intangibles 28,7 28,9 27,9
Depreciation on tangibles / tangibles 53,6 31,4 30,3
Lease adj. FCF yield (%) 0,9 0,5 2,1

Equity research

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Media

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

Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.4 % 10.4 % 31 Mar 2021
SEB Fonder 10.0 % 10.0 % 31 Mar 2021
Swedbank Robur Fonder 7.7 % 7.7 % 31 Mar 2021
Nordea Fonder 7.5 % 7.5 % 31 Mar 2021
Alcur Fonder 7.1 % 7.1 % 31 Mar 2021
Martin Bjäringer 7.1 % 7.1 % 15 Mar 2021
TIN Fonder 6.0 % 6.0 % 31 Mar 2021
Thomas Wernhoff 5.0 % 5.0 % 1 Apr 2021
Avanza Pension 3.2 % 3.2 % 31 Mar 2021
Andra AP-fonden 2.8 % 2.8 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
Martin Bjaringer + 100 000 BUY 15 Mar 2021
Thomas Aporta - 21 000 SELL 16 Feb 2021
Annikki Schaeferdiek + 10 000 BUY 5 Nov 2020
Martin Bjaringer + 100 000 BUY 5 Nov 2020
Åsa Landén Ericsson + 2 500 BUY 5 Nov 2020
Erik Syrén + 20 000 BUY 5 Nov 2020
Martin Bjaringer + 110 000 BUY 20 Aug 2020
Carl Christian Quintus Sundin + 247 700 BUY 17 Jul 2020
Gustav Kinnander + 4 000 SUBS 16 Jul 2020
Carl Christian Quintus Sundin - 88 000 Redemp 22 May 2020

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