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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 394 390 417
Sales growth (%) -3,1 -0,9 6,9
EBITDA 101 100 110
EBITDA margin (%) 25,6 25,7 26,4
EBIT adj 48 50 58
EBIT adj margin (%) 12,1 12,9 14
Pretax profit 44 49 56
EPS rep 0,66 0,71 0,83
EPS growth (%) -12,3 8,2 15,8
EPS adj 0,66 0,71 0,83
DPS 0,6 0,6 0,7
EV/EBITDA (x) 11,6 13,1 11,7
EV/EBIT adj (x) 24,7 26 22,1
P/E (x) 33,5 34,8 30,1
P/E adj (x) 33,5 34,8 30,1
EV/sales (x) 3 3,4 3,1
FCF yield (%) 1,6 5,3 5,1
Dividend yield (%) 2,7 2,4 2,8
Net IB debt/EBITDA -0,1 -0,1 -0,3
SEKm 2019 2020e 2021e
Sales 394 390 417
COGS -48 -41 -46
Gross profit 346 349 371
Other operating items -246 -249 -261
EBITDA 101 100 110
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -41 -38 -40
EBITA 48 50 58
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 48 50 58
Other financial items 0 0 0
Net financial items -3 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 44 49 56
Tax -9 -11 -12
Net profit 35 38 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 38 44
EPS 0,66 0,71 0,83
EPS Adj 0,66 0,71 0,83
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,9 -22,3 -22
Gross margin (%) 87,9 89,5 88,9
EBITDA margin (%) 25,6 25,7 26,4
EBITA margin (%) 12,1 12,9 14
EBIT margin (%) 12,1 12,9 14
Pretax margin (%) 11,2 12,5 13,5
Net margin (%) 8,9 9,7 10,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 -0,9 6,9
EBITDA growth (%) 0,9 -0,4 10
EBIT growth (%) -10,7 6,1 15,5
Net profit growth (%) -11,9 8,2 15,8
EPS growth (%) -12,3 8,2 15,8
Profitability 2019 2020 2021
ROE (%) 8,9 9,2 10,2
ROE Adj (%) 8,9 9,2 10,2
ROCE (%) 10,5 11,4 12,7
ROCE Adj(%) 10,5 11,4 12,7
ROIC (%) 10,3 9,7 11,1
ROIC Adj (%) 10,3 9,7 11,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 101 100 110
EBITDA Adj margin (%) 25,6 25,7 26,4
EBITA Adj 48 50 58
EBITA Adj margin (%) 12,1 12,9 14
EBIT Adj 48 50 58
EBIT Adj margin (%) 12,1 12,9 14
Pretax profit Adj 44 49 56
Net profit Adj 35 38 44
Net profit to shareholders Adj 35 38 44
Net Adj margin (%) 8,9 9,7 10,5
SEKm 2019 2020e 2021e
EBITDA 101 100 110
Net financial items -3 -2 -2
Paid tax -9 -11 -12
Non-cash items 0 0 0
Cash flow before change in WC 88 88 96
Change in WC -26 -1 15
Operating cash flow 60 111 111
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets -38 -38 -39
Acquisitions and disposals 0 0 0
Free cash flow 18 69 67
Dividend paid -32 -32 -32
Share issues and buybacks 0 0 0
Other non cash items -26 -24 0
Decrease in net IB debt -47 4 26
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 134 152 151
Tangible fixed assets 7 9 11
Other fixed assets 5 2 2
Fixed assets 511 527 529
Inventories 0 0 0
Receivables 130 130 142
Other current assets 0 0 0
Cash and liquid assets 34 34 60
Total assets 675 692 730
Shareholders equity 400 425 437
Minority 0 0 0
Total equity 400 425 437
Long-term debt 6 0 0
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 241 240 267
Other current liabilities 0 0 0
Total liabilities and equity 675 691 730
Net IB debt -6 -10 -35
Net IB debt excl. pension debt -6 -10 -35
Capital invested 395 415 402
Working capital -112 -110 -125
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1172 1319 1319
Net IB debt Adj -1 -8 -34
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 1172 1311 1285
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 57,2 57,1 58,7
Capital invested turnover (%) 107,5 96,3 102,1
Capital employed turnover (%) 87,4 88,3 91,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 60,4 61,7 60,8
Working capital / sales (%) -31,6 -28,4 -28,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -1,4 -2,3 -8,1
Net debt / market cap (%) -0,5 -0,7 -2,7
Equity ratio (%) 59,3 61,4 59,8
Net IB debt adj. / equity (%) -0,2 -1,9 -7,7
Current ratio (%) 60,9 61,7 68,8
EBITDA / net interest (%) 3118,6 6141,2 5512,8
Net IB debt / EBITDA (%) -5,5 -9,6 -31,9
Interest cover (%) 1471,9 3089,6 2912,8
SEKm 2019 2020e 2021e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,66 0,71 0,83
Dividend per share Adj 0,6 0,6 0,7
EPS Adj 0,66 0,71 0,83
BVPS 7,52 7,99 8,21
BVPS Adj -1,36 -1,23 -0,99
Net IB debt / share -0,1 -0,2 -0,7
Share price 21,6 24,8 24,8
Market cap. (m) 1148 1319 1319
Valuation 2019 2020 2021
P/E 33,5 34,8 30,1
EV/sales 2,98 3,36 3,08
EV/EBITDA 11,6 13,1 11,7
EV/EBITA 24,7 26 22,1
EV/EBIT 24,7 26 22,1
Dividend yield (%) 2,7 2,4 2,8
FCF yield (%) 1,6 5,3 5,1
P/BVPS 2,93 3,1 3,02
P/BVPS Adj -16,23 -20,08 -24,95
P/E Adj 33,5 34,8 30,1
EV/EBITDA Adj 11,6 13,1 11,7
EV/EBITA Adj 24,7 26 22,1
EV/EBIT Adj 24,7 26 22,1
EV/cap. employed 2,7 2,9 2,8
Investment ratios 2019 2020 2021
Capex / sales 10,7 10,7 10,4
Capex / depreciation 97,9 105,1 103,3
Capex tangibles / tangible fixed assets 63,6 49,2 40,4
Capex intangibles / definite intangibles 28,3 24,8 25,8
Depreciation on intangibles / definite intangibles 30,6 24,9 26,4
Depreciation on tangibles / tangibles 32,5 23,4 19,5

Equity research

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Media

Formpipe - Interview with CEO Christian Quintus 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 Mar 2020
SEB Fonder 8.2 % 8.2 % 30 Apr 2020
Swedbank Robur Fonder 7.9 % 7.9 % 30 Apr 2020
Nordea Fonder 6.3 % 6.3 % 30 Apr 2020
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Alcur Fonder 5.3 % 5.3 % 7 Apr 2020
Thomas Wernhoff 5.0 % 5.0 % 31 Mar 2020
Humle Fonder 4.5 % 4.5 % 30 Apr 2020
Andra AP-fonden 4.4 % 4.4 % 31 Mar 2020
Avanza Pension 3.8 % 3.8 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
Carl Christian Quintus Sundin - 88 000 Redemp 22 May 2020
Carl Christian Quintus Sundin - 88 000 SELL 22 May 2020
Carl Christian Quintus Sundin + 88 000 Redemp 22 May 2020
Ulf Henricson - 50 000 SELL 29 Apr 2020
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 Redemp 7 Jun 2019
Carl Christian Quintus Sundin + 155 000 BUY 7 Jun 2019

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