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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 2021 2022e 2023e
Sales 463 471 516
Sales growth (%) 14,9 1,6 9,7
EBITDA 130 111 135
EBITDA margin (%) 28,2 23,6 26,2
EBIT adj 37 58 82
EBIT adj margin (%) 8 12,3 15,8
Pretax profit 61 55 79
EPS rep 0,88 0,83 1,14
EPS growth (%) 13,5 -5,8 38,1
EPS adj 0,4 0,83 1,14
DPS 0,7 0,7 0,75
EV/EBITDA (x) 16,3 19,1 15,6
EV/EBIT adj (x) 57,2 36,6 25,9
P/E (x) 44,9 47,6 34,5
P/E adj (x) 99,1 47,6 34,5
EV/sales (x) 4,6 4,5 4,1
FCF yield (%) 2 2,3 2,7
Dividend yield (%) 1,8 1,8 1,9
Net IB debt/EBITDA 0,1 0,1 0
Lease adj. FCF yield (%) 1,6 1,8 2,2
Lease adj. ND/EBITDA -0,1 -0,1 -0,2
SEKm 2021 2022e 2023e
Sales 463 471 516
COGS -48 -50 -55
Gross profit 415 421 461
Other operating items -285 -310 -326
EBITDA 130 111 135
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -43 -42 -41
EBITA 63 58 82
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 63 58 82
Other financial items 0 0 0
Net financial items -2 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 61 55 79
Tax -14 -10 -17
Net profit 47 44 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 44 61
EPS 0,88 0,83 1,14
EPS Adj 0,4 0,83 1,14
Total extraordinary items after tax 25,8 0 0
Tax rate (%) -22,6 -19 -22
Gross margin (%) 89,6 89,4 89,4
EBITDA margin (%) 28,2 23,6 26,2
EBITA margin (%) 13,6 12,3 15,8
EBIT margin (%) 13,6 12,3 15,8
Pretax margin (%) 13,1 11,7 15,2
Net margin (%) 10,2 9,4 11,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 14,9 1,6 9,7
EBITDA growth (%) 24,6 -15 22,2
EBIT growth (%) 18,1 -7,7 40,7
Net profit growth (%) 13,9 -5,8 38,1
EPS growth (%) 13,5 -5,8 38,1
Profitability 2021 2022 2023
ROE (%) 11,6 10,7 14,3
ROE Adj (%) 5,3 10,7 14,3
ROCE (%) 13,5 12,3 17
ROCE Adj(%) 8 12,3 17
ROIC (%) 11,1 10,4 13,8
ROIC Adj (%) 6,5 10,4 13,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 105 111 135
EBITDA Adj margin (%) 22,6 23,6 26,2
EBITA Adj 37 58 82
EBITA Adj margin (%) 8 12,3 15,8
EBIT Adj 37 58 82
EBIT Adj margin (%) 8 12,3 15,8
Pretax profit Adj 35 55 79
Net profit Adj 21 44 61
Net profit to shareholders Adj 21 44 61
Net Adj margin (%) 4,6 9,4 11,9
Depreciation and amortisation -68 -53 -54
Of which leasing depreciation -10 -10 -10
EO items 26 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 95 101 125
EBITDA lease Adj margin (%) 20,4 21,4 24,3
Leasing payments -10 -10 -10
SEKm 2021 2022e 2023e
EBITDA 130 111 135
Net financial items -2 -3 -3
Paid tax -14 -10 -17
Non-cash items 0 0 0
Cash flow before change in WC 115 97 115
Change in WC -12 12 2
Operating cash flow 103 109 117
CAPEX tangible fixed assets -4 -4 -3
CAPEX intangible fixed assets -56 -57 -58
Acquisitions and disposals 0 0 0
Free cash flow 43 48 57
Dividend paid -35 -38 -38
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -33 3 15
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 380 380 380
Indefinite intangible assets 0 0 0
Definite intangible assets 169 172 176
Tangible fixed assets 7 8 9
Other fixed assets 12 12 12
Fixed assets 560 578 595
Inventories 0 0 0
Receivables 119 132 149
Other current assets 6 6 6
Cash and liquid assets 51 47 51
Total assets 736 763 801
Shareholders equity 411 417 441
Minority 0 0 0
Total equity 411 417 441
Long-term debt 24 19 14
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 17 19 21
Other current liabilities 221 244 261
Total liabilities and equity 736 763 801
Net IB debt 8 8 -2
Net IB debt excl. pension debt 8 8 -2
Capital invested 447 453 468
Working capital -113 -125 -127
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2114 2114 2114
Net IB debt Adj 8 8 -2
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 2122 2122 2113
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 63,6 62,8 66
Capital invested turnover (%) 91,6 98,3 106,4
Capital employed turnover (%) 88,7 99,4 107,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 48,5 45,3 44,6
Payables / sales (%) 3,9 3,8 3,8
Working capital / sales (%) -25,7 -25,2 -24,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 1,9 1,8 -0,4
Net debt / market cap (%) 0,4 0,4 -0,1
Equity ratio (%) 55,7 54,7 55,1
Net IB debt adj. / equity (%) 1,9 1,8 -0,4
Current ratio (%) 68 65,1 67,9
EBITDA / net interest (%) 6519,8 3463,8 4515
Net IB debt / EBITDA (%) 6 6,9 -1,2
Interest cover (%) 3144 1813,8 2721,6
Lease liability amortisation -10 -10 -10
Other intangible assets 144 161 177
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 -13 -13 -22
Net IB debt / EBITDA lease Adj (%) -13,4 -12,8 -17,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 54 54 54
Fully diluted shares Adj 54 54 54
EPS 0,88 0,83 1,14
Dividend per share Adj 0,7 0,7 0,8
EPS Adj 0,4 0,83 1,14
BVPS 7,64 7,77 8,21
BVPS Adj -2,12 -2,3 -2,16
Net IB debt / share 0,1 0,1 0
Share price 32,66 39,35 39,35
Market cap. (m) 1755 2114 2114
Valuation 2021 2022 2023
P/E 44,9 47,6 34,5
EV/sales 4,58 4,51 4,09
EV/EBITDA 16,3 19,1 15,6
EV/EBITA 33,7 36,6 25,9
EV/EBIT 33,7 36,6 25,9
Dividend yield (%) 1,8 1,8 1,9
FCF yield (%) 2 2,3 2,7
P/BVPS 5,15 5,07 4,79
P/BVPS Adj -18,54 -17,11 -18,2
P/E Adj 99,1 47,6 34,5
EV/EBITDA Adj 20,3 19,1 15,6
EV/EBITA Adj 57,2 36,6 25,9
EV/EBIT Adj 57,2 36,6 25,9
EV/cap. employed 4,5 4,5 4,3
Investment ratios 2021 2022 2023
Capex / sales 12,9 13 11,7
Capex / depreciation 103,6 142,5 138,1
Capex tangibles / tangible fixed assets 61,3 47,7 28,7
Capex intangibles / definite intangibles 38,5 35,5 32,8
Depreciation on intangibles / definite intangibles 37,9 25,3 23,5
Depreciation on tangibles / tangibles 44,1 25,5 25,2
Lease adj. FCF yield (%) 1,6 1,8 2,2

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Media

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

Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.4 % 10.4 % 31 Dec 2021
Martin Bjäringer 8.4 % 8.4 % 24 Nov 2021
Alcur Fonder 8.3 % 8.3 % 31 Dec 2021
Swedbank Robur Fonder 7.6 % 7.6 % 31 Dec 2021
SEB Fonder 7.0 % 7.0 % 31 Dec 2021
Nordea Fonder 6.3 % 6.3 % 31 Dec 2021
TIN Fonder 5.9 % 5.9 % 31 Dec 2021
Thomas Wernhoff 5.4 % 5.4 % 31 Dec 2021
Avanza Pension 3.0 % 3.0 % 31 Dec 2021
Andra AP-fonden 2.8 % 2.8 % 31 Dec 2021
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
Martin Bjaringer + 325 000 BUY 16 Jul 2021
Carl Christian Quintus Sundin + 288 100 BUY 11 Jun 2021
Carl Christian Quintus Sundin + 130 350 Redemp 21 May 2021
Carl Christian Quintus Sundin - 130 350 Redemp 21 May 2021
Carl Christian Quintus Sundin - 130 350 SELL 21 May 2021
Martin Bjaringer + 100 000 BUY 15 Mar 2021
Thomas Aporta - 21 000 SELL 16 Feb 2021
Carl Christian Quintus Sundin - 300 000 SELL 5 Nov 2020
Bo Nordlander + 10 000 BUY 5 Nov 2020
Åsa Landén Ericsson + 2 500 BUY 5 Nov 2020

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