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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 408 449 474
Sales growth (%) 3,6 10 5,5
EBITDA 105 117 123
EBITDA margin (%) 25,8 26,1 25,9
EBIT adj 54 63 69
EBIT adj margin (%) 13,1 14 14,6
Pretax profit 51 60 66
EPS rep 0,74 0,87 0,97
EPS growth (%) 12 18,4 11,1
EPS adj 0,74 0,87 0,97
DPS 0,65 0,75 0,85
EV/EBITDA (x) 16,6 14,7 13,9
EV/EBIT adj (x) 32,6 27,5 24,6
P/E (x) 42,7 36,1 32,5
P/E adj (x) 42,7 36,1 32,5
EV/sales (x) 4,3 3,8 3,6
FCF yield (%) -1,5 4,1 4
Dividend yield (%) 2,1 2,4 2,7
Net IB debt/EBITDA 0,6 0,4 0,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 408 449 474
COGS -42 -45 -47
Gross profit 366 404 426
Other operating items -261 -287 -303
EBITDA 105 117 123
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -39 -42 -41
EBITA 54 63 69
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 54 63 69
Other financial items 0 0 0
Net financial items -3 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 60 66
Tax -11 -13 -15
Net profit 39 47 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 47 52
EPS 0,74 0,87 0,97
EPS Adj 0,74 0,87 0,97
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,3 -22 -22
Gross margin (%) 89,7 90 90
EBITDA margin (%) 25,8 26,1 25,9
EBITA margin (%) 13,1 14 14,6
EBIT margin (%) 13,1 14 14,6
Pretax margin (%) 12,4 13,3 14
Net margin (%) 9,6 10,4 10,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 3,6 10 5,5
EBITDA growth (%) 4,8 11,3 4,8
EBIT growth (%) 12,8 16,9 10,6
Net profit growth (%) 12,2 18,4 11,1
EPS growth (%) 12 18,4 11,1
Profitability 2020 2021 2022
ROE (%) 9,7 11,3 12,2
ROE Adj (%) 9,7 11,3 12,2
ROCE (%) 11,7 13 14,3
ROCE Adj(%) 11,7 13 14,3
ROIC (%) 9 9,9 11,2
ROIC Adj (%) 9 9,9 11,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 105 117 123
EBITDA Adj margin (%) 25,8 26,1 25,9
EBITA Adj 54 63 69
EBITA Adj margin (%) 13,1 14 14,6
EBIT Adj 54 63 69
EBIT Adj margin (%) 13,1 14 14,6
Pretax profit Adj 51 60 66
Net profit Adj 39 47 52
Net profit to shareholders Adj 39 47 52
Net Adj margin (%) 9,6 10,4 10,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 105 117 123
Net financial items -3 -3 -3
Paid tax -11 -13 -15
Non-cash items 0 0 0
Cash flow before change in WC 91 101 105
Change in WC -2 13 8
Operating cash flow 89 114 113
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -42 -43 -44
Acquisitions and disposals -70 0 0
Free cash flow -25 68 67
Dividend paid -32 -35 -40
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -67 23 16
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 377 377 377
Indefinite intangible assets 0 0 0
Definite intangible assets 167 168 170
Tangible fixed assets 5 5 6
Other fixed assets 12 12 12
Fixed assets 590 591 594
Inventories 0 0 0
Receivables 131 139 145
Other current assets 2 2 2
Cash and liquid assets 7 20 27
Total assets 730 753 768
Shareholders equity 407 419 431
Minority 0 0 0
Total equity 407 419 431
Long-term debt 40 30 20
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 6 6 6
Accounts payable 16 18 19
Other current liabilities 210 229 241
Total liabilities and equity 730 753 768
Net IB debt 66 43 26
Net IB debt excl. pension debt 66 43 26
Capital invested 497 486 481
Working capital -93 -106 -113
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1679 1679 1679
Net IB debt Adj 66 43 26
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 1745 1722 1705
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 58,1 60,5 62,3
Capital invested turnover (%) 88,7 91,4 98
Capital employed turnover (%) 89,4 93,3 98,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 47 45,8 46,8
Payables / sales (%) 3,9 3,8 3,9
Working capital / sales (%) -23,1 -22,1 -23,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,2 10,2 6,1
Net debt / market cap (%) 5 2,5 1,6
Equity ratio (%) 55,8 55,6 56,1
Net IB debt adj. / equity (%) 16,2 10,2 6,1
Current ratio (%) 58,6 62,2 63,6
EBITDA / net interest (%) 3519,1 3901,6 4089,5
Net IB debt / EBITDA (%) 62,8 36,5 21,4
Interest cover (%) 1793,7 2088,3 2309,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,74 0,87 0,97
Dividend per share Adj 0,7 0,8 0,9
EPS Adj 0,74 0,87 0,97
BVPS 7,62 7,84 8,06
BVPS Adj -2,56 -2,35 -2,18
Net IB debt / share 1,2 0,8 0,5
Share price 24,49 31,4 31,4
Market cap. (m) 1309 1679 1679
Valuation 2020 2021 2022
P/E 42,7 36,1 32,5
EV/sales 4,27 3,83 3,6
EV/EBITDA 16,6 14,7 13,9
EV/EBITA 32,6 27,5 24,6
EV/EBIT 32,6 27,5 24,6
Dividend yield (%) 2,1 2,4 2,7
FCF yield (%) -1,5 4,1 4
P/BVPS 4,12 4,01 3,9
P/BVPS Adj -12,28 -13,35 -14,41
P/E Adj 42,7 36,1 32,5
EV/EBITDA Adj 16,6 14,7 13,9
EV/EBITA Adj 32,6 27,5 24,6
EV/EBIT Adj 32,6 27,5 24,6
EV/cap. employed 3,6 3,6 3,5
Investment ratios 2020 2021 2022
Capex / sales 10,7 10,1 9,7
Capex / depreciation 104,8 102,6 106,1
Capex tangibles / tangible fixed assets 38,3 45,5 42,9
Capex intangibles / definite intangibles 24,9 25,7 25,6
Depreciation on intangibles / definite intangibles 23,7 25,1 24,2
Depreciation on tangibles / tangibles 39,8 40,4 37,2
N/A N/A N/A

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) 10.4 % 10.4 % 31 Dec 2020
SEB Fonder 10.0 % 10.0 % 31 Dec 2020
Alcur Fonder 7.8 % 7.8 % 31 Dec 2020
Swedbank Robur Fonder 7.5 % 7.5 % 31 Dec 2020
Nordea Fonder 7.2 % 7.2 % 31 Dec 2020
Martin Bjäringer 6.9 % 6.9 % 5 Nov 2020
Thomas Wernhoff 5.0 % 5.0 % 31 Dec 2020
Humle Fonder 3.9 % 3.9 % 31 Dec 2020
Avanza Pension 3.4 % 3.4 % 31 Dec 2020
TIN Fonder 3.4 % 3.4 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
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
Carl Christian Quintus Sundin - 88 000 SELL 22 May 2020
Carl Christian Quintus Sundin + 88 000 Redemp 22 May 2020

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