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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 394 414 455
Sales growth (%) -3,1 5,1 10
EBITDA 100 108 121
EBITDA margin (%) 25,5 26,2 26,6
EBIT adj 48 55 64
EBIT adj margin (%) 12,1 13,3 14,1
Pretax profit 44 53 61
EPS rep 0,66 0,77 0,89
EPS growth (%) -13,1 17,8 15,4
EPS adj 0,66 0,77 0,89
DPS 0,6 0,65 0,75
EV/EBITDA (x) 11,7 14,7 13
EV/EBIT adj (x) 24,7 29 24,6
P/E (x) 33,6 37,5 32,5
P/E adj (x) 33,6 37,5 32,5
EV/sales (x) 3 3,9 3,5
FCF yield (%) 1,8 -0,8 4,4
Dividend yield (%) 2,7 2,2 2,6
Net IB debt/EBITDA 0 0,5 0,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 394 414 455
COGS -48 -45 -47
Gross profit 346 369 408
Other operating items -246 -261 -287
EBITDA 100 108 121
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -44 -41 -45
EBITA 48 55 64
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 48 55 64
Other financial items 0 0 0
Net financial items -3 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 44 53 61
Tax -9 -12 -13
Net profit 35 41 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 41 48
EPS 0,66 0,77 0,89
EPS Adj 0,66 0,77 0,89
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,9 -22,6 -22
Gross margin (%) 87,9 89,2 89,7
EBITDA margin (%) 25,5 26,2 26,6
EBITA margin (%) 12,1 13,3 14,1
EBIT margin (%) 12,1 13,3 14,1
Pretax margin (%) 11,2 12,9 13,4
Net margin (%) 8,9 10 10,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 5,1 10
EBITDA growth (%) 0,7 8,1 11,7
EBIT growth (%) -10,7 16 16,1
Net profit growth (%) -12,2 17,6 15,4
EPS growth (%) -13,1 17,8 15,4
Profitability 2019 2020 2021
ROE (%) 8,9 10,2 11,4
ROE Adj (%) 8,9 10,2 11,4
ROCE (%) 10,5 12,2 13,4
ROCE Adj(%) 10,5 12,2 13,4
ROIC (%) 9,5 9,4 10,4
ROIC Adj (%) 9,5 9,4 10,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 100 108 121
EBITDA Adj margin (%) 25,5 26,2 26,6
EBITA Adj 48 55 64
EBITA Adj margin (%) 12,1 13,3 14,1
EBIT Adj 48 55 64
EBIT Adj margin (%) 12,1 13,3 14,1
Pretax profit Adj 44 53 61
Net profit Adj 35 41 48
Net profit to shareholders Adj 35 41 48
Net Adj margin (%) 8,9 10 10,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 100 108 121
Net financial items -3 -2 -3
Paid tax -8 -12 -13
Non-cash items 3 0 0
Cash flow before change in WC 91 95 105
Change in WC -28 7 9
Operating cash flow 64 102 114
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets -41 -42 -43
Acquisitions and disposals 0 -70 0
Free cash flow 21 -12 69
Dividend paid -32 -32 -35
Share issues and buybacks 3 0 0
Other non cash items -32 0 0
Decrease in net IB debt -46 -54 24
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 342 377 377
Indefinite intangible assets 0 0 0
Definite intangible assets 130 165 163
Tangible fixed assets 5 5 5
Other fixed assets 12 12 12
Fixed assets 519 589 587
Inventories 0 0 0
Receivables 120 124 137
Other current assets 2 2 2
Cash and liquid assets 34 10 34
Total assets 675 725 760
Shareholders equity 400 409 422
Minority 0 0 0
Total equity 400 409 422
Long-term debt 0 30 30
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 17 18
Other current liabilities 202 212 232
Total liabilities and equity 675 725 760
Net IB debt -1 53 29
Net IB debt excl. pension debt -1 53 29
Capital invested 423 486 475
Working capital -95 -102 -112
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1176 1545 1545
Net IB debt Adj -1 53 29
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 1176 1598 1574
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 57,2 59,1 61,3
Capital invested turnover (%) 99,9 91 94,7
Capital employed turnover (%) 87,4 91,4 95,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 46 46,7 45,8
Payables / sales (%) 5,4 3,9 3,8
Working capital / sales (%) -28,1 -23,9 -23,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -0,2 12,9 6,9
Net debt / market cap (%) -0,1 3,4 1,9
Equity ratio (%) 59,3 56,5 55,6
Net IB debt adj. / equity (%) -0,2 12,9 6,9
Current ratio (%) 67,6 56,4 65,7
EBITDA / net interest (%) 3108,8 5899,3 4038,7
Net IB debt / EBITDA (%) -0,7 48,8 23,9
Interest cover (%) 1471,4 2996,6 2132
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,66 0,77 0,89
Dividend per share Adj 0,6 0,7 0,8
EPS Adj 0,66 0,77 0,89
BVPS 7,55 7,68 7,93
BVPS Adj -1,36 -2,5 -2,22
Net IB debt / share 0 1 0,5
Share price 21,6 29 29
Market cap. (m) 1145 1545 1545
Valuation 2019 2020 2021
P/E 33,6 37,5 32,5
EV/sales 2,99 3,86 3,46
EV/EBITDA 11,7 14,7 13
EV/EBITA 24,7 29 24,6
EV/EBIT 24,7 29 24,6
Dividend yield (%) 2,7 2,2 2,6
FCF yield (%) 1,8 -0,8 4,4
P/BVPS 2,92 3,77 3,66
P/BVPS Adj -16,18 -11,6 -13,08
P/E Adj 33,6 37,5 32,5
EV/EBITDA Adj 11,7 14,7 13
EV/EBITA Adj 24,7 29 24,6
EV/EBIT Adj 24,7 29 24,6
EV/cap. employed 2,7 3,4 3,2
Investment ratios 2019 2020 2021
Capex / sales 10,7 10,6 9,9
Capex / depreciation 93,1 100,8 95,8
Capex tangibles / tangible fixed assets 31,2 39 47,5
Capex intangibles / definite intangibles 31,2 25,2 26,2
Depreciation on intangibles / definite intangibles 33,6 24,9 27,5
Depreciation on tangibles / tangibles 31,2 42,3 44,8
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) 10.2 % 10.2 % 30 Sep 2020
SEB Fonder 10.0 % 10.0 % 30 Sep 2020
Swedbank Robur Fonder 7.5 % 7.5 % 30 Sep 2020
Alcur Fonder 7.4 % 7.4 % 30 Sep 2020
Martin Bjäringer 6.7 % 6.7 % 20 Aug 2020
Nordea Fonder 6.4 % 6.4 % 30 Sep 2020
Thomas Wernhoff 5.0 % 5.0 % 30 Sep 2020
Humle Fonder 4.1 % 4.1 % 30 Sep 2020
Avanza Pension 3.5 % 3.5 % 30 Sep 2020
TIN Fonder 3.4 % 3.4 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
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
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

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