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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 396 418 436
Sales growth (%) -2,6 5,7 4,3
EBITDA 100 113 124
EBITDA margin (%) 25,2 26,9 28,4
EBIT adj 46 59 69
EBIT adj margin (%) 11,7 14 15,9
Pretax profit 43 56 67
EPS rep 0,64 0,83 1
EPS growth (%) -15,1 30,2 20,4
EPS adj 0,64 0,83 1
DPS 0,65 0,7 0,8
EV/EBITDA (x) 10,6 9,1 8
EV/EBIT adj (x) 22,8 17,4 14,3
P/E (x) 31,7 24,3 20,2
P/E adj (x) 31,7 24,3 20,2
EV/sales (x) 2,7 2,4 2,3
FCF yield (%) 2,8 7,3 6,9
Dividend yield (%) 3,2 3,5 4
Net IB debt/EBITDA -0,1 -0,3 -0,5
SEKm 2019 2020e 2021e
Sales 396 418 436
COGS -44 -46 -40
Gross profit 352 372 396
Other operating items -252 -260 -272
EBITDA 100 113 124
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -41 -42 -42
EBITA 46 59 69
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 59 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 43 56 67
Tax -10 -12 -15
Net profit 33 43 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 43 52
EPS 0,64 0,83 1
EPS Adj 0,64 0,83 1
Total extraordinary items after tax 0 0 0
Tax rate (%) -23 -22 -22
Gross margin (%) 88,8 89 90,7
EBITDA margin (%) 25,2 26,9 28,4
EBITA margin (%) 11,7 14 15,9
EBIT margin (%) 11,7 14 15,9
Pretax margin (%) 10,9 13,3 15,3
Net margin (%) 8,4 10,4 12
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,6 5,7 4,3
EBITDA growth (%) 0 12,9 9,9
EBIT growth (%) -13 26,7 18,2
Net profit growth (%) -16,4 30,2 20,4
EPS growth (%) -15,1 30,2 20,4
Profitability 2019 2020 2021
ROE (%) 8,3 10,5 12,3
ROE Adj (%) 8,3 10,5 12,3
ROCE (%) 10,3 12 14,1
ROCE Adj(%) 10,3 12 14,1
ROIC (%) 10,4 11,8 14,5
ROIC Adj (%) 10,4 11,8 14,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 100 113 124
EBITDA Adj margin (%) 25,2 26,9 28,4
EBITA Adj 46 59 69
EBITA Adj margin (%) 11,7 14 15,9
EBIT Adj 46 59 69
EBIT Adj margin (%) 11,7 14 15,9
Pretax profit Adj 43 56 67
Net profit Adj 33 43 52
Net profit to shareholders Adj 33 43 52
Net Adj margin (%) 8,4 10,4 12
SEKm 2019 2020e 2021e
EBITDA 100 113 124
Net financial items -3 -3 -3
Paid tax -10 -12 -15
Non-cash items 0 0 0
Cash flow before change in WC 87 97 106
Change in WC -78 26 11
Operating cash flow 78 123 118
CAPEX tangible fixed assets -5 -5 -4
CAPEX intangible fixed assets -44 -42 -40
Acquisitions and disposals 0 0 0
Free cash flow 30 77 73
Dividend paid -32 -34 -37
Share issues and buybacks 0 0 0
Other non cash items -94 0 0
Decrease in net IB debt -104 33 26
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 142 142 140
Tangible fixed assets 8 10 12
Other fixed assets 5 5 5
Fixed assets 522 524 524
Inventories 0 0 0
Receivables 116 124 122
Other current assets 0 0 0
Cash and liquid assets 81 106 123
Total assets 719 754 769
Shareholders equity 406 416 431
Minority 0 0 0
Total equity 406 416 431
Long-term debt 53 45 35
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 231 265 275
Other current liabilities 0 0 0
Total liabilities and equity 676 702 719
Net IB debt -5 -38 -65
Net IB debt excl. pension debt -5 -38 -65
Capital invested 401 377 367
Working capital -116 -142 -153
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1054 1054 1054
Net IB debt Adj 0 -33 -60
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 1054 1021 994
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 55,7 56,8 57,2
Capital invested turnover (%) 115,9 107,5 117,3
Capital employed turnover (%) 88 85,7 88,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 65,8 59,4 61,9
Working capital / sales (%) -39,1 -30,7 -33,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -1,3 -9,2 -15
Net debt / market cap (%) -0,5 -3,6 -6,2
Equity ratio (%) 56,6 55,1 56,1
Net IB debt adj. / equity (%) 0 -8 -13,8
Current ratio (%) 75,9 78,4 80,8
EBITDA / net interest (%) 3203,7 3528,8 4890,4
Net IB debt / EBITDA (%) -5,3 -34,1 -52,4
Interest cover (%) 1488,2 1840,5 2743,4
SEKm 2019 2020e 2021e
Shares outstanding adj. 52 52 52
Fully diluted shares Adj 52 52 52
EPS 0,64 0,83 1
Dividend per share Adj 0,7 0,7 0,8
EPS Adj 0,64 0,83 1
BVPS 7,79 7,97 8,27
BVPS Adj -1,42 -1,24 -0,9
Net IB debt / share -0,1 -0,7 -1,2
Share price 21,6 20,2 20,2
Market cap. (m) 1127 1054 1054
Valuation 2019 2020 2021
P/E 31,7 24,3 20,2
EV/sales 2,66 2,44 2,28
EV/EBITDA 10,6 9,1 8
EV/EBITA 22,8 17,4 14,3
EV/EBIT 22,8 17,4 14,3
Dividend yield (%) 3,2 3,5 4
FCF yield (%) 2,8 7,3 6,9
P/BVPS 2,59 2,53 2,44
P/BVPS Adj -14,19 -16,28 -22,36
P/E Adj 31,7 24,3 20,2
EV/EBITDA Adj 10,6 9,1 8
EV/EBITA Adj 22,8 17,4 14,3
EV/EBIT Adj 22,8 17,4 14,3
EV/cap. employed 2,2 2,1 2
Investment ratios 2019 2020 2021
Capex / sales 12,2 11 10,2
Capex / depreciation 111,4 105,2 100,5
Capex tangibles / tangible fixed assets 62 45,2 35,8
Capex intangibles / definite intangibles 30,5 29,2 28,6
Depreciation on intangibles / definite intangibles 28,9 29,3 30
Depreciation on tangibles / tangibles 27,8 21,5 17,8

Equity research

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Media

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

Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.3 % 10.3 % 31 Dec 2019
SEB Fonder 7.7 % 7.7 % 31 Dec 2019
Swedbank Robur Fonder 7.5 % 7.5 % 31 Dec 2019
Nordea Fonder 6.2 % 6.2 % 31 Dec 2019
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Humle Fonder 5.5 % 5.5 % 31 Dec 2019
Thomas Wernhoff 5.0 % 5.0 % 31 Dec 2019
Andra AP-fonden 4.4 % 4.4 % 31 Dec 2019
Avanza Pension 3.7 % 3.7 % 31 Dec 2019
Carnegie Fonder 3.0 % 3.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
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 SELL 7 Jun 2019
Carl Christian Quintus Sundin + 155 000 Redemp 7 Jun 2019
Carl Christian Quintus Sundin + 155 000 BUY 7 Jun 2019
Carl Christian Quintus Sundin + 248 500 BUY 5 Jun 2019
Gustav Kinnander + 5 000 BUY 29 May 2019
Gustav Kinnander + 2 000 BUY 27 May 2019

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