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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 2018 2019e 2020e
Sales 406 405 423
Sales growth (%) 4,1 -0,4 4,5
EBITDA 100 107 115
EBITDA margin (%) 24,5 26,3 27,3
EBIT adj 53 53 63
EBIT adj margin (%) 13,1 13,1 14,8
Pretax profit 51 50 61
EPS rep 0,75 0,73 0,9
EPS growth (%) 28,4 -2,3 23,1
EPS adj 0,75 0,73 0,9
DPS 0,6 0,65 0,7
EV/EBITDA (x) 9,4 10,4 9,4
EV/EBIT adj (x) 17,6 21 17,2
P/E (x) 26,2 29,2 23,7
P/E adj (x) 26,2 29,2 23,7
EV/sales (x) 2,3 2,7 2,6
FCF yield (%) 7,8 4,3 6,6
Dividend yield (%) 3 3 3,3
Net IB debt/EBITDA -1,1 -0,3 -0,5
SEKm 2018 2019e 2020e
Sales 406 405 423
COGS -51 -47 -43
Gross profit 355 357 380
Other operating items -256 -251 -264
EBITDA 100 107 115
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -44 -41 -41
EBITA 53 53 63
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 53 63
Other financial items 0 0 0
Net financial items -2 -3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 50 61
Tax -11 -11 -14
Net profit 40 39 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 39 48
EPS 0,75 0,73 0,9
EPS Adj 0,75 0,73 0,9
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,7 -22,4 -22
Gross margin (%) 87,5 88,3 89,8
EBITDA margin (%) 24,5 26,3 27,3
EBITA margin (%) 13,1 13,1 14,8
EBIT margin (%) 13,1 13,1 14,8
Pretax margin (%) 12,5 12,4 14,5
Net margin (%) 9,8 9,6 11,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 4,1 -0,4 4,5
EBITDA growth (%) 14,6 6,9 8,3
EBIT growth (%) 38,2 -0,5 18,3
Net profit growth (%) 34,8 -2,3 23,1
EPS growth (%) 28,4 -2,3 23,1
Profitability 2018 2019 2020
ROE (%) 10,4 9,7 11,6
ROE Adj (%) 10,4 9,7 11,6
ROCE (%) 12,2 12,1 13,5
ROCE Adj(%) 12,2 12,1 13,5
ROIC (%) 12,7 12,5 13,3
ROIC Adj (%) 12,7 12,5 13,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 100 107 115
EBITDA Adj margin (%) 24,5 26,3 27,3
EBITA Adj 53 53 63
EBITA Adj margin (%) 13,1 13,1 14,8
EBIT Adj 53 53 63
EBIT Adj margin (%) 13,1 13,1 14,8
Pretax profit Adj 51 50 61
Net profit Adj 40 39 48
Net profit to shareholders Adj 39 39 48
Net Adj margin (%) 9,8 9,6 11,3
SEKm 2018 2019e 2020e
EBITDA 100 107 115
Net financial items -2 -3 -1
Paid tax -11 -11 -14
Non-cash items 4 -2 0
Cash flow before change in WC 91 91 101
Change in WC 101 -57 15
Operating cash flow 121 90 116
CAPEX tangible fixed assets -3 -4 -4
CAPEX intangible fixed assets -38 -37 -37
Acquisitions and disposals 0 0 0
Free cash flow 81 49 74
Dividend paid -26 -32 -34
Share issues and buybacks 2 0 0
Other non cash items 63 -85 0
Decrease in net IB debt 116 -77 30
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 132 136 133
Tangible fixed assets 6 8 10
Other fixed assets 6 6 6
Fixed assets 482 517 516
Inventories 0 0 0
Receivables 96 104 106
Other current assets 0 0 0
Cash and liquid assets 124 82 102
Total assets 702 704 724
Shareholders equity 391 407 421
Minority 0 0 0
Total equity 391 407 421
Long-term debt 21 26 16
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 290 241 258
Other current liabilities 0 0 0
Total liabilities and equity 649 676 702
Net IB debt -109 -32 -62
Net IB debt excl. pension debt -109 -32 -62
Capital invested 282 375 359
Working capital -194 -137 -152
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1042 1136 1136
Net IB debt Adj -103 -27 -57
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 939 1110 1080
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 59 57,6 59,2
Capital invested turnover (%) 123,4 123,2 115,3
Capital employed turnover (%) 93,5 92,5 91
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 62 65,6 59
Working capital / sales (%) -35,3 -40,8 -34,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -27,9 -7,9 -14,8
Net debt / market cap (%) -11,8 -2,8 -5,5
Equity ratio (%) 55,7 57,9 58,1
Net IB debt adj. / equity (%) -26,3 -6,5 -13,5
Current ratio (%) 75,8 68,9 72,3
EBITDA / net interest (%) 4134,8 3710,6 9184,7
Net IB debt / EBITDA (%) -109,5 -30,2 -53,8
Interest cover (%) 2206,2 1843,6 4983,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,75 0,73 0,9
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,75 0,73 0,9
BVPS 7,39 7,69 7,94
BVPS Adj -1,49 -1,26 -0,94
Net IB debt / share -2,1 -0,6 -1,2
Share price 17,52 21,45 21,45
Market cap. (m) 926 1136 1136
Valuation 2018 2019 2020
P/E 26,2 29,2 23,7
EV/sales 2,31 2,74 2,55
EV/EBITDA 9,4 10,4 9,4
EV/EBITA 17,6 21 17,2
EV/EBIT 17,6 21 17,2
Dividend yield (%) 3 3 3,3
FCF yield (%) 7,8 4,3 6,6
P/BVPS 2,66 2,79 2,7
P/BVPS Adj -13,2 -17,05 -22,72
P/E Adj 26,2 29,2 23,7
EV/EBITDA Adj 9,4 10,4 9,4
EV/EBITA Adj 17,6 21 17,2
EV/EBIT Adj 17,6 21 17,2
EV/cap. employed 2,3 2,4 2,3
Investment ratios 2018 2019 2020
Capex / sales 10 10,1 9,9
Capex / depreciation 87,3 93,9 97,3
Capex tangibles / tangible fixed assets 53,1 49,9 40,7
Capex intangibles / definite intangibles 28,5 27,2 28,3
Depreciation on intangibles / definite intangibles 33,8 30,5 30,7
Depreciation on tangibles / tangibles 35,3 26,5 20,9

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Media

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

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Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.3 % 10.3 % 30 Sep 2019
Swedbank Robur Fonder 7.6 % 7.6 % 30 Sep 2019
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Humle Fonder 5.5 % 5.5 % 30 Sep 2019
Nordea Fonder 5.1 % 5.1 % 30 Sep 2019
Thomas Wernhoff 4.9 % 4.9 % 30 Sep 2019
Andra AP-fonden 4.4 % 4.4 % 30 Sep 2019
Avanza Pension 3.7 % 3.7 % 30 Sep 2019
Carnegie Fonder 3.3 % 3.3 % 30 Sep 2019
SEB Fonder 2.9 % 2.9 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Formpipe

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

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