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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 2018 2019e 2020e
Sales 406 398 420
Sales growth (%) 4,1 -2 5,5
EBITDA 100 101 114
EBITDA margin (%) 24,5 25,5 27,1
EBIT adj 53 48 60
EBIT adj margin (%) 13,1 12,1 14,2
Pretax profit 51 45 57
EPS rep 0,75 0,66 0,85
EPS growth (%) 28,4 -11,7 27,5
EPS adj 0,75 0,66 0,85
DPS 0,6 0,65 0,7
EV/EBITDA (x) 9,4 10,4 9
EV/EBIT adj (x) 17,6 21,9 17
P/E (x) 26,2 30,5 23,9
P/E adj (x) 26,2 30,5 23,9
EV/sales (x) 2,3 2,6 2,4
FCF yield (%) 7,8 3,2 7,4
Dividend yield (%) 3 3,2 3,5
Net IB debt/EBITDA -1,1 -0,1 -0,4
SEKm 2018 2019e 2020e
Sales 406 398 420
COGS -51 -45 -47
Gross profit 355 353 373
Other operating items -256 -252 -260
EBITDA 100 101 114
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -44 -41 -42
EBITA 53 48 60
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 48 60
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 51 45 57
Tax -11 -10 -12
Net profit 40 35 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 35 44
EPS 0,75 0,66 0,85
EPS Adj 0,75 0,66 0,85
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,7 -23 -22
Gross margin (%) 87,5 88,7 88,9
EBITDA margin (%) 24,5 25,5 27,1
EBITA margin (%) 13,1 12,1 14,2
EBIT margin (%) 13,1 12,1 14,2
Pretax margin (%) 12,5 11,3 13,5
Net margin (%) 9,8 8,7 10,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 4,1 -2 5,5
EBITDA growth (%) 14,6 1,7 12
EBIT growth (%) 38,2 -9,7 24,3
Net profit growth (%) 34,8 -13 27,5
EPS growth (%) 28,4 -11,7 27,5
Profitability 2018 2019 2020
ROE (%) 10,4 8,7 10,7
ROE Adj (%) 10,4 8,7 10,7
ROCE (%) 12,2 10,7 12,2
ROCE Adj(%) 12,2 10,7 12,2
ROIC (%) 12,7 10,9 12,1
ROIC Adj (%) 12,7 10,9 12,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 100 101 114
EBITDA Adj margin (%) 24,5 25,5 27,1
EBITA Adj 53 48 60
EBITA Adj margin (%) 13,1 12,1 14,2
EBIT Adj 53 48 60
EBIT Adj margin (%) 13,1 12,1 14,2
Pretax profit Adj 51 45 57
Net profit Adj 40 35 44
Net profit to shareholders Adj 39 35 44
Net Adj margin (%) 9,8 8,7 10,5
SEKm 2018 2019e 2020e
EBITDA 100 101 114
Net financial items -2 -3 -3
Paid tax -11 -10 -12
Non-cash items 4 0 0
Cash flow before change in WC 91 88 98
Change in WC 101 -76 26
Operating cash flow 121 82 124
CAPEX tangible fixed assets -3 -5 -5
CAPEX intangible fixed assets -38 -44 -42
Acquisitions and disposals 0 0 0
Free cash flow 81 34 78
Dividend paid -26 -32 -34
Share issues and buybacks 2 0 0
Other non cash items 63 -94 0
Decrease in net IB debt 116 -100 34
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 132 142 142
Tangible fixed assets 6 8 10
Other fixed assets 6 5 5
Fixed assets 482 522 524
Inventories 0 0 0
Receivables 96 118 126
Other current assets 0 0 0
Cash and liquid assets 124 85 111
Total assets 702 725 762
Shareholders equity 391 408 418
Minority 0 0 0
Total equity 391 408 418
Long-term debt 21 53 45
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 290 236 271
Other current liabilities 0 0 0
Total liabilities and equity 649 676 702
Net IB debt -109 -9 -43
Net IB debt excl. pension debt -109 -9 -43
Capital invested 282 399 375
Working capital -194 -118 -144
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1042 1057 1057
Net IB debt Adj -103 -4 -38
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 1053 1018
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 59 55,8 56,5
Capital invested turnover (%) 123,4 117 108,6
Capital employed turnover (%) 93,5 88,4 85,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 62 66,1 60,4
Working capital / sales (%) -35,3 -39,2 -31,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -27,9 -2,3 -10,4
Net debt / market cap (%) -11,8 -0,9 -4,1
Equity ratio (%) 55,7 56,2 54,9
Net IB debt adj. / equity (%) -26,3 -1 -9,1
Current ratio (%) 75,8 76,8 79,5
EBITDA / net interest (%) 4134,8 3260,2 3579,7
Net IB debt / EBITDA (%) -109,5 -9,1 -38,2
Interest cover (%) 2206,2 1544,6 1883
SEKm 2018 2019e 2020e
Shares outstanding adj. 53 52 52
Fully diluted shares Adj 53 52 52
EPS 0,75 0,66 0,85
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,75 0,66 0,85
BVPS 7,39 7,82 8,01
BVPS Adj -1,49 -1,4 -1,2
Net IB debt / share -2,1 -0,2 -0,8
Share price 17,52 20,25 20,25
Market cap. (m) 926 1057 1057
Valuation 2018 2019 2020
P/E 26,2 30,5 23,9
EV/sales 2,31 2,64 2,42
EV/EBITDA 9,4 10,4 9
EV/EBITA 17,6 21,9 17
EV/EBIT 17,6 21,9 17
Dividend yield (%) 3 3,2 3,5
FCF yield (%) 7,8 3,2 7,4
P/BVPS 2,66 2,59 2,53
P/BVPS Adj -13,2 -14,48 -16,87
P/E Adj 26,2 30,5 23,9
EV/EBITDA Adj 9,4 10,4 9
EV/EBITA Adj 17,6 21,9 17
EV/EBIT Adj 17,6 21,9 17
EV/cap. employed 2,3 2,2 2,1
Investment ratios 2018 2019 2020
Capex / sales 10 12,2 11
Capex / depreciation 87,3 111,5 105,3
Capex tangibles / tangible fixed assets 53,1 62 45,2
Capex intangibles / definite intangibles 28,5 30,6 29,2
Depreciation on intangibles / definite intangibles 33,8 28,9 29,3
Depreciation on tangibles / tangibles 35,3 27,8 21,4

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 % 30 Sep 2019
Swedbank Robur Fonder 7.7 % 7.7 % 31 Oct 2019
SEB Fonder 7.0 % 7.0 % 10 Dec 2019
Martin Bjäringer 5.8 % 5.8 % 5 Sep 2017
Humle Fonder 5.5 % 5.5 % 31 Oct 2019
Nordea Fonder 5.4 % 5.4 % 31 Oct 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 % 31 Oct 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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