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Formpipe

Formpipe

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Formpipe is a software as a service (SaaS) company that offers document output management software. The software connects to ERP systems and the company has traditionally focused on the Microsoft Dynamics and Temenos platforms. Its customer base is global and >75% of revenue are recurring.

Sustainability information

The key risks are related to competition and FX, given that a significant proportion of revenue is denominated in currencies other than SEK. There is also a risk of losing key personnel, including management.

Financials

SEKm 2025 2026e 2027e
Sales 401,46 246,37 266,45
Sales growth (%) -24,2 -38,6 8,2
EBITDA 19 52 59
EBITDA margin (%) 4,9 21 22,2
EBIT adj. 41 34 41
EBIT adj. margin (%) 10,1 13,9 15,4
Pretax profit -21 30 40
EPS -0,35 0,41 0,58
EPS growth (%) N/A N/A 43,5
EPS adj. 1,4 0,46 0,64
Dividend per share 14 0,2 0,25
DPS N/A N/A N/A
EV/EBITDA (x) 15,8 20,1 17,1
EV/EBIT adj. (x) 7,6 30,4 24,5
P/E (x) N/A 51,34 35,77
P/E adj. (x) 14,8 45 32,4
EV/sales (x) 0,77 4,22 3,79
FCF yield (%) 74,3 2,8 4,1
Le. adj. FCF yld. (%) 74,3 2,5 3,8
Dividend yield (%) 67,3 1 1,2
Net IB debt/EBITDA (x) -42,1 -1,5 -1,9
Le. adj. ND/EBITDA (x) -9,8 -1,7 -2
SEKm 2025 2026e 2027e
Sales 401,46 246,37 266,45
COGS -64 0 0
Gross profit 338 246 266
Other operating items -318 -195 -207
EBITDA 19 52 59
Depreciation and amortisation -40 -13 -14
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -6 -4 -4
EBITA -20,89 38,41 45,35
EO Items N/A N/A N/A
Operating EO items -66 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -4 -4 -4
EBIT -25,09 34,21 41,15
Net financial items 4 -4 -1
Pretax profit -21 30 40
Tax -8 -8 -9
Net profit -29 22 31
Minority interest 0 0 0
Net profit discontinued 10 0 0
Net profit to shareholders -19 22 31
EPS -0,35 0,41 0,58
EPS adj. 1,4 0,46 0,64
Total extraordinary items after tax -89 0 0
Leasing payments -1 -4 -4
Tax rate (%) -35,6 27,1 22
Gross margin (%) 84,1 100 100
EBITDA margin (%) 4,9 21 22,2
EBITA margin (%) -5,2 15,6 17
EBIT margin (%) -6,3 13,9 15,4
Pre-tax margin (%) -5,3 12,2 15,1
Net margin (%) -7,1 8,9 11,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -24,2 -38,6 8,2
EBITDA growth (%) -79,4 165,2 14,6
EBITA growth (%) -170,8 -283,9 18,1
EBIT growth (%) -199,2 -236,4 20,3
Net profit growth (%) -232,3 -176 43,5
EPS growth (%) N/A N/A 43,5
Profitability N/A N/A N/A
ROE (%) -2,8 4,4 23,2
ROE adj. (%) 11 5,2 26,3
ROCE (%) -2,5 6,9 30,1
ROCE adj. (%) 6,5 7,7 33,2
ROIC (%) -11 58,8 89,9
ROIC adj. (%) 23,6 58,8 89,9
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 85 52 59
EBITDA adj. margin (%) 21,2 21 22,2
EBITDA lease adj. 84 48 55
EBITDA lease adj. margin (%) 20,9 19,3 20,7
EBITA adj. 45 38 45
EBITA adj. margin (%) 11,1 15,6 17
EBIT adj. 41 34 41
EBIT adj. margin (%) 10,1 13,9 15,4
Pretax profit Adj. 49 34 44
Net profit Adj. 64 26 36
Net profit to shareholders adj. 74 26 36
Net adj. margin (%) 16,1 10,6 13,3
SEKm 2025 2026e 2027e
EBITDA 19 52 59
Goodwill 105 105 105
Net financial items 4 -4 -1
Other intangible assets 43 38 33
Paid tax -2 -8 -9
Tangible fixed assets 3 8 12
Non-cash items -47 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -26 39 49
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 34 34 34
Change in working capital 71 5 11
Fixed assets 185 184 184
Operating cash flow 45 44 60
Inventories 0 0 0
Capex tangible fixed assets 0 -2 -2
Receivables 56 60 64
Capex intangible fixed assets -10 -10 -12
Other current assets 3 3 3
Acquisitions and Disposals 803 0 0
Cash and liquid assets 821 82 113
Free cash flow 838 32 46
Total assets 1065 328 363
Dividend paid -27 -759 -11
Shareholders equity 870 125 145
Share issues and buybacks 0 -8 0
Minority 0 0 0
Leasing liability amortisation -1 -4 -4
Total equity 870 125 145
Other non-cash items N/A N/A N/A
Other changes in net debt 22 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 2 2 2
Total other long-term liabilities 6 6 6
Short-term debt 0 0 0
Accounts payable 15 16 17
Other current liabilities 173 180 193
Total liabilities and equity 1065 328 363
Net IB debt -820 -80 -111
Net IB debt excl. pension debt -820 -80 -111
Net IB debt excl. leasing -821 -82 -113
Capital employed 872 126 147
Capital invested 51 45 34
Working capital -129 -134 -144
Market cap. diluted (m) 1128 1120 1120
Net IB debt adj. -820 -80 -111
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 308 1040 1009
Total assets turnover (%) 41,8 35,4 77
Working capital/sales (%) -35,2 -53,3 -52,1
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -94,2 -64,1 -76,6
Net debt / market cap (%) -72,7 -7,1 -9,9
Equity ratio (%) 81,7 38 40
Net IB debt adj. / equity (%) -94,2 -64,1 -76,6
Current ratio 4,69 0,74 0,85
EBITDA/net interest 5 12,1 59,2
Net IB debt/EBITDA (x) -42,1 -1,5 -1,9
Net IB debt/EBITDA lease adj. (x) -9,8 -1,7 -2
Interest coverage 5,3 9 45,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS -0,35 0,41 0,58
Dividend per share 14 0,2 0,25
EPS adj. 1,4 0,46 0,64
BVPS 16,05 2,31 2,7
BVPS adj. 13,31 -0,33 0,14
Net IB debt/share -15,12 -1,48 -2,06
Share price 20,8 20,8 20,8
Market cap. (m) 1128 1120 1120
P/E (x) N/A 51,34 35,77
EV/sales (x) 0,77 4,22 3,79
EV/EBITDA (x) 15,8 20,1 17,1
EV/EBITA (x) -14,8 27,1 22,3
EV/EBIT (x) -12,3 30,4 24,5
Dividend yield (%) 67,3 1 1,2
FCF yield (%) 74,3 2,8 4,1
Le. adj. FCF yld. (%) 74,3 2,5 3,8
P/BVPS (x) 1,3 8,99 7,72
P/BVPS adj. (x) 1,56 -63,29 152,12
P/E adj. (x) 14,8 45 32,4
EV/EBITDA adj. (x) 3,6 20,1 17,1
EV/EBITA adj. (x) 6,9 27,1 22,3
EV/EBIT adj. (x) 7,6 30,4 24,5
EV/CE (x) 0,4 8,2 6,9
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -2,4 -4,9 -5,3
Capex/depreciation 0,3 1,3 1,4
Capex tangibles / tangible fixed assets 4,8 25,5 16,2
Capex intangibles / definite intangibles 22,3 26,9 36,4
Depreciation on intang / def. intang 77 31 37
Depreciation on tangibles / tangibles 11,64 32,98 20,37

Equity research

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Media

Formpipe - Q4 Earnings Call with Interim CEO & CFO Sophie Reinius
Formpipe - Company presentation with Interim CEO Christian Sundin

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Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Mission Trail Capital Management LLC 16.1 % 16.1 % 31 Dec 2024
Alcur Fonder 13.0 % 13.0 % 31 Mar 2026
Martin Gren (Grenspecialisten) 10.8 % 10.8 % 27 Mar 2026
Julnie S.A. 9.2 % 9.2 % 31 Dec 2025
SEB Funds 6.9 % 6.9 % 30 Apr 2026
Thomas Wernhoff 5.5 % 5.5 % 27 Mar 2026
Avanza Pension 3.8 % 3.8 % 27 Mar 2026
Swedbank Robur Fonder 1.6 % 1.6 % 31 Mar 2026
Joakim Alfredson 1.5 % 1.5 % 27 Mar 2026
Jofam AB 1.3 % 1.3 % 27 Mar 2026
Source: Holdings by Modular Finance AB