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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.

Sustainability information

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 2023 2024e 2025e
Sales 525 542 602
Sales growth (%) 8,3 3,3 11
EBITDA 113 123 164
EBITDA margin (%) 21,5 22,7 27,2
EBIT adj. 50 54 92
EBIT adj. margin (%) 9,6 10 15,2
Pretax profit 46 57 97
EPS 0,68 0,85 1,41
EPS growth (%) 310,7 24,8 65,9
EPS adj. 0,76 0,91 1,47
DPS 0,5 0,7 1
EV/EBITDA (x) 13,7 12,5 9,1
EV/EBIT adj. (x) 30,9 28,3 16,2
P/E (x) 42,2 33,8 20,4
P/E adj. (x) 37,6 31,5 19,5
EV/sales (x) 2,96 2,83 2,47
FCF yield (%) 3,3 3,8 5,9
Le. adj. FCF yld. (%) 2,8 3,1 5,2
Dividend yield (%) 1,7 2,4 3,5
Net IB debt/EBITDA (x) 0 -0,2 -0,4
Le. adj. ND/EBITDA (x) -0,2 -0,3 -0,5
SEKm 2023 2024e 2025e
Sales 525 542 602
COGS -62 0 0
Gross profit 463 542 602
Other operating items -350 -419 -438
EBITDA 113 123 164
Depreciation and amortisation -60 -65 -68
of which leasing depreciation -10 -10 -10
EBITA 53 58 96
EO Items -1 0 0
Impairment and PPA amortisation -4 -4 -4
EBIT 49 54 92
Net financial items -3 3 5
Pretax profit 46 57 97
Tax -9 -11 -20
Net profit 37 46 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 46 76
EPS 0,68 0,85 1,41
EPS adj. 0,76 0,91 1,47
Total extraordinary items after tax -1 0 0
Leasing payments -8 -10 -10
Tax rate (%) 19,2 19 21
Gross margin (%) 88,2 100 100
EBITDA margin (%) 21,5 22,7 27,2
EBITA margin (%) 10,1 10,7 15,9
EBIT margin (%) 9,3 10 15,2
Pre-tax margin (%) 8,7 10,5 16,1
Net margin (%) 7 8,5 12,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 8,3 3,3 11
EBITDA growth (%) 56,2 8,8 33
EBITA growth (%) 164,6 10,3 64,5
EBIT growth (%) N/A 10,8 69,5
Net profit growth (%) 310,7 24,8 65,9
EPS growth (%) 310,7 24,8 65,9
Profitability N/A N/A N/A
ROE (%) 8 9,4 14,8
ROE adj. (%) 9,1 10,3 15,6
ROCE (%) 9,7 11,4 18,6
ROCE adj. (%) 10,8 11,2 17,6
ROIC (%) 8,9 9,9 16,1
ROIC adj. (%) 9,2 9,9 16,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 115 123 164
EBITDA adj. margin (%) 21,8 22,7 27,2
EBITDA lease adj. 106 113 154
EBITDA lease adj. margin (%) 20,3 20,8 25,5
EBITA adj. 54 58 96
EBITA adj. margin (%) 10,3 10,7 15,9
EBIT adj. 50 54 92
EBIT adj. margin (%) 9,6 10 15,2
Pretax profit Adj. 51 61 101
Net profit Adj. 42 50 81
Net profit to shareholders adj. 42 50 81
Net adj. margin (%) 8 9,3 13,4
SEKm 2023 2024e 2025e
EBITDA 113 123 164
Goodwill 441 445 445
Net financial items -3 3 5
Other intangible assets 175 183 187
Paid tax 3 -11 -20
Tangible fixed assets 6 6 6
Non-cash items 0 0 0
Right-of-use asset 16 16 16
Cash flow before change in WC 113 115 148
Total other fixed assets 6 6 6
Change in working capital -2 15 9
Fixed assets 645 657 661
Operating cash flow 111 130 158
Inventories 0 0 0
Capex tangible fixed assets -2 -3 -4
Receivables 141 137 158
Capex intangible fixed assets -57 -60 -63
Other current assets 10 10 10
Acquisitions and Disposals 0 -8 0
Cash and liquid assets 40 52 95
Free cash flow 52 59 92
Total assets 836 855 924
Dividend paid 0 -27 -38
Shareholders equity 479 498 537
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -8 -10 -10
Total equity 479 498 537
Other non-cash items -7 0 0
Long-term debt 13 3 3
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 15 15 15
Total other long-term liabilities 41 41 41
Short-term debt 10 10 10
Accounts payable 37 38 42
Other current liabilities 242 250 277
Total liabilities and equity 836 855 924
Net IB debt -2 -24 -67
Net IB debt excl. pension debt -2 -24 -67
Net IB debt excl. leasing -17 -39 -83
Capital employed 517 526 565
Capital invested 478 475 470
Working capital -127 -142 -151
Market cap. diluted (m) 1556 1556 1556
Net IB debt adj. -2 -24 -67
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 1554 1532 1489
Total assets turnover (%) 64,9 64,1 67,7
Working capital/sales (%) -23,7 -24,8 -24,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -0,4 -4,8 -12,5
Net debt / market cap (%) -0,1 -1,5 -4,3
Equity ratio (%) 57,4 58,3 58,1
Net IB debt adj. / equity (%) -0,4 -4,8 -12,5
Current ratio 0,66 0,66 0,8
EBITDA/net interest 35,5 44,6 32,7
Net IB debt/EBITDA (x) 0 -0,2 -0,4
Net IB debt/EBITDA lease adj. (x) -0,2 -0,3 -0,5
Interest coverage 16,6 21,1 19,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,68 0,85 1,41
Dividend per share 0,5 0,7 1
EPS adj. 0,76 0,91 1,47
BVPS 8,84 9,19 9,9
BVPS adj. -2,53 -2,39 -1,76
Net IB debt/share -0,04 -0,44 -1,24
Share price 28,7 28,7 28,7
Market cap. (m) 1556 1556 1556
P/E (x) 42,2 33,8 20,4
EV/sales (x) 2,96 2,83 2,47
EV/EBITDA (x) 13,7 12,5 9,1
EV/EBITA (x) 29,4 26,3 15,5
EV/EBIT (x) 31,8 28,3 16,2
Dividend yield (%) 1,7 2,4 3,5
FCF yield (%) 3,3 3,8 5,9
Le. adj. FCF yld. (%) 2,8 3,1 5,2
P/BVPS (x) 3,25 3,12 2,9
P/BVPS adj. (x) -11,36 -11,99 -16,33
P/E adj. (x) 37,6 31,5 19,5
EV/EBITDA adj. (x) 13,6 12,5 9,1
EV/EBITA adj. (x) 28,6 26,3 15,5
EV/EBIT adj. (x) 30,9 28,3 16,2
EV/CE (x) 3 2,9 2,6
Investment ratios N/A N/A N/A
Capex/sales (%) 11,2 11,6 11
Capex/depreciation 1,2 1,1 1,1
Capex tangibles / tangible fixed assets 39,3 48,9 54,7
Capex intangibles / definite intangibles 32,3 32,7 33,6
Depreciation on intang / def. intang 27 28 29
Depreciation on tangibles / tangibles 41,85 46,85 50,54

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Media

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

Main shareholders - Formpipe

Main shareholders Share capital % Voting shares % Verified
Mission Trail Capital Management LLC 12.2 % 12.2 % 14 May 2024
Alcur Fonder 11.6 % 11.6 % 29 Feb 2024
Martin Gren (Grenspecialisten) 10.8 % 10.8 % 26 Mar 2024
Martin Bjäringer med familj 9.2 % 9.2 % 31 Dec 2023
SEB Fonder 6.9 % 6.9 % 30 Apr 2024
Thomas Wernhoff 5.5 % 5.5 % 26 Mar 2024
Swedbank Robur Fonder 5.0 % 5.0 % 31 Mar 2024
TIN Fonder 5.0 % 5.0 % 19 Apr 2024
Avanza Pension 2.6 % 2.6 % 26 Mar 2024
Christian Sundin 2.2 % 2.2 % 26 Mar 2024
Source: Holdings by Modular Finance AB