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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.

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 2022 2023e 2024e
Sales 485 523 579
Sales growth (%) 2,5 7,9 10,5
EBITDA 72 102 125
EBITDA margin (%) 14,9 19,5 21,6
EBIT adj. 16 36 58
EBIT adj. margin (%) 3,3 6,9 10,1
Pretax profit 12 32 55
EPS 0,17 0,48 0,81
EPS growth (%) -82,3 191,3 67,9
EPS adj. 0,22 0,54 0,87
DPS 0 0,3 0,4
EV/EBITDA (x) 19,3 13,5 10,8
EV/EBIT adj. (x) 87,5 38 23,2
P/E (x) 151,2 51,9 30,9
P/E adj. (x) 112 46,1 28,8
EV/sales (x) 2,88 2,64 2,34
FCF yield (%) -0,8 1,7 3,9
Le. adj. FCF yld. (%) -1,8 0,9 3,2
Dividend yield (%) 0 1,2 1,6
Net IB debt/EBITDA (x) 0,5 0,3 0
Le. adj. ND/EBITDA (x) 0,5 0,2 0,1
SEKm 2022 2023e 2024e
Sales 485 523 579
COGS -67 0 0
Gross profit 418 523 579
Other operating items -345 -421 -453
EBITDA 72 102 125
Depreciation and amortisation -52 -62 -63
of which leasing depreciation -8 -10 -10
EBITA 20 40 62
EO Items 0 0 0
Impairment and PPA amortisation -4 -4 -4
EBIT 16 36 58
Net financial items -4 -4 -3
Pretax profit 12 32 55
Tax -3 -6 -12
Net profit 9 26 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 9 26 44
EPS 0,17 0,48 0,81
EPS adj. 0,22 0,54 0,87
Total extraordinary items after tax 0 0 0
Leasing payments -14 -10 -10
Tax rate (%) 22,1 18,2 21
Gross margin (%) 86,1 100 100
EBITDA margin (%) 14,9 19,5 21,6
EBITA margin (%) 4,1 7,7 10,8
EBIT margin (%) 3,3 6,9 10,1
Pre-tax margin (%) 2,4 6,1 9,6
Net margin (%) 1,8 5 7,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 2,5 7,9 10,5
EBITDA growth (%) -46,1 41 22,6
EBITA growth (%) -72,3 102,1 54,8
EBIT growth (%) -76,7 N/A 60,8
Net profit growth (%) -82,2 191,3 67,9
EPS growth (%) -82,3 191,3 67,9
ROE (%) 2,1 5,7 9,1
ROE adj. (%) 3 6,6 9,9
ROCE (%) 3,4 7,3 11,1
ROCE adj. (%) 4,3 8,1 11,9
ROIC (%) 3,4 6,8 10
ROIC adj. (%) 3,4 6,8 10
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 102 125
EBITDA adj. margin (%) 14,9 19,5 21,6
EBITDA lease adj. 59 92 115
EBITDA lease adj. margin (%) 12,1 17,6 19,9
EBITA adj. 20 40 62
EBITA adj. margin (%) 4,1 7,7 10,8
EBIT adj. 16 36 58
EBIT adj. margin (%) 3,3 6,9 10,1
Pretax profit Adj. 16 36 59
Net profit Adj. 13 30 48
Net profit to shareholders adj. 13 30 48
Net adj. margin (%) 2,7 5,8 8,3
SEKm 2022 2023e 2024e
EBITDA 72 102 125
Goodwill 441 441 441
Net financial items -4 -4 -3
Other intangible assets 171 179 190
Paid tax -18 -6 -12
Tangible fixed assets 7 5 5
Non-cash items 8 0 0
Right-of-use asset 12 12 12
Cash flow before change in WC 58 92 111
Total other fixed assets 8 8 8
Change in working capital 23 -7 10
Fixed assets 640 646 656
Operating cash flow 81 85 120
Inventories 0 0 0
Capex tangible fixed assets -5 -3 -4
Receivables 122 132 146
Capex intangible fixed assets -56 -59 -63
Other current assets 16 16 16
Acquisitions and Disposals -30 0 0
Cash and liquid assets 5 18 44
Free cash flow -11 23 53
Total assets 783 812 863
Dividend paid -38 0 -16
Shareholders equity 442 468 496
Share issues and buybacks 10 0 0
Minority 0 0 0
Leasing liability amortisation -14 -10 -10
Total equity 442 468 496
Other non-cash items 4 0 0
Long-term debt 23 23 23
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 12 12
Total other long-term liabilities 36 36 36
Short-term debt 10 10 10
Accounts payable 35 26 29
Other current liabilities 226 237 258
Total liabilities and equity 783 812 863
Net IB debt 39 27 0
Net IB debt excl. pension debt 39 27 0
Net IB debt excl. leasing 28 15 -12
Capital employed 486 512 540
Capital invested 481 495 495
Working capital -122 -115 -125
Market cap. diluted (m) 1355 1355 1355
Net IB debt adj. 39 27 0
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 1395 1382 1355
Total assets turnover (%) 65,3 65,7 69,1
Working capital/sales (%) -23,9 -22,7 -20,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 8,9 5,7 0
Net debt / market cap (%) 2,9 2 0
Equity ratio (%) 56,5 57,7 57,4
Net IB debt adj. / equity (%) 8,9 5,7 0
Current ratio 0,53 0,61 0,7
EBITDA/net interest 16,3 23 41,7
Net IB debt/EBITDA (x) 0,5 0,3 0
Net IB debt/EBITDA lease adj. (x) 0,5 0,2 -0,1
Interest coverage 4,5 9,1 20,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,17 0,48 0,81
Dividend per share 0 0,3 0,4
EPS adj. 0,22 0,54 0,87
BVPS 8,15 8,63 9,14
BVPS adj. -3,14 -2,8 -2,5
Net IB debt/share 0,73 0,49 0
Share price 25 25 25
Market cap. (m) 1355 1355 1355
P/E (x) 151,2 51,9 30,9
EV/sales (x) 2,88 2,64 2,34
EV/EBITDA (x) 19,3 13,5 10,8
EV/EBITA (x) 69,8 34,2 21,7
EV/EBIT (x) 87,5 38 23,2
Dividend yield (%) 0 1,2 1,6
FCF yield (%) -0,8 1,7 3,9
Le. adj. FCF yld. (%) -1,8 0,9 3,2
P/BVPS (x) 3,07 2,9 2,73
P/BVPS adj. (x) -7,96 -8,92 -10,02
P/E adj. (x) 112 46,1 28,8
EV/EBITDA adj. (x) 19,3 13,5 10,8
EV/EBITA adj. (x) 69,8 34,2 21,7
EV/EBIT adj. (x) 87,5 38 23,2
EV/CE (x) 2,9 2,7 2,5
Investment ratios N/A N/A N/A
Capex/sales (%) 12,7 11,9 11,6
Capex/depreciation 1,4 1,2 1,3
Capex tangibles / tangible fixed assets 78,6 55,6 81,9
Capex intangibles / definite intangibles 32,9 33,1 33,3
Depreciation on intang / def. intang 24 27 25
Depreciation on tangibles / tangibles 43,64 80,79 92,29

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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
Alcur Fonder 11.4 % 11.4 % 31 Mar 2023
Martin Gren (Grenspecialisten) 10.3 % 10.3 % 29 Mar 2023
Martin Bjäringer 8.6 % 8.6 % 31 Dec 2022
SEB Fonder 6.9 % 6.9 % 30 Apr 2023
Swedbank Robur Fonder 6.7 % 6.7 % 30 Apr 2023
TIN Fonder 5.9 % 5.9 % 30 Apr 2023
Thomas Wernhoff 5.3 % 5.3 % 29 Mar 2023
Nordea Fonder 4.9 % 4.9 % 30 Apr 2023
Avanza Pension 2.8 % 2.8 % 29 Mar 2023
Christian Sundin 2.2 % 2.2 % 29 Mar 2023
Source: Holdings by Modular Finance AB

Insider list - Formpipe

Name Quantity Code Date
Martin Bjaringer + 325 000 BUY 16 Jul 2021
Carl Christian Quintus Sundin + 288 100 BUY 11 Jun 2021
Carl Christian Quintus Sundin + 130 350 Redemp 21 May 2021
Carl Christian Quintus Sundin - 130 350 Redemp 21 May 2021
Carl Christian Quintus Sundin - 130 350 SELL 21 May 2021
Martin Bjaringer + 100 000 BUY 15 Mar 2021
Thomas Aporta - 21 000 SELL 16 Feb 2021
Carl Christian Quintus Sundin - 300 000 SELL 5 Nov 2020
Bo Nordlander + 10 000 BUY 5 Nov 2020
Åsa Landén Ericsson + 2 500 BUY 5 Nov 2020

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