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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 2023 2024e 2025e
Sales 525 552 609
Sales growth (%) 8,3 5,1 10,3
EBITDA 113 134 169
EBITDA margin (%) 21,5 24,3 27,8
EBIT adj. 50 69 101
EBIT adj. margin (%) 9,6 12,5 16,6
Pretax profit 46 73 107
EPS 0,68 1,07 1,56
EPS growth (%) 310,7 56,6 46,6
EPS adj. 0,76 1,12 1,62
DPS 0,5 0,7 1
EV/EBITDA (x) 14,1 11,7 8,9
EV/EBIT adj. (x) 31,8 22,6 14,9
P/E (x) 43,3 27,7 18,9
P/E adj. (x) 38,7 26,2 18,2
EV/sales (x) 3,04 2,84 2,49
FCF yield (%) 2,7 4,3 6,3
Le. adj. FCF yld. (%) 2,7 3,7 5,6
Dividend yield (%) 1,7 2,4 3,4
Net IB debt/EBITDA (x) 0 -0,3 -0,5
Le. adj. ND/EBITDA (x) -0,2 -0,4 -0,6
SEKm 2023 2024e 2025e
Sales 525 552 609
COGS -62 0 0
Gross profit 463 552 609
Other operating items -350 -418 -440
EBITDA 113 134 169
Depreciation and amortisation -60 -61 -64
of which leasing depreciation -10 -10 -10
EBITA 53 73 105
EO Items -1 0 0
Impairment and PPA amortisation -4 -4 -4
EBIT 49 69 101
Net financial items -3 4 6
Pretax profit 46 73 107
Tax -9 -15 -23
Net profit 37 58 85
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 58 85
EPS 0,68 1,07 1,56
EPS adj. 0,76 1,12 1,62
Total extraordinary items after tax -1 0 0
Leasing payments 0 -10 -10
Tax rate (%) 19,2 21 21
Gross margin (%) 88,2 100 100
EBITDA margin (%) 21,5 24,3 27,8
EBITA margin (%) 10,1 13,3 17,3
EBIT margin (%) 9,3 12,5 16,6
Pre-tax margin (%) 8,7 13,3 17,6
Net margin (%) 7 10,5 13,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 8,3 5,1 10,3
EBITDA growth (%) 56,2 18,5 26,2
EBITA growth (%) 164,6 38,4 43,9
EBIT growth (%) N/A 41,6 46,4
Net profit growth (%) 310,7 56,6 46,6
EPS growth (%) 310,7 56,6 46,6
Profitability N/A N/A N/A
ROE (%) 16,7 22,7 15,9
ROE adj. (%) 19 24,2 16,6
ROCE (%) 18,6 26,8 20,2
ROCE adj. (%) 20,7 25,4 18,8
ROIC (%) 8,9 12,1 17,6
ROIC adj. (%) 9,2 12,1 17,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 115 134 169
EBITDA adj. margin (%) 21,8 24,3 27,8
EBITDA lease adj. 115 124 159
EBITDA lease adj. margin (%) 21,8 22,5 26,1
EBITA adj. 54 73 105
EBITA adj. margin (%) 10,3 13,3 17,3
EBIT adj. 50 69 101
EBIT adj. margin (%) 9,6 12,5 16,6
Pretax profit Adj. 51 77 111
Net profit Adj. 42 62 89
Net profit to shareholders adj. 42 62 89
Net adj. margin (%) 8 11,2 14,6
SEKm 2023 2024e 2025e
EBITDA 113 134 169
Goodwill 441 441 441
Net financial items -3 4 6
Other intangible assets 175 182 190
Paid tax 3 -15 -23
Tangible fixed assets 10 10 11
Non-cash items -8 0 0
Right-of-use asset 12 12 12
Cash flow before change in WC 105 123 153
Total other fixed assets 6 6 6
Change in working capital -2 9 14
Fixed assets 645 653 661
Operating cash flow 103 131 166
Inventories 0 0 0
Capex tangible fixed assets -2 -3 -4
Receivables 141 147 163
Capex intangible fixed assets -57 -60 -63
Other current assets 10 10 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 40 62 114
Free cash flow 44 69 100
Total assets 836 872 948
Dividend paid 0 -27 -38
Shareholders equity 0 510 557
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 -10 -10
Total equity 0 510 557
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 39 43
Other current liabilities 242 255 280
Total liabilities and equity 357 872 948
Net IB debt -2 -34 -86
Net IB debt excl. pension debt -2 -34 -86
Net IB debt excl. leasing -17 -49 -101
Capital employed 38 538 585
Capital invested 478 476 471
Working capital -127 -136 -150
Market cap. diluted (m) 1599 1599 1599
Net IB debt adj. -2 -34 -86
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 1598 1566 1513
Total assets turnover (%) 64,9 64,7 66,9
Working capital/sales (%) -23,7 -23,8 -23,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) N/A -6,6 -15,5
Net debt / market cap (%) -0,1 -2,1 -5,4
Equity ratio (%) 0 58,5 58,8
Net IB debt adj. / equity (%) N/A -6,6 -15,5
Current ratio 0,66 0,72 0,86
EBITDA/net interest 35,5 33,5 28,2
Net IB debt/EBITDA (x) 0 -0,3 -0,5
Net IB debt/EBITDA lease adj. (x) -0,2 -0,4 -0,6
Interest coverage 16,6 18,3 17,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,68 1,07 1,56
Dividend per share 0,5 0,7 1
EPS adj. 0,76 1,12 1,62
BVPS 0 9,41 10,27
BVPS adj. -11,37 -2,1 -1,37
Net IB debt/share -0,04 -0,62 -1,59
Share price 29,5 29,5 29,5
Market cap. (m) 1599 1599 1599
P/E (x) 43,3 27,7 18,9
EV/sales (x) 3,04 2,84 2,49
EV/EBITDA (x) 14,1 11,7 8,9
EV/EBITA (x) 30,2 21,4 14,4
EV/EBIT (x) 32,7 22,6 14,9
Dividend yield (%) 1,7 2,4 3,4
FCF yield (%) 2,7 4,3 6,3
Le. adj. FCF yld. (%) 2,7 3,7 5,6
P/BVPS (x) N/A 3,14 2,87
P/BVPS adj. (x) -2,59 -14,08 -21,48
P/E adj. (x) 38,7 26,2 18,2
EV/EBITDA adj. (x) 13,9 11,7 8,9
EV/EBITA adj. (x) 29,4 21,4 14,4
EV/EBIT adj. (x) 31,8 22,6 14,9
EV/CE (x) 42,2 2,9 2,6
Investment ratios N/A N/A N/A
Capex/sales (%) 11,2 11,3 10,9
Capex/depreciation 1,2 1,2 1,2
Capex tangibles / tangible fixed assets 24,3 29,6 32,7
Capex intangibles / definite intangibles 32,3 32,7 32,9
Depreciation on intang / def. intang 27 26 27
Depreciation on tangibles / tangibles 25,85 25,49 27,54

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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
Alcur Fonder 11.9 % 11.9 % 31 Jan 2024
Martin Gren (Grenspecialisten) 10.8 % 10.8 % 26 Mar 2024
Martin Bjäringer med familj 9.2 % 9.2 % 19 Dec 2023
SEB Fonder 6.9 % 6.9 % 31 Mar 2024
TIN Fonder 5.9 % 5.9 % 26 Mar 2024
Thomas Wernhoff 5.5 % 5.5 % 26 Mar 2024
Mission Trail Capital Management LLC 5.0 % 5.0 % 13 Jul 2023
Swedbank Robur Fonder 5.0 % 5.0 % 26 Mar 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