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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 2021 2022e 2023e
Sales 473 496 556
Sales growth (%) 17,4 4,8 12,2
EBITDA 134 83 120
EBITDA margin (%) 28,4 16,7 21,5
EBIT adj 43 26 63
EBIT adj margin (%) 9 5,3 11,3
Pretax profit 66 24 60
EPS rep 0,94 0,31 0,88
EPS growth (%) 21,1 -66,7 182,7
EPS adj 0,52 0,39 0,96
DPS 0,7 0,75 0,8
EV/EBITDA (x) 18 18,2 12,6
EV/EBIT adj (x) 56,7 57,2 23,9
P/E (x) 48,1 86,6 30,6
P/E adj (x) 86,1 69,9 28,2
EV/sales (x) 5,1 3 2,7
FCF yield (%) 1,7 -1,5 3,4
Dividend yield (%) 1,6 2,8 3
Net IB debt/EBITDA 0 0,7 0,5
Lease adj. FCF yield (%) 1,4 -2,2 2,7
Lease adj. ND/EBITDA -0,2 0,6 0,4
SEKm 2021 2022e 2023e
Sales 473 496 556
COGS -51 -64 -64
Gross profit 422 432 492
Other operating items -288 -349 -373
EBITDA 134 83 120
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -40 -43 -42
EBITA 72 30 67
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 68 26 63
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 66 24 60
Tax -16 -7 -13
Net profit 50 17 47
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 17 47
EPS 0,94 0,31 0,88
EPS Adj 0,52 0,39 0,96
Total extraordinary items after tax 25,8 0 0
Tax rate (%) -24,1 -29,2 -21
Gross margin (%) 89,2 87,1 88,5
EBITDA margin (%) 28,4 16,7 21,5
EBITA margin (%) 15,2 6,1 12
EBIT margin (%) 14,5 5,3 11,3
Pretax margin (%) 14 4,8 10,8
Net margin (%) 10,7 3,4 8,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 17,4 4,8 12,2
EBITDA growth (%) 28,3 -38,4 44,6
EBIT growth (%) 28,6 -61,5 138,2
Net profit growth (%) 21,8 -66,7 181,3
EPS growth (%) 21,1 -66,7 182,7
Profitability 2021 2022 2023
ROE (%) 12,2 4 11,2
ROE Adj (%) 6,8 4,9 12,1
ROCE (%) 15,1 5,6 12,7
ROCE Adj(%) 10,2 6,5 13,5
ROIC (%) 11,7 3,9 9,7
ROIC Adj (%) 7,3 3,9 9,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 109 83 120
EBITDA Adj margin (%) 23 16,7 21,5
EBITA Adj 46 30 67
EBITA Adj margin (%) 9,8 6,1 12
EBIT Adj 43 26 63
EBIT Adj margin (%) 9 5,3 11,3
Pretax profit Adj 44 28 64
Net profit Adj 28 21 51
Net profit to shareholders Adj 28 21 51
Net Adj margin (%) 5,9 4,2 9,2
Depreciation and amortisation -62 -52 -53
Of which leasing depreciation -7 -10 -10
EO items 26 0 0
Impairment and PPA amortisation -4 -4 -4
EBITDA lease Adj 101 73 110
EBITDA lease Adj margin (%) 21,4 14,7 19,7
Leasing payments -7 -10 -10
SEKm 2021 2022e 2023e
EBITDA 134 83 120
Net financial items -2 -3 -3
Paid tax -8 -7 -13
Non-cash items -8 0 0
Cash flow before change in WC 117 73 104
Change in WC -18 -4 4
Operating cash flow 99 69 108
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -57 -55 -56
Acquisitions and disposals 0 -33 0
Free cash flow 40 -22 49
Dividend paid -35 -38 -40
Share issues and buybacks 5 10 0
Other non cash items 12 0 0
Decrease in net IB debt -22 -33 3
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 391 407 407
Indefinite intangible assets 0 0 0
Definite intangible assets 168 169 172
Tangible fixed assets 5 5 5
Other fixed assets 12 12 12
Fixed assets 566 611 623
Inventories 0 0 0
Receivables 112 129 148
Other current assets 8 8 8
Cash and liquid assets 18 19 17
Total assets 704 766 796
Shareholders equity 430 419 426
Minority 0 0 0
Total equity 430 419 426
Long-term debt 0 60 60
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 24 24 24
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 21 20 22
Other current liabilities 209 222 242
Total liabilities and equity 704 766 796
Net IB debt -4 55 56
Net IB debt excl. pension debt -4 55 56
Capital invested 457 505 514
Working capital -110 -105 -109
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2424 1455 1448
Net IB debt Adj -4 55 56
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 2420 1510 1504
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 66,4 67,5 71,3
Capital invested turnover (%) 91,8 91,6 98,3
Capital employed turnover (%) 87,4 88,7 99,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 49,3 48,5 45,3
Payables / sales (%) 3,9 3,9 3,8
Working capital / sales (%) -24,8 -21,6 -19,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -1 13,2 13,2
Net debt / market cap (%) -0,2 3,8 3,9
Equity ratio (%) 61 54,7 53,5
Net IB debt adj. / equity (%) -1 13,2 13,2
Current ratio (%) 58,2 62,3 63,6
EBITDA / net interest (%) 6515,9 3124,2 3991,7
Net IB debt / EBITDA (%) -3,2 66,6 47,1
Interest cover (%) 3491,2 1146,5 2228,1
Lease liability amortisation -7 -10 -10
Other intangible assets 147 175 187
Right-of-use asset 15 15 15
Total other fixed assets 9 9 9
Leasing liability 14 14 14
Total other long-term liabilities 31 31 31
Net IB debt excl. leasing -18 41 43
Net IB debt / EBITDA lease Adj (%) -17,9 56,9 38,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 54 54 54
Fully diluted shares Adj 54 54 54
EPS 0,94 0,31 0,88
Dividend per share Adj 0,7 0,8 0,8
EPS Adj 0,52 0,39 0,96
BVPS 8,01 7,81 7,94
BVPS Adj -2,01 -3,04 -3,13
Net IB debt / share -0,1 1 1,1
Share price 32,66 27 27
Market cap. (m) 1751 1448 1448
Valuation 2021 2022 2023
P/E 48,1 86,6 30,6
EV/sales 5,11 3,04 2,7
EV/EBITDA 18 18,2 12,6
EV/EBITA 33,6 49,7 22,5
EV/EBIT 35,3 57,2 23,9
Dividend yield (%) 1,6 2,8 3
FCF yield (%) 1,7 -1,5 3,4
P/BVPS 5,62 3,46 3,4
P/BVPS Adj -22,36 -8,88 -8,61
P/E Adj 86,1 69,9 28,2
EV/EBITDA Adj 22,3 18,2 12,6
EV/EBITA Adj 52,4 49,7 22,5
EV/EBIT Adj 56,7 57,2 23,9
EV/cap. employed 5,5 3,1 3
Investment ratios 2021 2022 2023
Capex / sales 12,4 11,7 10,6
Capex / depreciation 107 136,7 137,4
Capex tangibles / tangible fixed assets 36,9 65,4 65,9
Capex intangibles / definite intangibles 38,9 31,4 29,9
Depreciation on intangibles / definite intangibles 36 22,6 21,3
Depreciation on tangibles / tangibles 45,5 64,5 66,7
Lease adj. FCF yield (%) 1,4 -2,2 2,7

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Media

Formpipe - Company presentation 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 % 28 Jun 2022
Alcur Fonder 8.6 % 8.6 % 28 Jun 2022
Martin Bjäringer 8.4 % 8.4 % 31 Dec 2021
Swedbank Robur Fonder 7.3 % 7.3 % 30 Jun 2022
SEB Fonder 7.0 % 7.0 % 31 Jul 2022
Nordea Fonder 6.4 % 6.4 % 30 Jun 2022
TIN Fonder 5.9 % 5.9 % 30 Jun 2022
Thomas Wernhoff 5.4 % 5.4 % 28 Jun 2022
Avanza Pension 2.9 % 2.9 % 28 Jun 2022
Andra AP-fonden 2.8 % 2.8 % 28 Jun 2022
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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