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Formpipe Software AB: 1 director

A director at Formpipe Software AB bought 12,000 shares at 26.750SEK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Opex growth to decelerate ahead

Poor Q3 margins on lower delivery sales in Public DK We cut ‘22e-‘24e EBIT by 13-8% Opex growth to slow down & margins to improve in ‘23e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Margins suffering from lower Public DK sales

Sales +10% y-o-y, but -2% vs. ABGSCe Margin suffering from Public DK reporting sales -8% y-o-y Expect cons. to lower estimates by ~5%

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Margin contraction in Q3e on rising costs

Q3 report due on Thursday, 27 October Negative EBIT revisions on more cautious sales ests. ’21-‘25e sales CAGR of 12%, 17x ‘24e EV/EBIT

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Public SE continues to show improvements

4% sales miss, mainly due to lower license sales We cut our EBIT estimates on higher costs We continue to see strong growth prospects

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Good growth, but weaker profits than expected

Sales 17% y-o-y but -4% vs. ABGSCe Expect negative estimate revisions on higher costs Share is trading at 21x ‘23e EV/EBIT on unrevised ests.

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Growth journey continues

Sales up 19% y-o-y, solid growth in all three segments Sales estimates up slightly, but we reduce ‘22e EBIT Share is trading at 20x EV/EBIT on ‘24e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Continues to display rapid growth

Sales +19% y-o-y, +1% vs. ABGSCe… …but a weaker margin than expected due to higher costs Expect cons. to make relatively small forecast changes

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Solid Q1 expected, but rising costs ahead

Q1 report on Wednesday, 27 April We cut ‘22e-’24e EBIT by 13-5% on higher costs ’21-’25e sales CAGR of 11%, 24x ‘23e EV/EBIT

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Feedback from ABGSC Investor Day

CEO Christian Sundin attended to ABGSC Investor Day Private set to deliver a strong 2022 in terms of sales Share -30% YTD, 11% ’21-‘25e sales CAGR

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Promising road ahead

Strong report, sales +18% y-o-y and +9% vs. ABGSCe We lift ‘22e-‘23e EBIT by 9-6% 34x-25x ‘22e-23e EV/EBIT; 11% ‘21-‘25e sales CAGR

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Better than expected, again

Sales +18% y-o-y, 9% beat vs. ABGSCe Strong SaaS ACV sales of SEK 7m (ABGSC SEK 9m) Expect cons. to raise ’22e-’23e EBIT by 5-10%

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Another quarter of very strong ACV numbers

Better EBIT than forecast, strong ACV expansion We raise ’22-’23e EBIT by 8-9%, chiefly on lower D&A 29x ‘22e EV/EBIT is a 24% discount to peers

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Formpipe Software - Strong ACV and better-than-expected EBIT

Sales 10% y-o-y, +2% vs. ABGSCe Strong ACV sales continue; +309% vs. Q3’20 Expect cons. to raise ’21e-‘23e EBIT estimates

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

FormPipe Software - Strong ACV and a strategic product sale

Very strong ACV growth driven by Private Slightly lowered adj. sales estimates We continue to see strong growth prospects for Private

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

FormPipe Software - Adj. numbers largely in line with expectations

Adj. sales +2% y-o-y, but -4% vs. ABGSCe Strong ACV growth for Private, but Public SE hampers Expect cons. to lower its ’21-’23 EBIT estimates

 PRESS RELEASE

Delårsrapport, januari - juni 2021

Delårsrapport, januari - juni 2021 Perioden 1 april – 30 juni 2021 Nettoomsättning 143 Mkr (100 Mkr)Repetitiva intäkter 68 Mkr (62 Mkr)Repetitiva intäkter i % av omsättningen 48 % (62 %)EBITDA 58 Mkr (24 Mkr)EBITDA-marginal 40 % (24 %)EBIT 30 Mkr (12 Mkr)EBIT-marginal 21 % (12 %)Resultat efter skatt 23 Mkr (9 Mkr)Vinstmarginal 16 % (9 %)Resultat per aktie före utspädning 0,42 kr (0,17 kr)Kassaflöde från den löpande verksamheten 11 Mkr (36 Mkr)ACV 9 Mkr (3 Mkr)ARR 280 Mkr (238 Mkr) Perioden 1 januari – 30 juni 2021 Nettoomsättning 245 Mkr (203 Mkr)Repetitiva intäkter 135...

 PRESS RELEASE

Interim Report, January – June 2021

Interim Report, January – June 2021 Period April 1 – June 30, 2021 Net sales of SEK 143 m (100 m)Recurring revenues of SEK 68 m (62 m)which corresponds to % of net sales 48 % (62 %)EBITDA SEK 58 m (24 m)EBITDA margin 40 % (24 %)EBIT 30 m (12 m)EBIT margin 21 % (12 %)Net profit SEK 23 m (9 m)Net profit margin 16 % (9 %)EPS before dilution SEK 0.42 (0.17)Cash flow from operating activities SEK 11 m (36 m)ACV SEK 9 m (3 m)ARR SEK 280 m (238 m) Period January 1 – June 30, 2021 Net sales of SEK 245 m (203 m)Recurring revenues of SEK 135 m (123 m)which corresponds to % of net sa...

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