Sales SEK 122m (8.8% vs ABGSC 112m), EBITDA SEK 28m (19.7% vs ABGSC 23m), EBIT SEK 16m (53.4% vs ABGSC 10m), Adj. EBIT SEK 16m (53.4% vs ABGSC 10m). Sales grew 18% y-o-y, of which Private 13% y-o-y, Public Sweden 19% y-o-y, and Public Denmark 25% y-o-y. The main explanation behind the sales beat vs. our forecast was better Delivery sales than expected, which grew 43% y-o-y to SEK 39m (ABGSCe SEK 31m).
Q4 thoughts
As we have previously discussed, the most important metric to track is ACV as it drives future SaaS sales. In Q4, Formpipe reported SaaS ACV of SEK 7m (ABGSCe SEK 9m), up from SEK 3m in Q4’20. Recurring revenue were SEK 73m (ABGSC SEK 73m), up 9% y-o-y, mainly driven by SaaS sales growing 33% y-o-y (vs. 24% in Q3). On the latter, our forecast was 28%. Furthermore, Formpipe says that it is now looking into whether any value-creation could emerge from a potential spinoff of either Public or Private. An external advisor has been appointed on the matter. We see positive on this, particularly given the low synergies between the business areas.
Estimate changes and valuation
On a preliminary basis, we expect consensus to raise its ‘22-‘23 adj. EBIT estimates by 5-10% following the Q4 report and the recent M&A. Formpipe’s share is -10% YTD and is trading at 36x EV/EBIT on our unrevised 2022 estimates.
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