Today, we hosted a presentation with Formpipe’s CEO Christian Sundin at our ABGSC Investor Day seminar. In addition to a general presentation of the company, Mr. Sundin gave an update on how its new strategy (launched in the beginning of 2021) has progressed. As Formpipe uses some subconsultants in Ukraine, we also touched on that topic, given the current circumstances. Although the situation raises emotional worries (Formpipe has used Ukrainian consultants for more than a decade), the financial impact to its operations should initially be low, as the lion’s share of these consultants are still working. Furthermore, this unit mainly contributes to R&D and not deliveries.
Strong 2021 for Private, and with good outlook for 2022
2021 turned out to be a good year for Formpipe, especially when looking at its Private segment that grew 17% y-o-y. Mr. Sundin emphasised that the main bottleneck for growth continues to be finding personnel, as doing so further strengthens the relationships both with Temenos and Microsoft Dynamics. If it were to be successful in finding more personnel in the near term, margins in 2022 could be pressured. Nonetheless, the strong momentum for Private should continue in 2022, especially given the recently won award from Temenos, with Formpipe being its “partner of the year”. On the Public side, Public SE had a good ending to 2021 after relatively weak performance for some quarters. Here, the recent acquisition of Alkemit should strengthen Formpipe’s position further going forward. Public DK also sees good demand for its solutions, where its long-lasting customer Landbruksstyrelsen continues to be a strong spender.
20x ‘23e EV/EBIT, 11% ’21-‘25e sales CAGR
The share is -30% YTD and is trading at 20x ‘23e EV/EBIT. We forecast 11% ’21-‘25e sales CAGR
... Läs mer på Introduce
Aktuellt
SENASTE
