Negative EBIT revisions on more cautious sales ests.
’21-‘25e sales CAGR of 12%, 17x ‘24e EV/EBIT
There could be more price pressure in procurements in ‘23
Formpipe has performed well in terms of growth so far this year, albeit with pressured margins amid growth investments, salary inflation and increased personnel turnover. While we expect opex growth to decelerate in the coming quarters, we believe that price competition in procurements within the public sector may increase ahead on the looming prospects of a weaker 2023 economy. Meanwhile, we note that Formpipe’s partner, Temenos, recently lowered its FY’22 sales guidance due to lengthening sales cycles given future macro-economic uncertainty.
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