While the solid ACV leads us to increase our SaaS forecasts, we trim our adj. ’21-‘23e sales estimates on lower Delivery sales forecasts. We still expect Q2 to mark the trough in terms of Delivery sales, but now expect slightly slower growth in H2’21e. In terms of adj. EBIT, we cut our ’21 forecast by 13% (note a small change in absolute terms), ‘22e by 4%, and ‘23e by 2%.
21x ‘23e EV/EBIT, ’20-‘23e sales CAGR of 8%
In our view, FormPipe continues to execute well on its new growth strategy. With the acquisition of EFS, it has strengthened its relationship with Temenos, and we expect this to driver further growth for Private ahead. For Public Sweden, we remain cautious in the near term due to an intensified competitive landscape, but believe that growth should come back in 2022 as the firm seeks to allocate more resources to this area. On our new forecasts, FPIP’s share is trading at 21x ‘23e EV/EBIT.
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