* Strong margins (19% adj. EBIT margin), improved ACV * We raise '26e/'27e/'28e EBIT by 20%/6%/5% on lower costs * Positive margin trajector...
* +9% organic growth y-o-y, +1% vs. ABGSCe * 19% adj.
* Weak ACV, but good margins * We lower our sales assumptions, but raise '26e-'27e EBIT margins * 1.
Redeye retains its positive view of Formpipe following a mixed Q4 report, which showed strong profitability but weak growth.
* +7% organic growth y-o-y, -1% vs. ABGSCe * 13% adj.
Redeye comments on Formpipe’s Q4 report, which shows weak ACV but solid profitability.
Redeye retains its positive take on Formpipe following the finalisation of the Public divestment and cost cuts.
* Public divestment completed (EV SEK 850m)... * ..
* Encouraging ACV growth and margins * Small sales revisions, but '26e-'27e EBIT up 29-28% on lower costs * 2.
Redeye strengthens its positive view of Formpipe following the Q3 report, showing a rebound in ACV and encouraging cost control.
* Lasernet +13% organic growth y-o-y, +2% vs. ABGSCe * 13% adj.
Redeye comments on Formpipe’s Q3, showing ARR growth and EBITDA-CAPEX in line with our expectations.
* We update our model after the announced divestment of Public * Extraordinary dividend on the cards; growth rates to improve * Lasernet tra...
Redeye strengthens its positive view of Formpipe following the Q2 report.
Redeye comments on Formpipe’s Q2 report, showing a relatively soft Lasernet ACV and somewhat higher OPEX than expected.
Redeye takes a positive view of the divestment of Public, making Formpipe a clear and scalable SaaS business targeting a global market.
Redeye strengthens its positive view of Formpipe following the Q1 report.
Q1 sales +11% y-o-y coupled with improving margins We cut '25e-'26e adj.
Sales +11% y-o-y, in line with ABGSCe 5% adj. EBIT beat, 9% adj.
Redeye comments on Formpipe’s Q1 report showing an ACV and EBITDA – CAPEX roughly matching our expectations.
Weaker Q4 than we expected, on higher opex, but ACV was strong We cut '25e-'26e adj.
Redeye strengthens its positive view of Formpipe following the Q4 report.
EBIT in line with preliminary figures, sales slightly above Formpipe has taken measures to enhance margins Cons.
Redeye comments on Formpipe’s Q4, with a soft adjusted EBIT as previously announced.
Redeye comments on the preliminary Q4 figures from Formpipe.
Redeye provides its Q3 2024 update for the Swedish Quality Microcap theme.
Q3 slightly slower than expected, partly due to discontinued product We cut '24e-'26e adj.
Redeye keeps its Base Case despite cutting its 2024-2025 EBIT forecasts following a Q3 report with somewhat soft numbers.
Redeye sees a stable Q3 from Formpipe, with sales and adjusted EBIT roughly matching our expectations.
- Q2 sales impacted by lower Public DK deliveries – again - We cut '24e-'26e EBIT by 12-5% on lower sales assumptions - Slowdown in margin p...
Redeye reduces its Base Case slightly despite cutting its 2024-2025 EBIT forecasts following a mixed Q2 report.
Redeye sees an overall solid report, with the rebound in ACV being the highlight.
Softer Q1 than expected, but with solid progress for Private We cut '24e-'26e EBIT by 22-6% on lower sales and higher opex Slowdown in margi...
Redeye reduces its Base Case slightly despite cutting its 2024-2025 EBIT forecasts following a soft Q1 report.
Redeye sees a softer Q1 report than expected. Sales, EBIT, and the forward-looking ACV were softer than expected.
Redeye retains its Base Case despite cutting its short-term EBIT forecasts slightly.
Good ending to 2023 with strong margin improvements We lift '24e-'25e EBIT by 9-5% on lower opex Share is trading at 23x and 15x '24e and '2...
Redeye retains its positive view of Formpipe following a Q4 report largely matching our expectations.
Sales +7% y-o-y, +1% vs. ABGSCe 12.7% adj. EBIT margin (vs.
Redeye retains its positive view of Formpipe following a Q4 matching our forecasts.
Early Signs of Improved Momentum in Private.
Solid Q3 report – margins continue to improve We make small revisions to '24e-'25e EBIT Share is trading at 23x-15x '24e-'25e EV/EBIT 6% sa...
Sales +5% y-o-y, -6% vs. ABGSCe on lower delivery sales 11% adj.
Redeye sees a Q3 report with solid ACV numbers, but with sales and EBIT hurt by lower Deliveries in Public DK than we expected.
• Better-than-expected Q2 report, mainly driven by Public DK • We raise our EBIT estimates on lower costs • We continue to see improved marg...
Redeye retains its positive view of Formpipe following a Q2 report largely matching our expectations.
Redeye retains its positive view of Formpipe following a solid Q2, largely matching our forecasts.
Q2 report due on Friday 14 July Estimates fine-tuned Q2e EBIT margin of 6.
Magnus Svenningson will take the helm on 1 Aug Software experience: both from public and private sector We expect focus to remain on Private...
3% sales miss, but better underlying profits than expected '23e-'25e EBIT down 12-5% on lower sales and higher D&A Key peer for Private (Sig...
Redeye retains its positive view of Formpipe following a solid Q1 report with robust ACV and early signs of the expected margin increases.
Sales +6% y-o-y, -3% vs. ABGSCe 6% EBIT margin (3% in Q1'22), supported by slowdown in opex Cons.
Redeye will likely keep its Base Case and forecasts largely unchanged following a solid Q1 report with ACV in line with expectations.
Temenos' SaaS sales grew 32% in 2022 Earlier this week, Formpipe's banking platform partner, Temenos, reported its Q4 numbers and hosted a c...
Another quarter with poor margins... ...but recent slowdown in opex bodes well for '23e margins 21x '24e EV/EBIT, '21-'25e sales CAGR of 11%...
Redeye strengthens its positive view of Formpipe following the solid Q4 report showing a record-high ACV.
Redeye retains its positive view of Formpipe following robust preliminary Q4 figures.
Preliminary Q4 sales in line with ABGSCe, EBIT slightly above CEO Christian Sundin leaves after 16 years at helm Expect modest revisions for...
Redeye retains its positive view of Formpipe despite lowering its forecasts and Base Case.
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 T...
Sales +10% y-o-y, but -2% vs. ABGSCe Margin suffering from Public DK reporting sales -8% y-o-y Expect cons.
Redeye believes Formpipe’s Q3 was on the softer side due to the lower-than-expected ACV, following postponed investments in the banking sect...
Q3 report due on Thursday, 27 October Negative EBIT revisions on more cautious sales ests.
Redeye retains its positive view on Formpipe following a solid Q2 report with strong ACV and positive signs in Public SE.
4% sales miss, mainly due to lower license sales We cut our EBIT estimates on higher costs We continue to see strong growth prospects Better...
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...
Redeye retains its positive view of Formpipe. While the headline numbers look weak at first glance, ACV was strong, and the initiatives in P...
Redeye retains its positive view of Formpipe following its deliveries deal with Malmö Stad.
Redeye retains its positive view on Formpipe despite forecasting zero margins in 2022.
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 ...
