Buy Or Sell Opportunity • May 04
Now 34% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to kr18.60. The fair value is estimated to be kr28.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 02
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: kr0.12 (up from kr0.094 in 1Q 2025). Revenue: kr61.1m (down 56% from 1Q 2025). Net income: kr6.54m (up 28% from 1Q 2025). Profit margin: 11% (up from 3.6% in 1Q 2025). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Software industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Formpipe Software AB (Publ) Approves No Dividend for the Financial Year 2025 Formpipe Software AB (publ) at its Annual General Meeting held on April 29, 2026, approved that the results for the financial year shall be carried forward and that no dividend shall be paid for the financial year 2025. Announcement • Mar 30
Formpipe Software AB (publ), Annual General Meeting, Apr 29, 2026 Formpipe Software AB (publ), Annual General Meeting, Apr 29, 2026, at 17:00 W. Europe Standard Time. Location: companys premises at sveavagen 168, stockholm Sweden Announcement • Mar 17
Lasernet Group Announces New Brand Identity Lasernet Group (previously Formpipe Software AB) announced the launch of its new brand identity, marking a new chapter for the company as it moves forward under the Lasernet Group name. The new branding places the document at the centre of the company's visual identity, reflecting the central role documents play in every business. The redesigned logo highlights the document as a central element, symbolising Lasernet's mission to help organizations capture, organise, and deliver information to their customers. Like the platform, the broader brand identity is intentionally flexible, allowing the company to adapt visual elements such as colours, orientations, and layouts depending on how information needs to be presented. The brand also introduces Laser Red as its signature colour, complemented by a range of secondary colours designed to add contrast, dimension, and versatility across digital and print applications. While the visual identity is new, Lasernet's core mission remains unchanged: helping organizations manage documents efficiently, reliably, and at scale. Customers across industries rely on the Lasernet platform to build and optimise global document programs, often maintaining long-term partnerships as their document needs grow. More information about the new Lasernet brand can be found here: text-decoration:underlinehttps://www.lasernetgroup.com/about-us/brand-identity. Per previous announcements, the legal entity will continue as 'Formpipe Software AB' until after the April AGM meeting where it is intended to formally change the legal name to 'Lasernet Group AB'. This is a translation of the original Swedish version. In the event of any discrepancies between the two versions, the original Swedish version shall take precedence. Announcement • Mar 05
Formpipe Software AB (publ) (OM:FPIP) commences an Equity Buyback Plan, under the authorization approved on April 29, 2025. Formpipe Software AB (publ) (OM:FPIP) commences share repurchases on February 23, 2026, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2025. As per the mandate, the company is authorized it own shares representing 10% of its issued share capital. The minimum and maximum amounts that can be paid per share shall be NOK 25 and NOK 110, respectively. The purpose of the authorization is to enable the Board to adjust and improve the capital structure of the Company in order to create increased shareholder value and to dispose of shares in connection with financing of any company and business acquisitions by paying all or part of the purchase price with the Company's treasury shares. The payment shall be made in cash. The authorization is valid until the next AGM, on one or more occasions, to resolve to acquire and/or dispose the Company's shares on the following principal conditions. Price Target Changed • Feb 24
Price target decreased by 8.6% to kr32.00 Down from kr35.00, the current price target is provided by 1 analyst. New target price is 33% above last closing price of kr24.10. Stock is down 6.2% over the past year. The company is forecast to post earnings per share of kr0.48 next year compared to a net loss per share of kr1.15 last year. New Risk • Feb 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Dividend per share is over 12x cash flows per share. Dividend yield: 59% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 22
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: kr1.15 loss per share (down from kr0.32 profit in FY 2024). Revenue: kr243.3m (down 54% from FY 2024). Net loss: kr62.6m (down 466% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Software industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 21
Chief Financial Officer recently bought kr187k worth of stock On the 16th of December, Sophie Reinius bought around 7k shares on-market at roughly kr26.67 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Sophie's only on-market trade for the last 12 months. New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Profit margins are more than 30% lower than last year (0.9% net profit margin). Major Estimate Revision • Nov 28
Consensus EPS estimates increase from loss to kr0.05 profit The consensus outlook for fiscal year 2025 has been updated. Forecast profits in 2025 with EPS up from -kr0.10 to kr0.05 per share. Revenue forecast unchanged from last update at kr240.5m. Software industry in Sweden expected to see average net income growth of 29% next year. Consensus price target of kr35.00 unchanged from last update. Share price was steady at kr27.20 over the past week. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: kr0.21 (vs kr0.07 in 3Q 2024) Third quarter 2025 results: EPS: kr0.21 (up from kr0.07 in 3Q 2024). Revenue: kr60.9m (down 53% from 3Q 2024). Net income: kr11.4m (up 198% from 3Q 2024). Profit margin: 19% (up from 2.9% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 9.7% p.a. on average during the next 3 years, while revenues in the Software industry in Sweden are expected to grow by 8.4%. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Major Estimate Revision • Aug 26
Consensus revenue estimates fall by 58% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr565.6m to kr238.0m. Forecast loss of -kr0.10, down from profit of kr1.15 per share profit previously. Software industry in Sweden expected to see average net income growth of 27% next year. Consensus price target up from kr34.00 to kr35.00. Share price fell 2.8% to kr28.00 over the past week. Reported Earnings • Aug 19
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: kr0.009 (down from kr0.15 in 2Q 2024). Revenue: kr140.5m (up 5.8% from 2Q 2024). Net income: kr490.0k (down 94% from 2Q 2024). Profit margin: 0.3% (down from 6.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 96%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 19
Formpipe Software AB (publ) to Report Nine Months, 2025 Results on Nov 19, 2025 Formpipe Software AB (publ) announced that they will report nine months, 2025 results on Nov 19, 2025 Announcement • Aug 18
STG agreed to acquire Public Sector business area of Formpipe Software AB from Formpipe Software AB (publ) (OM:FPIP) for SEK 850 million. STG agreed to acquire Public Sector business area of Formpipe Software AB from Formpipe Software AB (publ) (OM:FPIP) for SEK 850 million on August 18, 2025. As part of consideration, the purchase price for Formpipe Public is up to SEK 850 million on a cash free and debt free basis. At closing, SEK 775 million will be paid in cash (subject to net debt and working capital adjustments) and SEK 50 million will be paid through the issuance of a loan note payable in 2029 with a compounding interest of 4.25% per annum and subject to certain potential deductions based on certain metrics related to the separation process. The Purchaser has also undertaken to pay an additional purchase price of SEK 25 million if STG achieves a certain return on its investment. The Transaction will be affected through a sale of Formpipe’s newly established subsidiary Formpipe Sverige AB, to which Formpipe Public, including the Danish subsidiary Formpipe Software A/S and the Formpipe brand, will be transferred prior to completion of the Transaction. Following the completion of the Transaction, the Board intends to propose a distribution of a substantial portion of the proceeds from the Transaction to the Company’s shareholders. The Board will evaluate the most efficient and practically feasible way for such distribution. The Board intends to retain a part of the proceeds from the Transaction, to be reinvested in Lasernet. The Company will continue operating as a listed company. Following completion of the Transaction, the Company will continue to use the Formpipe brand during an interim period, after which the Company will be rebranded.
For the period ending December 31, 2024, Public Sector business area of Formpipe Software AB reported total revenue of SEK 306 million and EBITDA of SEK 46 million.
The Transaction will be completed upon the receipt of necessary clearances or approvals from relevant authorities under the foreign direct investment regimes in Sweden and Denmark, approval by the Company’s shareholders at the EGM, 90% of the contracted revenue stemming from Formpipe Public’s customers in Sweden agree to be transferred to Formpipe Sverige AB, and the completion of necessary separation steps. The Board will convene an EGM to be held on or around 17 September 2025 to obtain shareholder approval, through simple majority, as a condition to completion of the Transaction. A notice to the EGM, including instructions for attending the EGM, will be issued through a separate press release in due time before the EGM. Closing is expected to take place in Q4 2025, subject to the timing of regulatory clearances or approvals.
ABG Sundal Collier AB acted as financial advisor for Formpipe Software AB. Cirio Advokatbyrå Ab acted as legal advisor for Formpipe Software AB. Daniel Gendron, Viktor Okasmaa and Timothy Sawyer of Willkie Farr & Gallagher LLP advised STG on the financing aspects. Declared Dividend • May 08
Dividend of kr0.25 announced Shareholders will receive a dividend of kr0.25. Ex-date: 31st October 2025 Payment date: 6th November 2025 Dividend yield will be 1.8%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control. EPS is expected to grow by 155% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: kr0.094 (up from kr0.033 in 1Q 2024). Revenue: kr139.7m (up 12% from 1Q 2024). Net income: kr5.09m (up 188% from 1Q 2024). Profit margin: 3.6% (up from 1.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 23
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 07 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.9%. Lower than top quartile of Swedish dividend payers (4.1%). In line with average of industry peers (2.1%). Recent Insider Transactions • Apr 01
Chief Executive Officer recently bought kr513k worth of stock On the 28th of March, Magnus Svenningson bought around 20k shares on-market at roughly kr25.92 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Magnus' only on-market trade for the last 12 months. Declared Dividend • Mar 26
Final dividend of kr0.25 announced Dividend of kr0.25 is the same as last year. Ex-date: 30th April 2025 Payment date: 7th May 2025 Dividend yield will be 1.9%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is not covered by earnings (159% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 76% to bring the payout ratio under control. EPS is expected to grow by 208% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 25
Formpipe Software AB (publ), Annual General Meeting, Apr 29, 2025 Formpipe Software AB (publ), Annual General Meeting, Apr 29, 2025, at 17:00 W. Europe Standard Time. Location: at the companys premises, at sveavagen 168, stockholm Sweden Announcement • Mar 24
Formpipe Software AB (Publ) Announces Peter Gille Declines Re-Election for the Board of Directors Formpipe Software AB (publ) announced that Peter Gille declined re-election for the board of directors, to the upcoming AGM to be held on 29 April 2025. Price Target Changed • Feb 18
Price target increased by 9.7% to kr34.00 Up from kr31.00, the current price target is provided by 1 analyst. New target price is 31% above last closing price of kr26.00. Stock is down 12% over the past year. The company is forecast to post earnings per share of kr1.18 for next year compared to kr0.32 last year. New Risk • Feb 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 7.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • Feb 08
Lina Elo Leaves as Chief People Officer of Formpipe Software AB (publ) At the End of the First Quarter of 2025 Formpipe Software AB (publ) announced CPO (Chief People Officer) Lina Elo has decided to leave her position at the company at the end of the first quarter of 2025. Lina has worked at the company since its inception 2004 years and has been part of the executive management team for most of that time. A recruitment process is underway to appoint a successor. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to kr28.20, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 16x in the Software industry in Sweden. Total loss to shareholders of 26% over the past three years. Recent Insider Transactions • Dec 13
Independent Director recently bought kr61k worth of stock On the 10th of December, Johan Stakeberg bought around 3k shares on-market at roughly kr23.99 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr490k. Insiders have collectively bought kr144m more in shares than they have sold in the last 12 months. Announcement • Nov 08
Formpipe Software AB (publ) to Report Q4, 2024 Results on Jan 14, 2025 Formpipe Software AB (publ) announced that they will report Q4, 2024 results at 8:15 AM, Central European Standard Time on Jan 14, 2025 Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr533.5m to kr527.0m. EPS estimate also fell from kr0.72 per share to kr0.62 per share. Net income forecast to grow 75% next year vs 42% growth forecast for Software industry in Sweden. Consensus price target reaffirmed at kr31.00. Share price was steady at kr25.50 over the past week. Upcoming Dividend • Oct 30
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 06 November 2024. Payment date: 12 November 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Swedish dividend payers (4.5%). Higher than average of industry peers (0.7%). Price Target Changed • Oct 27
Price target decreased by 27% to kr23.40 Down from kr32.00, the current price target is provided by 1 analyst. New target price is 7.9% below last closing price of kr25.40. Stock is up 6.7% over the past year. The company is forecast to post earnings per share of kr0.72 for next year compared to kr0.68 last year. Reported Earnings • Oct 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: kr0.07 (down from kr0.25 in 3Q 2023). Revenue: kr130.0m (flat on 3Q 2023). Net income: kr3.80m (down 72% from 3Q 2023). Profit margin: 2.9% (down from 11% in 3Q 2023). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 69%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. Announcement • Oct 10
Formpipe Software AB (publ) Announces Nomination Committee Formpipe Software AB (publ) In accordance with the decision at Formpipe Software's Annual General Meeting on April 25, 2024, the Chairman, Annikki Schaeferdiek, has called together the Nomination Committee. After consultation with the company's, as of September 30, 2024, largest shareholder in terms of votes, the Nomination Committee consists of the following members: Emil Hjalmarsson become Chairman of the Nomination Committee representing Aktiebolag Grenspecialisten, Joshua Braden, representing Mission Trail, Petter Mattsson, representing Alcur,Mathias Nimlin, representing Martin Bjäringer, Annikki Schaeferdiek, Chairman Formpipe Software AB. The Nomination Committee will prepare proposals for the 2025 Annual General Meeting regarding, among other things, the Chairman of the Annual General Meeting, Board members, Chairman of the Board, the Board's remuneration, auditors, auditors' fees, the composition of the Nomination Committee and tasks for the 2026 Annual General Meeting. Announcement • Oct 07
Formpipe Appoints Sophie Reinius as Chief Financial Office, Effective October 21 Formpipe appoints Sophie Reinius as CFO. Sophie Reinius strengthens Formpipe's Group Management as new CFO as of October 21. Sophie Reinius brings with her over 20 years of experience from large international technology companies, where she has held senior positions. Most recently, she comes from the role as CFO at Arelion, before that she was CFO at Coromatic and Net4Mobility. She has also held roles as controller at Microsoft in Sweden, controller for the Nordic region and operations manager for Sweden within Philips Home Healthcare and before that at Schneider Electric as group controller for the Nordic and Baltic countries. In addition, she is on the board of Scandinavian Data Centers. Sophie Reinius holds a bachelor's degree in finance and a law degree from Stockholm University. Sophie Reinius will start on October 21 and will walk in parallel with former CFO Joakim Alfredson for the handover. She reports to Formpipe's President and CEO Magnus Svenningson. Recent Insider Transactions • Sep 23
Independent Director recently bought kr243k worth of stock On the 20th of September, Johan Stakeberg bought around 10k shares on-market at roughly kr25.00 per share. This transaction increased Johan's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr144m more in shares than they have sold in the last 12 months. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr539.7m to kr533.5m. EPS estimate also fell from kr0.835 per share to kr0.72 per share. Net income forecast to grow 42% next year vs 58% growth forecast for Software industry in Sweden. Consensus price target down from kr32.00 to kr31.00. Share price was steady at kr25.50 over the past week. Reported Earnings • Jul 14
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: kr0.15 (up from kr0.085 in 2Q 2023). Revenue: kr132.7m (down 3.4% from 2Q 2023). Net income: kr8.32m (up 80% from 2Q 2023). Profit margin: 6.3% (up from 3.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
Formpipe Software AB (publ) Announces Resignation of Joakim Alfredson as Chief Financial Officer Formpipe Software AB (publ) announced chief financial officer Joakim Alfredson will leave his position and the company at the end of the first quarter 2025. Mr. Alfredson has been with the company for 17 years and has been a member of the Group Management. Major Estimate Revision • May 02
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr557.0m to kr539.7m. EPS estimate also fell from kr1.09 per share to kr0.835 per share. Net income forecast to grow 56% next year vs 44% growth forecast for Software industry in Sweden. Consensus price target down from kr33.00 to kr32.00. Share price fell 3.4% to kr28.00 over the past week. Recent Insider Transactions • May 01
Independent Director recently bought kr144m worth of stock On the 26th of April, Martin Bjaringer bought around 5m shares on-market at roughly kr28.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr144m more in shares than they have sold in the last 12 months. Announcement • Apr 27
Formpipe Software AB (publ) Approves Dividend for the Financial Year 2023 Formpipe Software AB (publ) at its Annual General Meeting 2024, resolved, in accordance with the Board of Directors' proposal, that SEK 0.50 per share shall be paid in dividend to the shareholders for the financial year 2023, divided over two payment occasions, and that the record date for the first payment of SEK 0.25 shall be 29 April 2024, and the record day for the second payment of SEK 0.25 shall be 7 November 2024. Payment of the dividends is expected to be distributed by Euroclear Sweden AB three banking days after respective record date. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr0.033 (vs kr0.09 in 1Q 2023) First quarter 2024 results: EPS: kr0.033 (down from kr0.09 in 1Q 2023). Revenue: kr125.3m (down 1.8% from 1Q 2023). Net income: kr1.77m (down 64% from 1Q 2023). Profit margin: 1.4% (down from 3.8% in 1Q 2023). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 19
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 03 May 2024. Trailing yield: 1.7%. Lower than top quartile of Swedish dividend payers (4.4%). Higher than average of industry peers (0.7%). Announcement • Mar 22
Formpipe Software AB (Publ) Proposes Dividend for the Financial Year 2023 Formpipe Software AB (publ)'s Board proposed that the AGM resolves that SEK 0.50 per share is to be paid in dividend to the shareholders for the financial year 2023, divided over two payment occasions. The record date for the first payment of SEK 0.25 per share is proposed to be 29 April 2024, and the record day for the second payment of SEK 0.25 per share is proposed to be 7 November 2024. If the AGM resolves in accordance with the proposal, the dividend is expected to be distributed by Euroclear Sweden AB three banking days after respective record date. Reported Earnings • Feb 18
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr0.68 (up from kr0.16 in FY 2022). Revenue: kr525.2m (up 8.3% from FY 2022). Net income: kr36.9m (up 321% from FY 2022). Profit margin: 7.0% (up from 1.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Jan 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Jul 14
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: kr0.085 (up from kr0.015 loss in 2Q 2022). Revenue: kr137.5m (up 15% from 2Q 2022). Net income: kr4.62m (up kr5.43m from 2Q 2022). Profit margin: 3.4% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 29
Director recently bought kr88k worth of stock On the 26th of May, Johan Stakeberg bought around 4k shares on-market at roughly kr24.70 per share. This transaction increased Johan's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr290k more in shares than they have sold in the last 12 months. Announcement • May 25
Formpipe Appoints Magnus Svenningson as New CEO, Effective August 1, 2023 Magnus Svenningson takes office as the new CEO of Formpipe on August 1, 2023. Magnus most recently comes from the role of CEO of Primekey and has a broad experience from the software industry, both in private and public sector. Magnus has been CEO of the cyber security company Primekey Solutions AB from 2016 until it was sold to Insight Partners' portfolio company Keyfactor in 2022. After that he was Chief Strategy Officer for Keyfactor and worked on integrating the two global organizations. He has been a board member of the IT security company Verisec International since 2022. Prior to that, he has held leading roles in technology-intensive companies, including as CEO of Speed Identity AB and sales roles within Ericsson and Hewlett Packard. Magnus Svenningson takes over as CEO of Formpipe on August 1, 2023. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: kr0.09 (up from kr0.021 in 1Q 2022). Revenue: kr127.6m (up 6.1% from 1Q 2022). Net income: kr4.86m (up 331% from 1Q 2022). Profit margin: 3.8% (up from 0.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 20
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from kr539.5m to kr553.0m. EPS estimate increased from kr0.69 to kr0.78 per share. Net income forecast to grow 123% next year vs 45% growth forecast for Software industry in Sweden. Consensus price target of kr33.00 unchanged from last update. Share price rose 6.4% to kr25.00 over the past week. Reported Earnings • Feb 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr0.16 (down from kr0.94 in FY 2021). Revenue: kr485.1m (up 2.5% from FY 2021). Net income: kr8.76m (down 83% from FY 2021). Profit margin: 1.8% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 39%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 03
Formpipe Software AB (publ) Announces Board Changes Formpipe Software AB (publ) announced effective February 2, 2023, Emil Hjalmarsson will replace Erik Ivarsson as representative for Grenspecialisten in the company's nomination committee. The Nomination Committee now consists of the following members: Marika Svärdström remain Chairman of the Nomination Committee; Emil Hjalmarsson representing Grenspecialisten AB; Celia Grip representing Swedbank Robur Microcap; Annikki Schaeferdiek, Chairman Formpipe Software AB. Buying Opportunity • Jan 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be kr28.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has declined by 6.0%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings is also forecast to grow by 58% per annum over the same time period. Announcement • Jan 26
Formpipe Software AB (Publ) Announces Resignation of Christian Sundin as CEO Formpipe Software AB (publ) announced that Christian Sundin will leave as CEO of Formpipe Software AB (publ). The board has started a recruitment process and until a new CEO is appointed, Christian Sundin will continue in the role to ensure a smooth succession. Price Target Changed • Nov 16
Price target decreased to kr33.00 Down from kr38.00, the current price target is provided by 1 analyst. New target price is 40% above last closing price of kr23.55. Stock is down 28% over the past year. The company is forecast to post earnings per share of kr0.12 for next year compared to kr0.94 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: kr0.063 (down from kr0.23 in 3Q 2021). Revenue: kr117.4m (up 10% from 3Q 2021). Net income: kr3.40m (down 72% from 3Q 2021). Profit margin: 2.9% (down from 12% in 3Q 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Major Estimate Revision • Oct 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr0.25 to kr0.18 per share. Revenue forecast steady at kr489.5m. Net income forecast to grow 3.1% next year vs 29% growth forecast for Software industry in Sweden. Consensus price target of kr38.00 unchanged from last update. Share price fell 6.0% to kr22.00 over the past week. 