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FormPipe Software AB (FPIP) fair value: what the stock is really worth

As of Jul 17, 2026: fair value of FormPipe Software AB SEK 12.70, price SEK 29.90, upside -57.5%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Information Technology · SE · ISIN SE0001338039

FS Thin data Sep 24, 2026

FormPipe Software AB

FPIP · ST

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 12.70 · Strongly overvalued (−57.5%)
!Quality 50/100
!Weak Growth (revenue 5y −9.7 %/yr)
✓Low debt · generates free cash flow
!Mixed vs. peers (7/13)
!Narrow moat 38/100
!Insider activity 42/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 42.49 kr 18.60 Fair Value kr 12.70 Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 18.60 – kr 42.49 · fair‑value band kr 8.38 – kr 15.88 · the kr 29.90 price screens above the kr 12.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Formpipe Software AB (publ) provides software and consulting services for capturing, managing, and distributing information in Sweden, Denmark, rest of Nordic countries, the United Kingdom, Germany, rest of Europe, North America, and internationally.

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Formpipe Software AB (publ) provides software and consulting services for capturing, managing, and distributing information in Sweden, Denmark, rest of Nordic countries, the United Kingdom, Germany, rest of Europe, North America, and internationally. The company offers products that are used to create, store, distribute, automate, relocate, archive, and manage information, data, and metadata. Its products include Lasernet that allows user to create and distribute documents for various ERP and bank; Autoform DM, a digital archive solution; Formpipe Cloud for document generation, delivery, and archiving through the cloud; Autoform DM for Dynamics 365; Lasernet for Business Central to create, manage, and distribute branded and formatted documentation; Lasernet for Document Input Management; Lasernet for Dynamics 365; Lasernet Vault365, a solution that supports data migration and Microsoft Dynamics 365 implementation; and X-docs, a SaaS-based quality management system solution. The company also provides Acarde, a case and document management platform; Adoxa, an application that automates scanning and deviation management; Long-Term Archive, a solution for long-term digital preservation; Meeting Management solutions; TAS for grants management platform; TAP, a business platform that supports and automates business processes; platform for document and cash management under the Platina and W3D3 names; Meetings Live to manage meetings; Meetings Plus, a digital meeting management solution; Portal Bas to design and publish e-services; Trustee Management solution; ATOM, a technical solution for municipalities' technical and environmental projects; and The Signing Portal, a solution for managing electronic signatures. It serves retail, manufacturing, banking, life sciences, and utilities, as well as municipalities and governments. Formpipe Software AB (publ) was incorporated in 2004 and is headquartered in Stockholm, Sweden.

Stock analysis

FormPipe Software AB (FPIP) currently trades at kr 29.90, while our model-based Fair Value estimate is kr 12.70, 57.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 12.21 per share, and 8 of the 22 models we run sit above the kr 29.90 price.

Bear case: the Earnings-Based group reads lowest at kr 1.59, and 14 of the 22 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 8.38 (bear) to kr 15.88 (bull), the price of kr 29.90 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (below-average quality), in the Information Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

FormPipe Software AB reported revenue of 242M SEK in FY2025 versus 473M SEK in FY2021, a compound −15.4%/yr. Reported net income was 495M SEK in FY2025, compounding +77.0%/yr from FY2021.

Key figures

Market cap 1.6B SEK (≈ $162M) · P/S ratio 6.58 · EPS (TTM) kr −0.8100 · Net margin 204% · Return on equity −6.6% · Return on assets (EBIT) 4.4% · Operating margin 19.0% · Revenue (TTM) 243M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 4% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Information Technology peers we cover trades at −58% fair-value upside, at −58%, FPIP screens cheaper than that median.

Fair Value models

Bear kr 8.38 Fair Value kr 12.70 Bull kr 15.88
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF kr 5.32 kr 6.65 kr 8.18 82
Growth DCF kr 5.39 kr 6.62 kr 7.97 80
Owner Earnings kr 68.98 kr 87.40 kr 108.57 78
All 22 models by family
DCF Models
FCF DCF kr 5.32 kr 6.65 kr 8.18 82
Owner Earnings kr 68.98 kr 87.40 kr 108.57 78
5Y Revenue Exit kr 3.87 kr 4.94 kr 6.21 74
5Y EBITDA Exit kr 6.81 kr 10.07 kr 13.68 75
5Y P/E Exit kr 93.33 kr 160.75 kr 227.81 70
10Y Revenue Exit kr 4.45 kr 5.43 kr 6.51 68
10Y EBITDA Exit kr 6.07 kr 8.36 kr 11.06 69
10Y P/E Exit kr 52.00 kr 94.47 kr 141.40 63
Earnings-Based
Graham-Dodd kr 62.45 kr 128.96 kr 162.84 66
EPV kr 1.46 kr 1.59 kr 1.70 74
Multiples
P/E Multiple kr 192.87 kr 257.16 kr 321.46 63
P/S Multiple kr 18.55 kr 24.73 kr 30.92 58
P/B Multiple kr 72.64 kr 96.85 kr 121.07 55
EV/EBIT kr 5.21 kr 6.82 kr 8.43 66
EV/EBITDA kr 9.25 kr 12.21 kr 15.17 67
EV/Revenue kr 2.81 kr 3.86 kr 4.91 54
Asset-Based
NCAV (Graham) kr 8.07 kr 10.82 kr 16.14 54
Growth DCF
Growth DCF kr 5.39 kr 6.62 kr 7.97 80
Rev-Margin DCF kr 3.87 kr 5.05 kr 6.34 74
Economic Profit
Residual Income kr 37.51 kr 44.68 kr 67.61 75
ROIC Compounder kr 1.46 kr 1.59 kr 1.70 72
Growth Earnings
Growth-Adj P/E kr 139.05 kr 198.64 kr 258.23 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 54 · Market factors (momentum, volatility) 59

Profitability 66
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 26
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 36/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−54.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−20.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.7%
Start year 2020 (pandemic). Over 10 years: −3.6% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+21.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.63.8% vs 38.7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 6%
2025 sits 2,795% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +13.2% a year for the price.

FPIP screens overvalued: fair value 58% below the price. Compare with B2BSOFT →

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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Application Software” was too small, so the broader sector is used.)Information Technology · 3469 stocks

Beats the sector median on 6/11 measures
A mixed picture versus its sector peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −57.5% · Below median
Profitability
Return on assets 1.7% · Below median
Operating margin (TTM) 19.0% · Top 25%
Growth and dividend
Revenue growth −0.2% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiplesvs Information Technology median · lower = cheaper

P/B 0.19× · Cheapest 25%
P/S (TTM) 0.66× · Cheaper than median
P/FCF 4.7× · Cheapest 25%
EV/EBITDA 3.1× · Cheapest 25%
PEG 1.07× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 4
FUTURE (revenue growth)0 · sector 50
PAST (return on equity)0 · sector 27
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 28

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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FIRSTFIN FIRSTFIN ₹11.96 ₹2.67 −78%
VALIANT VALIANT ₹1,686 ₹713.70 −58%
BLUECLOUDS BLUECLOUDS ₹19.90 ₹13.21 −34%
CEINSYSTECH CEINSYSTECH ₹652.85 ₹586.06 −10%
VOEPL VOEPL ₹492.00 ₹87.74 −82%
SOFTSOL SOFTSOL ₹165.40 ₹34.97 −79%
ITCONS ITCONS ₹282.15 ₹104.00 −63%

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FormPipe Software AB · Fair Value
kr 12.70 −58%Fair Value
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Cite: Fair Value Calculator (2026). "FormPipe Software AB Fair Value". https://www.fairvalue-calculator.com/stock/FPIP

Frequently asked questions

Is FormPipe Software AB (FPIP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 12.70 versus the last price from Jul 17, 2026 of kr 29.90, about −58% upside (overvalued).
What is the fair value of FPIP?
Our model-based fair value for FormPipe Software AB is kr 12.70 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 17, 2026): kr 29.90.
What is the quality score of FPIP?
FormPipe Software AB has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FormPipe Software AB (FPIP)?
Our model-based price target is the fair value of kr 12.70 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario kr 8.38, optimistic scenario kr 15.88. It is a calculation from audited fundamentals, not an analyst target.
What is the FormPipe Software AB stock forecast for 2026?
Our models put fair value at kr 12.70, about −58% upside versus the last price from Jul 17, 2026 of kr 29.90 (overvalued). Cautious scenario kr 8.38, optimistic scenario kr 15.88. The calculation is refreshed regularly with new filings.
What is the revenue of FormPipe Software AB (FPIP)?
FormPipe Software AB reported trailing-twelve-month revenue of about 243M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into FormPipe Software AB (FPIP)?
For today's price to be fair in a discounted-cash-flow model, FormPipe Software AB would have to grow free cash flow by +15.4 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FPIP use?
Our models discount FormPipe Software AB at 11.0 %: a base by market capitalisation (micro), damped by beta 0.51, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FormPipe Software AB that is +15.4 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has FormPipe Software AB (FPIP) delivered so far?
Over the past 5 years revenue at FormPipe Software AB grew -9.7 % a year. The price currently implies +15.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FormPipe Software AB (FPIP) growing?
The median revenue growth in the sector is +10.0 % a year. That is the yardstick for the growth priced into FormPipe Software AB (+15.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FormPipe Software AB (FPIP)?
The free-cash-flow yield on the price is 2.14 %: that much free cash flow FormPipe Software AB produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FormPipe Software AB (FPIP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FormPipe Software AB it is kr 12.70 per share (as of Sep 24, 2026), against a price of kr 29.90. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is FormPipe Software AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FPIP trades above its calculated fair value: price kr 29.90, fair value kr 12.70, a gap of about −58% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FPIP?
No. The price is what the market pays today (kr 29.90); the fair value is what the company's own numbers justify (kr 12.70). For FormPipe Software AB the two are kr 17.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is FormPipe Software AB worth?
The market values FormPipe Software AB at about 1.6B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 29.90; our models calculate a fair value of kr 12.70 per share.
What do the bullish and bearish scenarios say about FPIP?
Our models span a range for FormPipe Software AB: cautious scenario kr 8.38, base kr 12.70, optimistic kr 15.88 per share (as of Sep 24, 2026, price kr 29.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of FPIP?
The PEG ratio of FormPipe Software AB is 1.07 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of FormPipe Software AB (FPIP)?
Balance-sheet figures for FormPipe Software AB (as of Sep 24, 2026): return on equity −6.6%. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is FPIP from its 52-week high?
FormPipe Software AB trades at kr 29.90, about 4% below its 52-week high of kr 31.29 and 61% above the low of kr 18.60 (as of Jul 17, 2026). Distance from the high says nothing about value: that is what the fair value of kr 12.70 is for.
Which stocks are comparable to FormPipe Software AB?
From the same area (Information Technology) we also value B2BSOFT, SCANPGEOM, ERPSOFT, FIRSTFIN, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FormPipe Software AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 29.90, calculated fair value kr 12.70 (−58%), Quality Score 50/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FPIP calculated?
We run FormPipe Software AB through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 12.70, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. FormPipe Software AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FormPipe Software AB (FPIP)?
The latest price we hold is from Jul 17, 2026 and stands at kr 29.90. Our model-based fair value is kr 12.70, about −58% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FormPipe Software AB right now?
The price sits above even our optimistic bull case (kr 15.88). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 8.38 to kr 15.88) leaves room in how you read the outcome.
Where does the earnings growth of FormPipe Software AB (FPIP) come from?
Earnings per share at FormPipe Software AB grew +27.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.3 %, EBIT margin −1.5 %, tax rate +2.7 %, residual (interest, one-offs) +24.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of FormPipe Software AB

How large is the market capitalisation of FormPipe Software AB (FPIP)?
The market capitalisation of FormPipe Software AB is 1.6B SEK (≈ $162M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FormPipe Software AB (FPIP)?
The price-to-sales ratio of FormPipe Software AB is 6.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FormPipe Software AB (FPIP)?
Earnings per share at FormPipe Software AB are kr −0.8100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of FormPipe Software AB (FPIP)?
The net margin of FormPipe Software AB is 204% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FormPipe Software AB (FPIP)?
The return on equity (ROE) of FormPipe Software AB is −6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FormPipe Software AB (FPIP)?
On an EBIT basis the return on assets of FormPipe Software AB is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FormPipe Software AB (FPIP)?
The operating margin of FormPipe Software AB is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FormPipe Software AB (FPIP)?
Revenue at FormPipe Software AB is growing −0.2% versus a year earlier (3y avg −20.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FormPipe Software AB (FPIP)?
Earnings per share at FormPipe Software AB are growing +28.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does FormPipe Software AB (FPIP) hold?
FormPipe Software AB holds more cash than debt, 18.0M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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