Coverage

Vitec

Vitec

SEKm 2021 2022e 2023e
Sales 1571 1778 1843
Sales growth (%) 19.7 13.1 3.7
EBITDA 569 665 698
EBITDA margin (%) 36.2 37.4 37.9
EBIT adj 298 353 374
EBIT adj margin (%) 18.9 19.9 20.3
Pretax profit 262 320 349
EPS rep 5.91 7 7.6
EPS growth (%) 21.7 18.6 8.5
EPS adj 10.38 12.01 12.49
DPS 2 2.33 2.53
EV/EBITDA (x) 35.6 26 24.4
EV/EBIT adj (x) 68.1 48.9 45.6
P/E (x) 94.3 66.7 61.4
P/E adj (x) 53.7 38.9 37.4
EV/sales (x) 12.9 9.7 9.2
FCF yield (%) -5.2 1.4 2.1
Dividend yield (%) 0.4 0.5 0.5
Net IB debt/EBITDA 1.3 0.8 0.5
Lease adj. FCF yield (%) -5.5 1.2 1.8
Lease adj. ND/EBITDA 1.2 0.7 0.3
SEKm 2021 2022e 2023e
Sales 1571 1778 1843
COGS 0 0 0
Gross profit 1571 1778 1843
Other operating items -1003 -1113 -1145
EBITDA 569 665 698
Depreciation on tangibles -50 -59 -48
Depreciation on intangibles -75 -80 -92
EBITA 425 509 539
Goodwill impairment charges 0 0 0
Other impairment and amortisation -109 -131 -137
EBIT 283 342 369
Other financial items 0 0 0
Net financial items -21 -21 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 262 320 349
Tax -55 -70 -77
Net profit 207 251 272
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 207 251 272
EPS 5.91 7 7.6
EPS Adj 10.38 12.01 12.49
Total extraordinary items after tax -14.6 -11.5 -5
Tax rate (%) -21 -21.8 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 36.2 37.4 37.9
EBITA margin (%) 27.1 28.7 29.2
EBIT margin (%) 18 19.2 20
Pretax margin (%) 16.7 18 18.9
Net margin (%) 13.2 14.1 14.8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 19.7 13.1 3.7
EBITDA growth (%) 24.5 16.9 4.9
EBIT growth (%) 27.4 20.7 7.8
Net profit growth (%) 28.7 21 8.5
EPS growth (%) 21.7 18.6 8.5
Profitability 2021 2022 2023
ROE (%) 14.6 12 12
ROE Adj (%) 25.7 20.6 19.7
ROCE (%) 13.1 11.6 11.8
ROCE Adj(%) 20.4 17.7 17.4
ROIC (%) 9.9 8.9 9.6
ROIC Adj (%) 10.4 9.1 9.7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 583 676 703
EBITDA Adj margin (%) 37.1 38 38.1
EBITA Adj 440 521 544
EBITA Adj margin (%) 28 29.3 29.5
EBIT Adj 298 353 374
EBIT Adj margin (%) 18.9 19.9 20.3
Pretax profit Adj 419 500 524
Net profit Adj 364 430 447
Net profit to shareholders Adj 364 430 447
Net Adj margin (%) 23.1 24.2 24.3
Depreciation and amortisation -143 -155 -159
Of which leasing depreciation -47 -47 -50
EO items -15 -11 -5
Impairment and PPA amortisation -142 -168 -170
EBITDA lease Adj 536 629 653
EBITDA lease Adj margin (%) 34.1 35.4 35.4
Leasing payments -47 -47 -50
SEKm 2021 2022e 2023e
EBITDA 569 665 698
Net financial items -21 -21 -20
Paid tax -55 -70 -77
Non-cash items 0 0 0
Cash flow before change in WC 493 574 601
Change in WC -5 -16 3
Operating cash flow 488 557 604
CAPEX tangible fixed assets -19 -20 -20
CAPEX intangible fixed assets -210 -220 -227
Acquisitions and disposals -1282 -77 0
Free cash flow -1022 240 357
Dividend paid -53 -67 -83
Share issues and buybacks 904 0 0
Other non cash items -24 51 0
Decrease in net IB debt 27 9 150
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 1689 1751 1751
Indefinite intangible assets 0 0 0
Definite intangible assets 917 1015 1119
Tangible fixed assets 75 86 88
Other fixed assets 6 6 6
Fixed assets 3316 3357 3325
Inventories 3 5 6
Receivables 262 284 295
Other current assets 51 0 0
Cash and liquid assets 120 287 501
Total assets 3752 3934 4126
Shareholders equity 1989 2173 2362
Minority 0 0 0
Total equity 1989 2173 2362
Long-term debt 676 676 676
Pension debt 4 4 4
Convertible debt 65 65 65
Deferred tax 186 195 205
Other long-term liabilities 34 34 34
Short-term debt 3 -7 -17
Accounts payable 47 44 46
Other current liabilities 470 481 493
Total liabilities and equity 3752 3934 4126
Net IB debt 738 561 337
Net IB debt excl. pension debt 734 557 333
Capital invested 3017 3023 2988
Working capital -201 -235 -239
EV breakdown 2021 2022 2023
Market cap. diluted (m) 19521 16707 16707
Net IB debt Adj 738 561 337
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 20259 17268 17044
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 52.7 46.3 45.7
Capital invested turnover (%) 86.2 95.7 92.6
Capital employed turnover (%) 95.9 96.4 86.3
Inventories / sales (%) 0.3 0.2 0.2
Customer advances / sales (%) 12 12.5 12.9
Payables / sales (%) 2.7 2.5 2.6
Working capital / sales (%) -13.5 -12.3 -12.9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 37.1 25.8 14.3
Net debt / market cap (%) 5.2 3.4 2
Equity ratio (%) 53 55.2 57.2
Net IB debt adj. / equity (%) 37.1 25.8 14.3
Current ratio (%) 78.2 103.8 143.2
EBITDA / net interest (%) 2713.1 3104.9 3487.6
Net IB debt / EBITDA (%) 129.8 84.4 48.3
Interest cover (%) 2004.1 2377.1 2693.1
Lease liability amortisation -47 -47 -50
Other intangible assets 1429 1398 1364
Right-of-use asset 116 116 116
Total other fixed assets 6 6 6
Leasing liability 116 116 116
Total other long-term liabilities 382 382 382
Net IB debt excl. leasing 622 444 220
Net IB debt / EBITDA lease Adj (%) 116 70.6 33.8
SEKm 2021 2022e 2023e
Shares outstanding adj. 33 36 36
Fully diluted shares Adj 35 36 36
EPS 5.91 7 7.6
Dividend per share Adj 2 2.3 2.5
EPS Adj 10.38 12.01 12.49
BVPS 59.56 61.05 66.02
BVPS Adj -33.82 -27.42 -21.05
Net IB debt / share 22.1 15.8 9.4
Share price 426.2 467 467
Market cap. (m) 14234 16622 16707
Valuation 2021 2022 2023
P/E 94.3 66.7 61.4
EV/sales 12.89 9.71 9.25
EV/EBITDA 35.6 26 24.4
EV/EBITA 47.6 33.9 31.6
EV/EBIT 71.6 50.5 46.2
Dividend yield (%) 0.4 0.5 0.5
FCF yield (%) -5.2 1.4 2.1
P/BVPS 9.35 7.65 7.07
P/BVPS Adj -16.47 -17.03 -22.18
P/E Adj 53.7 38.9 37.4
EV/EBITDA Adj 34.7 25.5 24.3
EV/EBITA Adj 46.1 33.1 31.4
EV/EBIT Adj 68.1 48.9 45.6
EV/cap. employed 7.1 5.7 5.3
Investment ratios 2021 2022 2023
Capex / sales 14.5 13.5 13.4
Capex / depreciation 237.5 221.1 226.6
Capex tangibles / tangible fixed assets 24.7 22.9 22.9
Capex intangibles / definite intangibles 14.7 15.7 16.6
Depreciation on intangibles / definite intangibles 5.7 6.6 6.7
Depreciation on tangibles / tangibles 20 19.6 20.5
Lease adj. FCF yield (%) -5.5 1.2 1.8

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

61,4

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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46,5

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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9,3

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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