Coverage

Vitec

Vitec

Industry specific standardized software

SEKm 2021 2022e 2023e
Sales 1571 1920 2120
Sales growth (%) 19.7 22.2 10.4
EBITDA 569 650 760
EBITDA margin (%) 36.2 33.8 35.9
EBIT adj 298 347 405
EBIT adj margin (%) 18.9 18.1 19.1
Pretax profit 262 305 380
EPS rep 5.91 6.65 8.3
EPS growth (%) 21.7 12.6 24.8
EPS adj 10.38 12.48 14.6
DPS 2 2.22 2.77
EV/EBITDA (x) 35.6 20.6 17.3
EV/EBIT adj (x) 68.1 38.6 32.4
P/E (x) 94.3 49.3 39.5
P/E adj (x) 53.7 26.3 22.5
EV/sales (x) 12.9 7 6.2
FCF yield (%) -5.2 -7.4 3.4
Dividend yield (%) 0.4 0.7 0.8
Net IB debt/EBITDA 1.3 2.6 1.8
Lease adj. FCF yield (%) -5.5 -7.8 3
Lease adj. ND/EBITDA 1.2 2.5 1.8
SEKm 2021 2022e 2023e
Sales 1571 1920 2120
COGS 0 0 0
Gross profit 1571 1920 2120
Other operating items -1003 -1270 -1360
EBITDA 569 650 760
Depreciation on tangibles -50 -59 -48
Depreciation on intangibles -75 -80 -92
EBITA 425 513 620
Goodwill impairment charges 0 0 0
Other impairment and amortisation -109 -131 -137
EBIT 283 326 400
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 262 305 380
Tax -55 -67 -84
Net profit 207 238 297
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 207 238 297
EPS 5.91 6.65 8.3
EPS Adj 10.38 12.48 14.6
Total extraordinary items after tax -14.6 -21.1 -5
Tax rate (%) -21 -22.1 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 36.2 33.8 35.9
EBITA margin (%) 27.1 26.7 29.3
EBIT margin (%) 18 17 18.9
Pretax margin (%) 16.7 15.9 17.9
Net margin (%) 13.2 12.4 14
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 19.7 22.2 10.4
EBITDA growth (%) 24.5 14.3 17
EBIT growth (%) 27.4 15.1 22.9
Net profit growth (%) 28.7 14.9 24.8
EPS growth (%) 21.7 12.6 24.8
Profitability 2021 2022 2023
ROE (%) 14.6 11.5 13.1
ROE Adj (%) 25.7 21.5 23
ROCE (%) 13.1 8.8 8.7
ROCE Adj(%) 20.4 14.5 13.5
ROIC (%) 9.9 7.1 7.6
ROIC Adj (%) 10.4 7.6 7.7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 583 671 765
EBITDA Adj margin (%) 37.1 34.9 36.1
EBITA Adj 440 534 625
EBITA Adj margin (%) 28 27.8 29.5
EBIT Adj 298 347 405
EBIT Adj margin (%) 18.9 18.1 19.1
Pretax profit Adj 419 514 605
Net profit Adj 364 446 522
Net profit to shareholders Adj 364 446 522
Net Adj margin (%) 23.1 23.2 24.6
Depreciation and amortisation -143 -137 -140
Of which leasing depreciation -47 -47 -50
EO items -15 -21 -5
Impairment and PPA amortisation -142 -187 -220
EBITDA lease Adj 536 624 715
EBITDA lease Adj margin (%) 34.1 32.5 33.7
Leasing payments -47 -47 -50
SEKm 2021 2022e 2023e
EBITDA 569 650 760
Net financial items -21 -21 -20
Paid tax -55 -67 -84
Non-cash items 0 0 0
Cash flow before change in WC 493 562 657
Change in WC -5 -10 9
Operating cash flow 488 552 666
CAPEX tangible fixed assets -19 -20 -20
CAPEX intangible fixed assets -210 -231 -249
Acquisitions and disposals -1282 -1164 0
Free cash flow -1022 -862 397
Dividend paid -53 -67 -78
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 2621 2621
Indefinite intangible assets 0 0 0
Definite intangible assets 917 1015 1119
Tangible fixed assets 75 195 197
Other fixed assets 6 6 6
Fixed assets 3316 4453 4413
Inventories 3 6 6
Receivables 262 307 339
Other current assets 51 0 0
Cash and liquid assets 120 685 943
Total assets 3752 5451 5701
Shareholders equity 1989 2160 2378
Minority 0 0 0
Total equity 1989 2160 2378
Long-term debt 676 2176 2176
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 48 53
Other current liabilities 470 507 544
Total liabilities and equity 3752 5451 5701
Net IB debt 738 1664 1395
Net IB debt excl. pension debt 734 1660 1391
Capital invested 3017 4113 4063
Working capital -201 -242 -252
EV breakdown 2021 2022 2023
Market cap. diluted (m) 19521 11724 11724
Net IB debt Adj 738 1664 1395
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 13388 13120
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 52.7 41.7 38
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 -11.5 -11.6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 37.1 77 58.7
Net debt / market cap (%) 5.2 14.3 11.9
Equity ratio (%) 53 39.6 41.7
Net IB debt adj. / equity (%) 37.1 77 58.7
Current ratio (%) 78.2 170.3 208.5
EBITDA / net interest (%) 2713.1 3133.1 3801.2
Net IB debt / EBITDA (%) 129.8 256 183.5
Interest cover (%) 2004.1 2469.1 3102.2
Lease liability amortisation -47 -47 -50
Other intangible assets 1429 1516 1473
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 1547 1279
Net IB debt / EBITDA lease Adj (%) 116 248 178.8
SEKm 2021 2022e 2023e
Shares outstanding adj. 33 35 36
Fully diluted shares Adj 35 36 36
EPS 5.91 6.65 8.3
Dividend per share Adj 2 2.2 2.8
EPS Adj 10.38 12.48 14.6
BVPS 59.56 61.03 66.54
BVPS Adj -33.82 -55.84 -47.99
Net IB debt / share 22.1 47 39
Share price 426.2 328 328
Market cap. (m) 14234 11610 11724
Valuation 2021 2022 2023
P/E 94.3 49.3 39.5
EV/sales 12.89 6.97 6.19
EV/EBITDA 35.6 20.6 17.3
EV/EBITA 47.6 26.1 21.1
EV/EBIT 71.6 41.1 32.8
Dividend yield (%) 0.4 0.7 0.8
FCF yield (%) -5.2 -7.4 3.4
P/BVPS 9.35 5.37 4.93
P/BVPS Adj -16.47 -5.87 -6.83
P/E Adj 53.7 26.3 22.5
EV/EBITDA Adj 34.7 20 17.1
EV/EBITA Adj 46.1 25.1 21
EV/EBIT Adj 68.1 38.6 32.4
EV/cap. employed 7.1 3 2.8
Investment ratios 2021 2022 2023
Capex / sales 14.5 13 12.7
Capex / depreciation 237.5 279.3 299.6
Capex tangibles / tangible fixed assets 24.7 10.1 10.2
Capex intangibles / definite intangibles 14.7 15.2 16.9
Depreciation on intangibles / definite intangibles 5.7 4.8 4.9
Depreciation on tangibles / tangibles 20 8.4 9.2
Lease adj. FCF yield (%) -5.5 -7.8 3

No valution for the company

Equity Research

Previous equity research