Vertical market software

Vitec

Vitec's business idea is to acquire and develop market leading, vertical software companies in niche markets. These are normally restricted to certain geographies as the software can be hard to sell in some areas. The business strategy is a combination of making use of the M&A arbitrage from buying unlisted companies, rationalization and maximisation of current business, as well as geographical and market diversification. The company rather than the niche in which it operates is in focus when Vitec makes an acquisition.

Financials

Vitec

SEKm 2018 2019 2020
Sales 1004 1077 1103
Sales growth (%) 17,5 7,2 2,4
EBITDA 285 315 N/A
EBITDA margin (%) 27,3 28,4 29,3
EBIT adj 107 139 160
EBIT adj margin (%) 12,5 13,8 14,9
Pretax profit 123 147 158
EPS rep 2,92 3,49 3,76
EPS growth (%) 9,8 19,7 7,7
EPS adj 3,05 3,49 3,76
DPS 1,2 1,3 1,4
EV/EBITDA (x) 9,9 8,7 8,1
EV/EBIT adj (x) 20,4 17,1 15,5
P/E (x) 27,3 22,8 21,2
P/E adj (x) 26,1 22,8 21,2
EV/sales (x) 2,8 2,5 2,4
FCF yield (%) -1,5 5,1 5,2
Dividend yield (%) 1,5 1,6 1,8
Net IB debt/EBITDA 0,8 0,4 0,1

Main shareholders

Vitec

Main shareholders Share capital % Voting shares % Verified
Lars Stenlund 5.2 % 25.3 % 31 Dec 2018
Olov Sandberg 4.5 % 22.8 % 31 Dec 2018
Didner & Gerge Fonder 6.3 % 3.3 % 31 Dec 2018
Mawer Investment Management 5.9 % 2.9 % 30 Nov 2018
Thomas Eklund 5.4 % 2.8 % 31 Dec 2018
SEB Fonder 5.3 % 2.7 % 31 Dec 2018
Martin Gren (Grenspecialisten) 4.0 % 2.1 % 31 Dec 2018
Utah Retirement Systems 3.4 % 1.8 % 31 Dec 2018
Avanza Pension 2.8 % 1.5 % 31 Dec 2018
Nils-Eric Öquist 2.7 % 1.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Vitec

Name
Maria Sofia Katarina Kröger
Maria Sofia Katarina Kröger
Maria Sofia Katarina Kröger
Lars Stenlund
Bernt Olof Sandberg
Maria Sofia Katarina Kröger
Lars Eriksson
Lars Eriksson
Lars Eriksson
Oscar Kröger
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