Coverage

Vitec

Vitec

SEKm 2020 2021e 2022e
Sales 1313 1552 1619
Sales growth (%) 13.5 18.2 4.3
EBITDA 457 552 586
EBITDA margin (%) 34.8 35.6 36.2
EBIT adj 202 263 292
EBIT adj margin (%) 15.4 16.9 18
Pretax profit 188 245 276
EPS rep 4.25 6.01 6.82
EPS growth (%) 70.1 41.4 13.5
EPS adj 7.55 10.01 10.98
DPS 1.35 1.64 1.76
EV/EBITDA (x) 25.8 22.7 21.1
EV/EBIT adj (x) 58.2 47.7 42.4
P/E (x) 80.2 58.5 51.6
P/E adj (x) 45.1 35.2 32.1
EV/sales (x) 9 8.1 7.6
FCF yield (%) 0.8 -2.8 2.4
Dividend yield (%) 0.4 0.5 0.5
Net IB debt/EBITDA 1 1.6 1.2
Lease adj. FCF yield (%) 0.8 -2.9 2.2
Lease adj. ND/EBITDA 0.9 1.5 1.1
SEKm 2020 2021e 2022e
Sales 1313 1552 1619
COGS 0 0 0
Gross profit 1313 1552 1619
Other operating items -856 -1000 -1033
EBITDA 457 552 586
Depreciation on tangibles -50 -59 -48
Depreciation on intangibles -75 -80 -92
EBITA 312 395 429
Goodwill impairment charges 0 0 0
Other impairment and amortisation -109 -131 -137
EBIT 202 263 292
Other financial items 0 0 0
Net financial items -15 -17 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 188 245 276
Tax -47 -46 -50
Net profit 141 199 226
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 141 199 226
EPS 4.25 6.01 6.82
EPS Adj 7.55 10.01 10.98
Total extraordinary items after tax 0 0 0
Tax rate (%) -25 -18.9 -18
Gross margin (%) 100 100 100
EBITDA margin (%) 34.8 35.6 36.2
EBITA margin (%) 23.7 25.5 26.5
EBIT margin (%) 15.4 16.9 18
Pretax margin (%) 14.3 15.8 17
Net margin (%) 10.7 12.8 14
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 13.5 18.2 4.3
EBITDA growth (%) 29.1 20.9 6.1
EBIT growth (%) 63.3 29.8 11
Net profit growth (%) 71.2 41.4 13.5
EPS growth (%) 70.1 41.4 13.5
Profitability 2020 2021 2022
ROE (%) 17.7 21.6 20
ROE Adj (%) 31.4 35.9 32.2
ROCE (%) 14.8 14.9 13.2
ROCE Adj(%) 22.8 22.4 19.5
ROIC (%) 10 11.7 11.2
ROIC Adj (%) 10 11.7 11.2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 457 552 586
EBITDA Adj margin (%) 34.8 35.6 36.2
EBITA Adj 312 395 429
EBITA Adj margin (%) 23.7 25.5 26.5
EBIT Adj 202 263 292
EBIT Adj margin (%) 15.4 16.9 18
Pretax profit Adj 297 378 413
Net profit Adj 250 331 364
Net profit to shareholders Adj 250 331 364
Net Adj margin (%) 19.1 21.4 22.5
Depreciation and amortisation -145 -157 -157
Of which leasing depreciation -20 -16 -16
EO items 0 0 0
Impairment and PPA amortisation -109 -132 -138
EBITDA lease Adj 457 536 570
EBITDA lease Adj margin (%) 34.8 34.6 35.2
Leasing payments 0 -16 -16
SEKm 2020 2021e 2022e
EBITDA 457 552 586
Net financial items -15 -17 -16
Paid tax -18 -65 -69
Non-cash items 0 0 0
Cash flow before change in WC 425 470 501
Change in WC 11 18 4
Operating cash flow 436 489 505
CAPEX tangible fixed assets -10 -16 -16
CAPEX intangible fixed assets -163 -217 -210
Acquisitions and disposals -167 -578 0
Free cash flow 96 -323 278
Dividend paid -33 -53 -57
Share issues and buybacks 0 0 0
Other non cash items -145 -7 -47
Decrease in net IB debt 27 9 150
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 770 1226 1226
Indefinite intangible assets 0 0 0
Definite intangible assets 917 1015 1119
Tangible fixed assets 67 39 23
Other fixed assets 6 6 6
Fixed assets 1797 2363 2465
Inventories 3 3 3
Receivables 219 225 235
Other current assets 53 74 76
Cash and liquid assets 134 204 371
Total assets 2207 2869 3149
Shareholders equity 843 1002 1254
Minority 0 0 0
Total equity 843 1002 1254
Long-term debt 555 1007 1007
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 186 195 205
Other long-term liabilities 34 34 34
Short-term debt 3 8 8
Accounts payable 35 42 44
Other current liabilities 493 523 540
Total liabilities and equity 2207 2869 3149
Net IB debt 475 862 696
Net IB debt excl. pension debt 475 862 696
Capital invested 1539 2094 2189
Working capital -253 -263 -270
EV breakdown 2020 2021 2022
Market cap. diluted (m) 11293 11657 11657
Net IB debt Adj 475 862 696
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 11768 12520 12353
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 64.2 61.2 53.8
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 (%) -11.9 -16.6 -16.5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 56.4 86 55.5
Net debt / market cap (%) 6 7.5 6.1
Equity ratio (%) 38.2 34.9 39.8
Net IB debt adj. / equity (%) 56.4 86 55.5
Current ratio (%) 77.2 88.4 115.7
EBITDA / net interest (%) 3126.8 3209.7 3662.2
Net IB debt / EBITDA (%) 104.1 156.2 118.8
Interest cover (%) 2065.7 2295.8 2682.1
Lease liability amortisation 0 -16 -16
Other intangible assets 917 1054 1172
Right-of-use asset 37 37 37
Total other fixed assets 6 6 6
Leasing liability 58 58 58
Total other long-term liabilities 220 229 239
Net IB debt excl. leasing 418 805 638
Net IB debt / EBITDA lease Adj (%) 91.5 150.1 112
SEKm 2020 2021e 2022e
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS 4.25 6.01 6.82
Dividend per share Adj 1.4 1.6 1.8
EPS Adj 7.55 10.01 10.98
BVPS 25.89 30.78 38.49
BVPS Adj -25.91 -39.23 -35.14
Net IB debt / share 14.6 26.5 21.4
Share price 242.26 352 352
Market cap. (m) 7891 11466 11466
Valuation 2020 2021 2022
P/E 80.2 58.5 51.6
EV/sales 8.96 8.07 7.63
EV/EBITDA 25.8 22.7 21.1
EV/EBITA 37.8 31.7 28.8
EV/EBIT 58.2 47.7 42.4
Dividend yield (%) 0.4 0.5 0.5
FCF yield (%) 0.8 -2.8 2.4
P/BVPS 13.17 11.44 9.14
P/BVPS Adj -13.16 -8.97 -10.02
P/E Adj 45.1 35.2 32.1
EV/EBITDA Adj 25.8 22.7 21.1
EV/EBITA Adj 37.8 31.7 28.8
EV/EBIT Adj 58.2 47.7 42.4
EV/cap. employed 8.1 6 5.3
Investment ratios 2020 2021 2022
Capex / sales 13.2 15 14
Capex / depreciation 138.1 165.3 160.8
Capex tangibles / tangible fixed assets 14.4 40.6 69.9
Capex intangibles / definite intangibles 17.8 20.6 18
Depreciation on intangibles / definite intangibles 8.2 7.8 7.9
Depreciation on tangibles / tangibles 74.5 150.5 212.2
Lease adj. FCF yield (%) 0.8 -2.9 2.2

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.

51,6

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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42,2

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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7,6

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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9,3