Coverage

Vitec

Vitec

SEKm 2020 2021e 2022e
Sales 1287 1380 1440
Sales growth (%) 11.3 7.2 4.3
EBITDA 437 454 475
EBITDA margin (%) 33.9 32.9 33
EBIT adj 187 199 210
EBIT adj margin (%) 14.5 14.5 14.6
Pretax profit 173 187 198
EPS rep 4.01 4.64 4.91
EPS growth (%) 60.6 15.7 5.9
EPS adj 7.24 8.18 8.61
DPS 1.35 1.45 1.56
EV/EBITDA (x) 25 23.8 22.5
EV/EBIT adj (x) 58.5 54.3 50.9
P/E (x) 78.5 67.9 64.1
P/E adj (x) 43.5 38.5 36.6
EV/sales (x) 8.5 7.8 7.4
FCF yield (%) 0.7 1.9 2.1
Dividend yield (%) 0.4 0.5 0.5
Net IB debt/EBITDA 1.1 0.9 0.6
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1287 1380 1440
COGS 0 0 0
Gross profit 1287 1380 1440
Other operating items -851 -926 -965
EBITDA 437 454 475
Depreciation on tangibles -49 -48 -50
Depreciation on intangibles -74 -69 -72
EBITA 294 317 333
Goodwill impairment charges 0 0 0
Other impairment and amortisation -107 -117 -122
EBIT 187 199 210
Other financial items 0 0 0
Net financial items -14 -12 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 173 187 198
Tax -40 -34 -36
Net profit 133 154 163
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 133 154 163
EPS 4.01 4.64 4.91
EPS Adj 7.24 8.18 8.61
Total extraordinary items after tax 0 0 0
Tax rate (%) -23.1 -18 -18
Gross margin (%) 100 100 100
EBITDA margin (%) 33.9 32.9 33
EBITA margin (%) 22.8 23 23.1
EBIT margin (%) 14.5 14.5 14.6
Pretax margin (%) 13.4 13.6 13.8
Net margin (%) 10.3 11.1 11.3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 11.3 7.2 4.3
EBITDA growth (%) 23.4 3.9 4.7
EBIT growth (%) 50.6 6.9 5.5
Net profit growth (%) 61.6 15.7 5.9
EPS growth (%) 60.6 15.7 5.9
Profitability 2020 2021 2022
ROE (%) 15.9 15.6 14.3
ROE Adj (%) 28.6 27.5 25
ROCE (%) 13.2 12.4 11.9
ROCE Adj(%) 20.8 19.7 18.8
ROIC (%) 9.1 9.8 10
ROIC Adj (%) 9.1 9.8 10
Adj earnings numbers 2020 2021 2022
EBITDA Adj 437 454 475
EBITDA Adj margin (%) 33.9 32.9 33
EBITA Adj 294 317 333
EBITA Adj margin (%) 22.8 23 23.1
EBIT Adj 187 199 210
EBIT Adj margin (%) 14.5 14.5 14.6
Pretax profit Adj 280 305 321
Net profit Adj 240 271 285
Net profit to shareholders Adj 240 271 285
Net Adj margin (%) 18.6 19.6 19.8
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 437 454 475
Net financial items -14 -12 -12
Paid tax -56 -47 -50
Non-cash items 0 0 0
Cash flow before change in WC 367 395 413
Change in WC 35 -10 -7
Operating cash flow 402 385 407
CAPEX tangible fixed assets -6 -10 -10
CAPEX intangible fixed assets -161 -173 -176
Acquisitions and disposals -158 0 0
Free cash flow 76 202 221
Dividend paid -44 -47 -51
Share issues and buybacks 0 0 0
Other non cash items -29 -86 -52
Decrease in net IB debt 10 96 112
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 775 775 775
Indefinite intangible assets 0 0 0
Definite intangible assets 927 1030 1134
Tangible fixed assets 50 32 11
Other fixed assets 9 9 9
Fixed assets 1818 1904 1987
Inventories 5 5 5
Receivables 148 145 144
Other current assets 51 66 67
Cash and liquid assets 125 222 334
Total assets 2148 2341 2538
Shareholders equity 924 1044 1239
Minority 0 0 0
Total equity 924 1044 1239
Long-term debt 563 563 563
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 188 188 188
Other long-term liabilities 48 48 48
Short-term debt 6 7 7
Accounts payable 39 41 43
Other current liabilities 323 392 392
Total liabilities and equity 2149 2341 2538
Net IB debt 492 396 284
Net IB debt excl. pension debt 492 396 284
Capital invested 1652 1677 1759
Working capital -157 -218 -218
EV breakdown 2020 2021 2022
Market cap. diluted (m) 10432 10432 10432
Net IB debt Adj 492 396 284
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 10924 10828 10716
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 63.9 61.5 59
Capital invested turnover (%) 81.5 82.9 83.8
Capital employed turnover (%) 91 85.7 81.4
Inventories / sales (%) 0.4 0.4 0.4
Customer advances / sales (%) 9.4 7.7 7.7
Payables / sales (%) 2.9 2.9 2.9
Working capital / sales (%) -8.4 -13.6 -15.1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 53.3 37.9 22.9
Net debt / market cap (%) 6.2 3.9 2.8
Equity ratio (%) 43 44.6 48.8
Net IB debt adj. / equity (%) 53.3 37.9 22.9
Current ratio (%) 89.6 99.4 124.6
EBITDA / net interest (%) 3171.7 3783.7 3960.2
Net IB debt / EBITDA (%) 112.7 87.2 59.8
Interest cover (%) 2056.5 2639.5 2773.5
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS 4.01 4.64 4.91
Dividend per share Adj 1.4 1.5 1.6
EPS Adj 7.24 8.18 8.61
BVPS 28.37 32.05 38.03
BVPS Adj -23.87 -23.37 -20.57
Net IB debt / share 15.1 12.2 8.7
Share price 242.26 315 315
Market cap. (m) 7891 10261 10261
Valuation 2020 2021 2022
P/E 78.5 67.9 64.1
EV/sales 8.49 7.85 7.44
EV/EBITDA 25 23.8 22.5
EV/EBITA 37.2 34.2 32.2
EV/EBIT 58.5 54.3 50.9
Dividend yield (%) 0.4 0.5 0.5
FCF yield (%) 0.7 1.9 2.1
P/BVPS 11.1 9.83 8.28
P/BVPS Adj -13.2 -13.48 -15.31
P/E Adj 43.5 38.5 36.6
EV/EBITDA Adj 25 23.8 22.5
EV/EBITA Adj 37.2 34.2 32.2
EV/EBIT Adj 58.5 54.3 50.9
EV/cap. employed 7 6.5 5.7
Investment ratios 2020 2021 2022
Capex / sales 13 13.2 12.9
Capex / depreciation 135.5 155.6 151.7
Capex tangibles / tangible fixed assets 11.6 31.5 88.2
Capex intangibles / definite intangibles 17.4 16.7 15.5
Depreciation on intangibles / definite intangibles 8 6.7 6.3
Depreciation on tangibles / tangibles 98.3 152.2 444.4
N/A N/A N/A

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.

64,2

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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50,9

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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7,4

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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8,4