Coverage

Vitec

Vitec

SEKm 2019 2020e 2021e
Sales 1156 1321 1369
Sales growth (%) 13.7 14.3 3.6
EBITDA 354 438 461
EBITDA margin (%) 30.6 33.2 33.7
EBIT adj 124 187 204
EBIT adj margin (%) 10.7 14.1 14.9
Pretax profit 110 175 192
EPS rep 2.5 4.34 4.78
EPS growth (%) -20.1 73.6 10.1
EPS adj 5.28 7.55 8.11
DPS 1.2 1.35 1.45
EV/EBITDA (x) 18.6 17.4 16.2
EV/EBIT adj (x) 53.2 40.9 36.8
P/E (x) 74 50.5 45.8
P/E adj (x) 35 29 27
EV/sales (x) 5.7 5.8 5.5
FCF yield (%) -1.5 1.8 3.1
Dividend yield (%) 0.6 0.6 0.7
Net IB debt/EBITDA 1.4 1 0.6
SEKm 2019 2020e 2021e
Sales 1156 1321 1369
COGS 0 0 0
Gross profit 1156 1321 1369
Other operating items -802 -883 -908
EBITDA 354 438 461
Depreciation on tangibles -45 -44 -44
Depreciation on intangibles -67 -73 -75
EBITA 216 292 313
Goodwill impairment charges 0 0 0
Other impairment and amortisation -92 -106 -110
EBIT 124 187 204
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 110 175 192
Tax -28 -32 -35
Net profit 82 143 157
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 82 143 157
EPS 2.5 4.34 4.78
EPS Adj 5.28 7.55 8.11
Total extraordinary items after tax 0 0 0
Tax rate (%) -25.3 -18.3 -18
Gross margin (%) 100 100 100
EBITDA margin (%) 30.6 33.2 33.7
EBITA margin (%) 18.6 22.1 22.9
EBIT margin (%) 10.7 14.1 14.9
Pretax margin (%) 9.5 13.2 14
Net margin (%) 7.1 10.8 11.5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 13.7 14.3 3.6
EBITDA growth (%) 23.4 23.8 5.3
EBIT growth (%) -3.5 50.7 9.1
Net profit growth (%) -15.2 73.6 10.1
EPS growth (%) -20.1 73.6 10.1
Profitability 2019 2020 2021
ROE (%) 11.6 17.6 16.7
ROE Adj (%) 24.5 30.6 28.4
ROCE (%) 10.2 13.9 13.8
ROCE Adj(%) 17.6 21.8 21.3
ROIC (%) 7.1 10 10.8
ROIC Adj (%) 7.1 10 10.8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 354 438 461
EBITDA Adj margin (%) 30.6 33.2 33.7
EBITA Adj 216 292 313
EBITA Adj margin (%) 18.6 22.1 22.9
EBIT Adj 124 187 204
EBIT Adj margin (%) 10.7 14.1 14.9
Pretax profit Adj 202 280 301
Net profit Adj 174 248 267
Net profit to shareholders Adj 174 248 267
Net Adj margin (%) 15 18.8 19.5
SEKm 2019 2020e 2021e
EBITDA 354 438 461
Net financial items -14 -12 -12
Paid tax -25 -45 -48
Non-cash items 0 0 0
Cash flow before change in WC 316 381 401
Change in WC 5 26 69
Operating cash flow 278 342 386
CAPEX tangible fixed assets -16 -15 -15
CAPEX intangible fixed assets -141 -140 -145
Acquisitions and disposals -214 -60 0
Free cash flow -92 127 226
Dividend paid -39 -44 -47
Share issues and buybacks 0 0 0
Other non cash items 18 -38 -48
Decrease in net IB debt -238 79 140
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 639 639 639
Indefinite intangible assets 0 0 0
Definite intangible assets 820 887 956
Tangible fixed assets 73 72 72
Other fixed assets 9 9 9
Fixed assets 1598 1664 1734
Inventories 5 5 5
Receivables 228 218 226
Other current assets 35 40 41
Cash and liquid assets 17 99 240
Total assets 1883 2026 2246
Shareholders equity 751 870 1011
Minority 0 0 0
Total equity 751 870 1011
Long-term debt 467 467 467
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 174 174 174
Other long-term liabilities 79 79 79
Short-term debt 3 7 7
Accounts payable 35 40 41
Other current liabilities 316 332 409
Total liabilities and equity 1262 1676 1883
Net IB debt 502 423 283
Net IB debt excl. pension debt 502 423 283
Capital invested 1506 1546 1547
Working capital -83 -109 -178
EV breakdown 2019 2020 2021
Market cap. diluted (m) 6087 7206 7206
Net IB debt Adj 502 423 283
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 6590 7629 7489
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 65 67.6 64.1
Capital invested turnover (%) 89 86.6 88.5
Capital employed turnover (%) 94.1 98.6 93
Inventories / sales (%) 0.5 0.4 0.4
Customer advances / sales (%) 11.5 9.3 8.6
Payables / sales (%) 2.8 2.8 2.9
Working capital / sales (%) -6.9 -7.3 -10.5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 66.8 48.6 28
Net debt / market cap (%) 13.3 6 4
Equity ratio (%) 39.9 42.9 45
Net IB debt adj. / equity (%) 66.8 48.6 28
Current ratio (%) 80.4 95.7 112
EBITDA / net interest (%) 2547.1 3650.8 3844.2
Net IB debt / EBITDA (%) 141.9 96.6 61.3
Interest cover (%) 1438.2 2436.8 2610.1
SEKm 2019 2020e 2021e
Shares outstanding adj. 32 32 32
Fully diluted shares Adj 33 33 33
EPS 2.5 4.34 4.78
Dividend per share Adj 1.2 1.4 1.5
EPS Adj 5.28 7.55 8.11
BVPS 23.16 26.81 31.16
BVPS Adj -21.79 -20.19 -18
Net IB debt / share 15.5 13 8.7
Share price 116.61 219 219
Market cap. (m) 3783 7105 7105
Valuation 2019 2020 2021
P/E 74 50.5 45.8
EV/sales 5.7 5.77 5.47
EV/EBITDA 18.6 17.4 16.2
EV/EBITA 30.6 26.1 23.9
EV/EBIT 53.2 40.9 36.8
Dividend yield (%) 0.6 0.6 0.7
FCF yield (%) -1.5 1.8 3.1
P/BVPS 7.99 8.17 7.03
P/BVPS Adj -8.49 -10.85 -12.17
P/E Adj 35 29 27
EV/EBITDA Adj 18.6 17.4 16.2
EV/EBITA Adj 30.6 26.1 23.9
EV/EBIT Adj 53.2 40.9 36.8
EV/cap. employed 5.2 5.4 4.9
Investment ratios 2019 2020 2021
Capex / sales 13.5 11.8 11.7
Capex / depreciation 140.6 131.9 134.4
Capex tangibles / tangible fixed assets 21.3 20.8 20.7
Capex intangibles / definite intangibles 17.2 15.8 15.2
Depreciation on intangibles / definite intangibles 8.1 8.3 7.9
Depreciation on tangibles / tangibles 60.8 61.2 60.5

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p>A common valuation multiple, the share price is divided by earnings per share.</p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

45,8

EV/EBIT

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<p>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&nbsp;total cash and cash equivalents.&nbsp;</p> <p>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.</p>

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35,7

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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5,3

P/BVPS

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<p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p>

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6,9