Vitec

Industry specific standardized software

SEKm 2018 2019e 2020e
Sales 1017 1216 1272
Sales growth (%) 18.9 19.6 4.6
EBITDA 281 351 345
EBITDA margin (%) 27.7 28.9 27.1
EBIT adj 134 176 190
EBIT adj margin (%) 13.2 14.5 14.9
Pretax profit 118 163 175
EPS rep 3.16 3.86 4.16
EPS growth (%) 18.8 22.2 7.7
EPS adj 3.32 3.86 4.16
DPS 1.2 1.2 1.4
EV/EBITDA (x) 9.5 14 13.9
EV/EBIT adj (x) 19.9 27.9 25.3
P/E (x) 24.6 35.3 32.7
P/E adj (x) 23.4 35.3 32.7
EV/sales (x) 2.6 4 3.8
FCF yield (%) 0.3 -4.3 3.5
Dividend yield (%) 1.5 0.9 1
Net IB debt/EBITDA 0.9 1.3 1
SEKm 2018 2019e 2020e
Sales 1017 1216 1272
COGS 128 132 135
Gross profit 1144 1348 1407
Other operating items -863 -997 -1063
EBITDA 281 351 345
Depreciation on tangibles 0 0 0
Depreciation on intangibles -152 -175 -155
EBITA 129 176 190
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 129 176 190
Other financial items 0 0 0
Net financial items -12 -13 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 118 163 175
Tax -20 -37 -38
Net profit 98 127 136
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 127 136
EPS 3.16 3.86 4.16
EPS Adj 3.32 3.86 4.16
Total extraordinary items after tax -5.1 0 0
Tax rate (%) -16.9 -22.4 -22
Gross margin (%) 112.5 110.9 110.6
EBITDA margin (%) 27.7 28.9 27.1
EBITA margin (%) 12.7 14.5 14.9
EBIT margin (%) 12.7 14.5 14.9
Pretax margin (%) 11.6 13.4 13.7
Net margin (%) 9.6 10.4 10.7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18.9 19.6 4.6
EBITDA growth (%) 20.4 24.9 -1.9
EBIT growth (%) 21.1 36.2 7.7
Net profit growth (%) 23.3 29.5 7.7
EPS growth (%) 18.8 22.2 7.7
Profitability 2018 2019 2020
ROE (%) 18.3 17.7 16.8
ROE Adj (%) 19.3 17.7 16.8
ROCE (%) 13 14.4 14.9
ROCE Adj(%) 13.6 14.4 14.9
ROIC (%) 12.8 12.7 12.3
ROIC Adj (%) 13.4 12.7 12.3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 351 345
EBITDA Adj margin (%) 28.2 28.9 27.1
EBITA Adj 134 176 190
EBITA Adj margin (%) 13.2 14.5 14.9
EBIT Adj 134 176 190
EBIT Adj margin (%) 13.2 14.5 14.9
Pretax profit Adj 123 163 175
Net profit Adj 103 127 136
Net profit to shareholders Adj 103 127 136
Net Adj margin (%) 10.1 10.4 10.7
SEKm 2018 2019e 2020e
EBITDA 281 351 345
Net financial items -12 -13 -15
Paid tax -20 -37 -38
Non-cash items 0 0 0
Cash flow before change in WC 250 302 291
Change in WC -8 71 12
Operating cash flow 284 119 303
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -277 -311 -148
Acquisitions and disposals 0 0 0
Free cash flow 7 -192 155
Dividend paid -32 -37 -39
Share issues and buybacks 0 0 0
Other non cash items 100 46 0
Decrease in net IB debt 75 -183 116
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 283 283 283
Indefinite intangible assets 0 0 0
Definite intangible assets 848 1139 1136
Tangible fixed assets 40 98 95
Other fixed assets 9 11 11
Fixed assets 1180 1531 1524
Inventories 0 0 0
Receivables 260 301 318
Other current assets 0 0 0
Cash and liquid assets 235 34 80
Total assets 1676 1866 1922
Shareholders equity 670 764 861
Minority 0 0 0
Total equity 670 764 861
Long-term debt 509 493 423
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 497 609 637
Other current liabilities 0 0 0
Total liabilities and equity 1097 1262 1676
Net IB debt 265 448 332
Net IB debt excl. pension debt 265 448 332
Capital invested 934 1213 1193
Working capital -236 -308 -319
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2404 4465 4465
Net IB debt Adj 265 448 332
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 2669 4913 4797
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69.2 68.7 67.2
Capital invested turnover (%) 121.6 113.3 105.8
Capital employed turnover (%) 102.5 99.9 100.1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 46.9 45.5 49
Working capital / sales (%) -23.6 -22.4 -24.6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39.5 58.6 38.6
Net debt / market cap (%) 10.6 10.2 7.6
Equity ratio (%) 40 41 44.8
Net IB debt adj. / equity (%) 39.5 58.6 38.6
Current ratio (%) 99.8 55.1 62.4
EBITDA / net interest (%) 2425.5 2755.1 2340
Net IB debt / EBITDA (%) 94.1 127.6 96.4
Interest cover (%) 1114.3 1379.9 1287.4
SEKm 2018 2019e 2020e
Shares outstanding adj. 31 32 32
Fully diluted shares Adj 31 33 33
EPS 3.16 3.86 4.16
Dividend per share Adj 1.2 1.2 1.4
EPS Adj 3.32 3.86 4.16
BVPS 21.92 23.64 26.63
BVPS Adj -15.1 -20.33 -17.22
Net IB debt / share 8.7 13.9 10.3
Share price 81.97 136 136
Market cap. (m) 2504 4398 4398
Valuation 2018 2019 2020
P/E 24.6 35.3 32.7
EV/sales 2.62 4.04 3.77
EV/EBITDA 9.5 14 13.9
EV/EBITA 20.7 27.9 25.3
EV/EBIT 20.7 27.9 25.3
Dividend yield (%) 1.5 0.9 1
FCF yield (%) 0.3 -4.3 3.5
P/BVPS 3.54 5.75 5.11
P/BVPS Adj -5.14 -6.69 -7.9
P/E Adj 23.4 35.3 32.7
EV/EBITDA Adj 9.3 14 13.9
EV/EBITA Adj 19.9 27.9 25.3
EV/EBIT Adj 19.9 27.9 25.3
EV/cap. employed 2.3 3.9 3.7
Investment ratios 2018 2019 2020
Capex / sales 27.2 25.5 11.6
Capex / depreciation 182.1 177.1 95.3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 32.6 27.3 13
Depreciation on intangibles / definite intangibles 17.9 15.4 13.6
Depreciation on tangibles / tangibles 0 0 0

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