Vitec

Industry specific standardized software

SEKm 2018 2019e 2020e
Sales 1017 1160 1189
Sales growth (%) 18.9 14.1 2.5
EBITDA 281 335 338
EBITDA margin (%) 27.7 28.9 28.4
EBIT adj 134 171 183
EBIT adj margin (%) 13.2 14.8 15.4
Pretax profit 118 158 169
EPS rep 3.16 3.99 4.25
EPS growth (%) 18.8 26.4 6.6
EPS adj 3.32 3.99 4.25
DPS 1.2 1.2 1.4
EV/EBITDA (x) 9.5 10.4 9.9
EV/EBIT adj (x) 19.9 20.3 18.4
P/E (x) 24.6 26.2 24.6
P/E adj (x) 23.4 26.2 24.6
EV/sales (x) 2.6 3 2.8
FCF yield (%) 0.3 6.1 4.7
Dividend yield (%) 1.5 1.1 1.3
Net IB debt/EBITDA 0.9 0.7 0.3
SEKm 2018 2019e 2020e
Sales 1017 1160 1189
COGS -858 -965 -986
Gross profit 159 195 203
Other operating items 122 140 135
EBITDA 281 335 338
Depreciation on tangibles 0 0 0
Depreciation on intangibles -152 -164 -155
EBITA 129 171 183
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 129 171 183
Other financial items 0 0 0
Net financial items -12 -13 -14
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 118 158 169
Tax -20 -35 -37
Net profit 98 124 132
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 124 132
EPS 3.16 3.99 4.25
EPS Adj 3.32 3.99 4.25
Total extraordinary items after tax -5.1 0 0
Tax rate (%) -16.9 -21.9 -22
Gross margin (%) 15.6 16.8 17
EBITDA margin (%) 27.7 28.9 28.4
EBITA margin (%) 12.7 14.8 15.4
EBIT margin (%) 12.7 14.8 15.4
Pretax margin (%) 11.6 13.6 14.2
Net margin (%) 9.6 10.7 11.1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18.9 14.1 2.5
EBITDA growth (%) 20.4 19.1 0.7
EBIT growth (%) 21.1 32.6 6.5
Net profit growth (%) 23.3 26.4 6.6
EPS growth (%) 18.8 26.4 6.6
Profitability 2018 2019 2020
ROE (%) 18.3 17.2 16.1
ROE Adj (%) 19.3 17.2 16.1
ROCE (%) 13 14.2 14.6
ROCE Adj(%) 13.6 14.2 14.6
ROIC (%) 12.8 13.8 14.3
ROIC Adj (%) 13.4 13.8 14.3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 335 338
EBITDA Adj margin (%) 28.2 28.9 28.4
EBITA Adj 134 171 183
EBITA Adj margin (%) 13.2 14.8 15.4
EBIT Adj 134 171 183
EBIT Adj margin (%) 13.2 14.8 15.4
Pretax profit Adj 123 158 169
Net profit Adj 103 124 132
Net profit to shareholders Adj 103 124 132
Net Adj margin (%) 10.1 10.7 11.1
SEKm 2018 2019e 2020e
EBITDA 281 335 338
Net financial items -12 -13 -14
Paid tax -20 -35 -37
Non-cash items 0 0 0
Cash flow before change in WC 250 287 287
Change in WC -8 50 12
Operating cash flow 284 365 299
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -277 -168 -147
Acquisitions and disposals 0 0 0
Free cash flow 7 197 152
Dividend paid -32 -37 -37
Share issues and buybacks 0 0 0
Other non cash items 100 -127 0
Decrease in net IB debt 75 32 115
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 283 283 283
Indefinite intangible assets 0 0 0
Definite intangible assets 848 909 905
Tangible fixed assets 40 97 93
Other fixed assets 9 9 9
Fixed assets 1180 1298 1290
Inventories 0 0 0
Receivables 260 280 297
Other current assets 0 0 0
Cash and liquid assets 235 226 271
Total assets 1676 1804 1858
Shareholders equity 670 771 865
Minority 0 0 0
Total equity 670 771 865
Long-term debt 509 468 398
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 497 566 596
Other current liabilities 0 0 0
Total liabilities and equity 1097 1262 1676
Net IB debt 265 233 117
Net IB debt excl. pension debt 265 233 117
Capital invested 934 1003 983
Working capital -236 -286 -298
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2404 3237 3237
Net IB debt Adj 265 233 117
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 3470 3355
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69.2 66.7 64.9
Capital invested turnover (%) 121.6 119.7 119.7
Capital employed turnover (%) 102.5 96 95.1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 46.9 45.8 48.9
Working capital / sales (%) -23.6 -22.5 -24.6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39.5 30.2 13.6
Net debt / market cap (%) 10.6 7.3 3.7
Equity ratio (%) 40 42.7 46.6
Net IB debt adj. / equity (%) 39.5 30.2 13.6
Current ratio (%) 99.8 89.4 95.4
EBITDA / net interest (%) 2425.5 2558.3 2486.1
Net IB debt / EBITDA (%) 94.1 69.4 34.8
Interest cover (%) 1114.3 1308.4 1344.4
SEKm 2018 2019e 2020e
Shares outstanding adj. 31 31 31
Fully diluted shares Adj 31 31 31
EPS 3.16 3.99 4.25
Dividend per share Adj 1.2 1.2 1.4
EPS Adj 3.32 3.99 4.25
BVPS 21.92 25.23 28.32
BVPS Adj -15.1 -13.8 -10.57
Net IB debt / share 8.7 7.6 3.8
Share price 81.97 104.5 104.5
Market cap. (m) 2504 3192 3192
Valuation 2018 2019 2020
P/E 24.6 26.2 24.6
EV/sales 2.62 2.99 2.82
EV/EBITDA 9.5 10.4 9.9
EV/EBITA 20.7 20.3 18.4
EV/EBIT 20.7 20.3 18.4
Dividend yield (%) 1.5 1.1 1.3
FCF yield (%) 0.3 6.1 4.7
P/BVPS 3.54 4.14 3.69
P/BVPS Adj -5.14 -7.57 -9.89
P/E Adj 23.4 26.2 24.6
EV/EBITDA Adj 9.3 10.4 9.9
EV/EBITA Adj 19.9 20.3 18.4
EV/EBIT Adj 19.9 20.3 18.4
EV/cap. employed 2.3 2.8 2.7
Investment ratios 2018 2019 2020
Capex / sales 27.2 14.5 12.4
Capex / depreciation 182.1 102.4 94.8
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 32.6 18.4 16.2
Depreciation on intangibles / definite intangibles 17.9 18 17.1
Depreciation on tangibles / tangibles 0 0 0

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