Coverage

Vitec

Vitec

Industry specific standardized software

SEKm 2019 2020e 2021e
Sales 1156 1287 1380
Sales growth (%) 13.7 11.3 7.2
EBITDA 354 437 454
EBITDA margin (%) 30.6 33.9 32.9
EBIT adj 124 187 199
EBIT adj margin (%) 10.7 14.5 14.5
Pretax profit 110 173 187
EPS rep 2.5 4.01 4.64
EPS growth (%) -20.1 60.6 15.7
EPS adj 5.28 7.24 8.18
DPS 1.2 1.35 1.45
EV/EBITDA (x) 18.6 23.8 22.7
EV/EBIT adj (x) 53.2 55.7 51.6
P/E (x) 74 74.5 64.4
P/E adj (x) 35 41.3 36.5
EV/sales (x) 5.7 8.1 7.5
FCF yield (%) -1.5 0.8 2
Dividend yield (%) 0.6 0.5 0.5
Net IB debt/EBITDA 1.4 1.1 0.9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1156 1287 1380
COGS 0 0 0
Gross profit 1156 1287 1380
Other operating items -802 -851 -926
EBITDA 354 437 454
Depreciation on tangibles -45 -49 -48
Depreciation on intangibles -67 -74 -69
EBITA 216 294 317
Goodwill impairment charges 0 0 0
Other impairment and amortisation -92 -107 -117
EBIT 124 187 199
Other financial items 0 0 0
Net financial items -14 -14 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 110 173 187
Tax -28 -40 -34
Net profit 82 133 154
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 82 133 154
EPS 2.5 4.01 4.64
EPS Adj 5.28 7.24 8.18
Total extraordinary items after tax 0 0 0
Tax rate (%) -25.3 -23.1 -18
Gross margin (%) 100 100 100
EBITDA margin (%) 30.6 33.9 32.9
EBITA margin (%) 18.6 22.8 23
EBIT margin (%) 10.7 14.5 14.5
Pretax margin (%) 9.5 13.4 13.6
Net margin (%) 7.1 10.3 11.1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 13.7 11.3 7.2
EBITDA growth (%) 23.4 23.4 3.9
EBIT growth (%) -3.5 50.6 6.9
Net profit growth (%) -15.2 61.6 15.7
EPS growth (%) -20.1 60.6 15.7
Profitability 2019 2020 2021
ROE (%) 11.6 15.9 15.6
ROE Adj (%) 24.5 28.6 27.5
ROCE (%) 10.2 13.2 12.4
ROCE Adj(%) 17.6 20.8 19.7
ROIC (%) 7.1 9.1 9.8
ROIC Adj (%) 7.1 9.1 9.8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 354 437 454
EBITDA Adj margin (%) 30.6 33.9 32.9
EBITA Adj 216 294 317
EBITA Adj margin (%) 18.6 22.8 23
EBIT Adj 124 187 199
EBIT Adj margin (%) 10.7 14.5 14.5
Pretax profit Adj 202 280 305
Net profit Adj 174 240 271
Net profit to shareholders Adj 174 240 271
Net Adj margin (%) 15 18.6 19.6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 354 437 454
Net financial items -14 -14 -12
Paid tax -25 -56 -47
Non-cash items 0 0 0
Cash flow before change in WC 316 367 395
Change in WC -38 35 -10
Operating cash flow 278 402 385
CAPEX tangible fixed assets -16 -6 -10
CAPEX intangible fixed assets -141 -161 -173
Acquisitions and disposals -214 -158 0
Free cash flow -92 76 202
Dividend paid -39 -44 -47
Share issues and buybacks 0 0 0
Other non cash items 18 -29 -86
Decrease in net IB debt -238 10 96
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 615 775 775
Indefinite intangible assets 0 0 0
Definite intangible assets 820 927 1030
Tangible fixed assets 73 50 32
Other fixed assets 9 9 9
Fixed assets 1575 1818 1904
Inventories 5 5 5
Receivables 228 148 145
Other current assets 58 51 66
Cash and liquid assets 17 125 222
Total assets 1883 2148 2341
Shareholders equity 751 924 1044
Minority 0 0 0
Total equity 751 924 1044
Long-term debt 467 563 563
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 174 188 188
Other long-term liabilities 79 48 48
Short-term debt 3 6 7
Accounts payable 35 39 41
Other current liabilities 316 323 392
Total liabilities and equity 1883 2149 2341
Net IB debt 502 492 396
Net IB debt excl. pension debt 502 492 396
Capital invested 1506 1652 1677
Working capital -59 -157 -218
EV breakdown 2019 2020 2021
Market cap. diluted (m) 6087 9902 9902
Net IB debt Adj 502 492 396
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 10394 10298
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 65 63.9 61.5
Capital invested turnover (%) 89 81.5 82.9
Capital employed turnover (%) 94.1 91 85.7
Inventories / sales (%) 0.5 0.4 0.4
Customer advances / sales (%) 11.5 9.4 7.7
Payables / sales (%) 2.8 2.9 2.9
Working capital / sales (%) -5.9 -8.4 -13.6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 66.8 53.3 37.9
Net debt / market cap (%) 13.3 5.1 4.1
Equity ratio (%) 39.9 43 44.6
Net IB debt adj. / equity (%) 66.8 53.3 37.9
Current ratio (%) 87.2 89.6 99.4
EBITDA / net interest (%) 2547.1 3171.7 3783.7
Net IB debt / EBITDA (%) 141.9 112.7 87.2
Interest cover (%) 1438.2 2056.5 2639.5
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 32 33 33
Fully diluted shares Adj 33 33 33
EPS 2.5 4.01 4.64
Dividend per share Adj 1.2 1.4 1.5
EPS Adj 5.28 7.24 8.18
BVPS 23.16 28.37 32.05
BVPS Adj -21.06 -23.87 -23.37
Net IB debt / share 15.5 15.1 12.2
Share price 116.61 299 299
Market cap. (m) 3783 9739 9739
Valuation 2019 2020 2021
P/E 74 74.5 64.4
EV/sales 5.7 8.07 7.46
EV/EBITDA 18.6 23.8 22.7
EV/EBITA 30.6 35.4 32.5
EV/EBIT 53.2 55.7 51.6
Dividend yield (%) 0.6 0.5 0.5
FCF yield (%) -1.5 0.8 2
P/BVPS 7.99 10.54 9.33
P/BVPS Adj -8.79 -12.53 -12.79
P/E Adj 35 41.3 36.5
EV/EBITDA Adj 18.6 23.8 22.7
EV/EBITA Adj 30.6 35.4 32.5
EV/EBIT Adj 53.2 55.7 51.6
EV/cap. employed 5.2 6.7 6.2
Investment ratios 2019 2020 2021
Capex / sales 13.5 13 13.2
Capex / depreciation 140.6 135.5 155.6
Capex tangibles / tangible fixed assets 21.3 11.6 31.5
Capex intangibles / definite intangibles 17.2 17.4 16.7
Depreciation on intangibles / definite intangibles 8.1 8 6.7
Depreciation on tangibles / tangibles 60.8 98.3 152.2
N/A N/A N/A

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