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Vitec

SEKm 2018 2019e 2020e
Sales 1017 1191 1235
Sales growth (%) 18,9 17,1 3,7
EBITDA 281 353 350
EBITDA margin (%) 27,7 29,6 28,3
EBIT adj 139 172 187
EBIT adj margin (%) 13,7 14,5 15,1
Pretax profit 118 151 173
EPS rep 3,16 3,6 4,07
EPS growth (%) 18,8 14 13,2
EPS adj 6,02 6,64 6,96
DPS 1,2 1,2 1,4
EV/EBITDA (x) 9,5 14,7 14,8
EV/EBIT adj (x) 19,1 30,1 27,6
P/E (x) 24,6 40,1 35,5
P/E adj (x) 12,9 21,8 20,8
EV/sales (x) 2,6 4,4 4,2
FCF yield (%) 0,3 -2,3 1
Dividend yield (%) 1,5 0,8 1
Net IB debt/EBITDA 0,9 1,2 1,1
SEKm 2018 2019e 2020e
Sales 1017 1191 1235
COGS 128 137 135
Gross profit 1144 1327 1370
Other operating items -863 -974 -1021
EBITDA 281 353 350
Depreciation on tangibles 0 0 0
Depreciation on intangibles -69 -51 -30
EBITA 213 264 282
Goodwill impairment charges -5 -9 0
Other impairment and amortisation -78 -92 -95
EBIT 129 164 187
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 118 151 173
Tax -20 -32 -38
Net profit 98 119 135
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 119 135
EPS 3,16 3,6 4,07
EPS Adj 6,02 6,64 6,96
Total extraordinary items after tax -5,1 0 0
Tax rate (%) -16,9 -21,1 -22
Gross margin (%) 112,5 111,5 110,9
EBITDA margin (%) 27,7 29,6 28,3
EBITA margin (%) 20,9 22,2 22,9
EBIT margin (%) 12,7 13,8 15,1
Pretax margin (%) 11,6 12,7 14
Net margin (%) 9,6 10 10,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18,9 17,1 3,7
EBITDA growth (%) 20,4 25,5 -0,9
EBIT growth (%) 21,1 26,7 14,3
Net profit growth (%) 23,3 21,6 13,2
EPS growth (%) 18,8 14 13,2
Profitability 2018 2019 2020
ROE (%) 18,3 16,4 16,2
ROE Adj (%) 34,9 30,2 27,7
ROCE (%) 13 13,1 14
ROCE Adj(%) 22 21,1 21,1
ROIC (%) 12,8 12,1 11,8
ROIC Adj (%) 13,9 12,7 11,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 353 350
EBITDA Adj margin (%) 28,2 29,6 28,3
EBITA Adj 218 264 282
EBITA Adj margin (%) 21,4 22,2 22,9
EBIT Adj 139 172 187
EBIT Adj margin (%) 13,7 14,5 15,1
Pretax profit Adj 206 251 268
Net profit Adj 186 219 230
Net profit to shareholders Adj 186 219 230
Net Adj margin (%) 18,3 18,4 18,6
SEKm 2018 2019e 2020e
EBITDA 281 353 350
Net financial items -12 -13 -15
Paid tax -20 -32 -38
Non-cash items 0 0 0
Cash flow before change in WC 250 308 297
Change in WC -8 140 -66
Operating cash flow 284 202 193
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -277 -310 -147
Acquisitions and disposals 0 0 0
Free cash flow 7 -108 46
Dividend paid -32 -37 -40
Share issues and buybacks 0 0 0
Other non cash items 100 22 68
Decrease in net IB debt 75 -153 30
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 283 283 283
Indefinite intangible assets 0 0 0
Definite intangible assets 848 1153 1149
Tangible fixed assets 40 91 87
Other fixed assets 9 11 11
Fixed assets 1180 1588 1586
Inventories 0 0 0
Receivables 260 233 309
Other current assets 0 0 0
Cash and liquid assets 235 115 75
Total assets 1676 1935 1970
Shareholders equity 670 783 878
Minority 0 0 0
Total equity 670 783 878
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 497 609 619
Other current liabilities 0 0 0
Total liabilities and equity 1097 1262 1676
Net IB debt 265 418 387
Net IB debt excl. pension debt 265 418 387
Capital invested 934 1200 1265
Working capital -236 -376 -310
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2404 4773 4773
Net IB debt Adj 265 418 387
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 5191 5161
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,2 66 63,3
Capital invested turnover (%) 121,6 111,6 100,2
Capital employed turnover (%) 102,5 95,1 92,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 46,9 46,4 49,7
Working capital / sales (%) -23,6 -25,7 -27,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39,5 53,4 44,1
Net debt / market cap (%) 10,6 8,9 8,3
Equity ratio (%) 40 40,4 44,5
Net IB debt adj. / equity (%) 39,5 53,4 44,1
Current ratio (%) 99,8 57 62
EBITDA / net interest (%) 2425,5 2719,3 2403,7
Net IB debt / EBITDA (%) 94,1 118,4 110,8
Interest cover (%) 1834,3 2035,3 1940,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 31 32 32
Fully diluted shares Adj 31 33 33
EPS 3,16 3,6 4,07
Dividend per share Adj 1,2 1,2 1,4
EPS Adj 6,02 6,64 6,96
BVPS 21,92 24,18 27,12
BVPS Adj -15,1 -20,16 -17,11
Net IB debt / share 8,7 12,9 12
Share price 81,97 144,5 144,5
Market cap. (m) 2504 4677 4677
Valuation 2018 2019 2020
P/E 24,6 40,1 35,5
EV/sales 2,62 4,36 4,18
EV/EBITDA 9,5 14,7 14,8
EV/EBITA 12,5 19,7 18,3
EV/EBIT 20,7 31,7 27,6
Dividend yield (%) 1,5 0,8 1
FCF yield (%) 0,3 -2,3 1
P/BVPS 3,54 5,98 5,33
P/BVPS Adj -5,14 -7,17 -8,45
P/E Adj 12,9 21,8 20,8
EV/EBITDA Adj 9,3 14,7 14,8
EV/EBITA Adj 12,3 19,7 18,3
EV/EBIT Adj 19,1 30,1 27,6
EV/cap. employed 2,3 3,9 3,8
Investment ratios 2018 2019 2020
Capex / sales 27,2 26 11,9
Capex / depreciation 403,9 605,8 494,5
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 32,6 26,9 12,8
Depreciation on intangibles / definite intangibles 8,1 4,4 2,6
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. 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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></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>

35,5

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

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26,8

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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4,1

P/BVPS

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<div class="inner"> <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> </div> <div class="formula-bar-wrapper"> </div>

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5,3