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Vitec

Vitec

SEKm 2019 2020e 2021e
Sales 1191 1235 1285
Sales growth (%) 17,1 3,7 4
EBITDA 353 350 361
EBITDA margin (%) 29,6 28,3 28,1
EBIT adj 172 187 199
EBIT adj margin (%) 14,5 15,1 15,5
Pretax profit 151 173 186
EPS rep 3,6 4,07 4,4
EPS growth (%) 14 13,2 7,9
EPS adj 6,64 6,96 7,43
DPS 1,2 1,4 1,4
EV/EBITDA (x) 20,8 20,9 19,9
EV/EBIT adj (x) 42,6 39,1 36,3
P/E (x) 58,3 51,5 47,8
P/E adj (x) 31,6 30,2 28,3
EV/sales (x) 6,2 5,9 5,6
FCF yield (%) -1,6 0,7 1,9
Dividend yield (%) 0,6 0,7 0,7
Net IB debt/EBITDA 1,2 1,1 0,7
SEKm 2019 2020e 2021e
Sales 1191 1235 1285
COGS 137 135 135
Gross profit 1327 1370 1420
Other operating items -974 -1021 -1059
EBITDA 353 350 361
Depreciation on tangibles 0 0 0
Depreciation on intangibles -51 -30 -25
EBITA 264 282 299
Goodwill impairment charges -9 0 0
Other impairment and amortisation -92 -95 -100
EBIT 164 187 199
Other financial items 0 0 0
Net financial items -13 -15 -13
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 151 173 186
Tax -32 -38 -41
Net profit 119 135 145
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 119 135 145
EPS 3,6 4,07 4,4
EPS Adj 6,64 6,96 7,43
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -22 -22
Gross margin (%) 111,5 110,9 110,5
EBITDA margin (%) 29,6 28,3 28,1
EBITA margin (%) 22,2 22,9 23,3
EBIT margin (%) 13,8 15,1 15,5
Pretax margin (%) 12,7 14 14,5
Net margin (%) 10 10,9 11,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 17,1 3,7 4
EBITDA growth (%) 25,5 -0,9 3,3
EBIT growth (%) 26,7 14,3 6,2
Net profit growth (%) 21,6 13,2 7,9
EPS growth (%) 14 13,2 7,9
Profitability 2019 2020 2021
ROE (%) 16,4 16,2 15,7
ROE Adj (%) 30,2 27,7 26,5
ROCE (%) 13,1 14 14,6
ROCE Adj(%) 21,1 21,1 21,9
ROIC (%) 12,1 11,8 12,3
ROIC Adj (%) 12,7 11,8 12,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 353 350 361
EBITDA Adj margin (%) 29,6 28,3 28,1
EBITA Adj 264 282 299
EBITA Adj margin (%) 22,2 22,9 23,3
EBIT Adj 172 187 199
EBIT Adj margin (%) 14,5 15,1 15,5
Pretax profit Adj 251 268 286
Net profit Adj 219 230 245
Net profit to shareholders Adj 219 230 245
Net Adj margin (%) 18,4 18,6 19,1
SEKm 2019 2020e 2021e
EBITDA 353 350 361
Net financial items -13 -15 -13
Paid tax -32 -38 -41
Non-cash items 0 0 0
Cash flow before change in WC 308 297 308
Change in WC 140 -66 12
Operating cash flow 202 193 283
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -310 -147 -148
Acquisitions and disposals 0 0 0
Free cash flow -108 46 135
Dividend paid -37 -40 -46
Share issues and buybacks 0 0 0
Other non cash items 22 68 68
Decrease in net IB debt -153 30 118
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 283 283 283
Indefinite intangible assets 0 0 0
Definite intangible assets 1153 1149 1145
Tangible fixed assets 91 87 84
Other fixed assets 11 11 11
Fixed assets 1588 1586 1580
Inventories 0 0 0
Receivables 233 309 321
Other current assets 0 0 0
Cash and liquid assets 115 75 123
Total assets 1935 1970 2024
Shareholders equity 783 878 977
Minority 0 0 0
Total equity 783 878 977
Long-term debt 493 423 353
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 609 619 644
Other current liabilities 0 0 0
Total liabilities and equity 1262 1676 1935
Net IB debt 418 387 269
Net IB debt excl. pension debt 418 387 269
Capital invested 1200 1265 1246
Working capital -376 -310 -323
EV breakdown 2019 2020 2021
Market cap. diluted (m) 6937 6937 6937
Net IB debt Adj 418 387 269
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 7355 7325 7206
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 66 63,3 64,3
Capital invested turnover (%) 111,6 100,2 102,3
Capital employed turnover (%) 95,1 92,3 94,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 46,4 49,7 49,1
Working capital / sales (%) -25,7 -27,8 -24,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 53,4 44,1 27,6
Net debt / market cap (%) 11,1 5,7 4
Equity ratio (%) 40,4 44,5 48,3
Net IB debt adj. / equity (%) 53,4 44,1 27,6
Current ratio (%) 57 62 69
EBITDA / net interest (%) 2719,3 2403,7 2884,4
Net IB debt / EBITDA (%) 118,4 110,8 74,5
Interest cover (%) 2035,3 1940,5 2385,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 32 32 32
Fully diluted shares Adj 33 33 33
EPS 3,6 4,07 4,4
Dividend per share Adj 1,2 1,4 1,4
EPS Adj 6,64 6,96 7,43
BVPS 24,18 27,12 30,18
BVPS Adj -20,16 -17,11 -13,94
Net IB debt / share 12,9 12 8,3
Share price 116,61 210 210
Market cap. (m) 3774 6797 6797
Valuation 2019 2020 2021
P/E 58,3 51,5 47,8
EV/sales 6,18 5,93 5,61
EV/EBITDA 20,8 20,9 19,9
EV/EBITA 27,8 25,9 24,1
EV/EBIT 44,9 39,1 36,3
Dividend yield (%) 0,6 0,7 0,7
FCF yield (%) -1,6 0,7 1,9
P/BVPS 8,68 7,74 6,96
P/BVPS Adj -10,42 -12,27 -15,07
P/E Adj 31,6 30,2 28,3
EV/EBITDA Adj 20,8 20,9 19,9
EV/EBITA Adj 27,8 25,9 24,1
EV/EBIT Adj 42,6 39,1 36,3
EV/cap. employed 5,5 5,4 5,2
Investment ratios 2019 2020 2021
Capex / sales 26 11,9 11,5
Capex / depreciation 605,8 494,5 593,8
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 26,9 12,8 12,9
Depreciation on intangibles / definite intangibles 4,4 2,6 2,2
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>

47,7

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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35,1

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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5,4

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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6,9