Vertical market software

Vitec

Vitec's business idea is to acquire and develop market leading, vertical software companies in niche markets. These are normally restricted to certain geographies as the software can be hard to sell in some areas. The business strategy is a combination of making use of the M&A arbitrage from buying unlisted companies, rationalization and maximisation of current business, as well as geographical and market diversification. The company rather than the niche in which it operates is in focus when Vitec makes an acquisition.

Financials

Vitec

SEKm 2018 2019 2020
Sales 1017 1085 1112
Sales growth (%) 18,9 6,7 2,5
EBITDA 281 317 327
EBITDA margin (%) 27,7 29,2 29,4
EBIT adj 134 162 172
EBIT adj margin (%) 13,2 14,9 15,5
Pretax profit 118 148 160
EPS rep 3,16 3,73 4,02
EPS growth (%) 18,8 18,2 7,8
EPS adj 3,32 3,73 4,02
DPS 1,2 1,3 1,4
EV/EBITDA (x) 9,5 8,6 8,1
EV/EBIT adj (x) 19,9 16,9 15,3
P/E (x) 24,6 22,5 20,9
P/E adj (x) 23,4 22,5 20,9
EV/sales (x) 2,6 2,5 2,4
FCF yield (%) 0,3 6,4 5,3
Dividend yield (%) 1,5 1,5 1,7
Net IB debt/EBITDA 0,9 0,4 0,1

Main shareholders

Vitec

Main shareholders Share capital % Voting shares % Verified
Lars Stenlund 5.2 % 25.3 % 31 Jan 2019
Olov Sandberg 4.5 % 22.8 % 31 Jan 2019
Didner & Gerge Fonder 6.4 % 3.3 % 31 Jan 2019
Mawer Investment Management 5.9 % 2.9 % 31 Dec 2018
Thomas Eklund 5.4 % 2.8 % 31 Jan 2019
SEB Fonder 5.4 % 2.8 % 31 Jan 2019
Martin Gren (Grenspecialisten) 4.0 % 2.1 % 31 Jan 2019
Utah Retirement Systems 3.4 % 1.8 % 31 Jan 2019
Avanza Pension 2.8 % 1.4 % 31 Jan 2019
Nils-Eric Öquist 2.7 % 1.4 % 31 Jan 2019
Source: Holdings by Modular Finance AB

Insider list

Vitec

Name
Maria Sofia Katarina Kröger
Maria Sofia Katarina Kröger
Maria Sofia Katarina Kröger
Lars Stenlund
Bernt Olof Sandberg
Maria Sofia Katarina Kröger
Lars Eriksson
Lars Eriksson
Lars Eriksson
Oscar Kröger
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