Vitec Software Group AB (publ) (VIT-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6.2%

SEK 318.34

vs SEK 299.80 price

Levered DCF

SEK 248.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.91

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.25×	50.65×	64.77×	60.43×	90.72×	69.17×	58.54×	24.02×
P/B	2.54×	4.23×	6.42×	4.61×	9.44×	13.17×	7.89×	3.48×
P/S	3.38×	6.23×	7.88×	7.48×	11.95×	8.46×	5.18×	2.29×
EV / EBITDA	11.54×	17.53×	22.41×	22.15×	34.34×	25.34×	18.35×	9.06×
Gross margin	25.3%	36.9%	50.2%	50.4%	47.8%	57.5%	54.8%	54.0%
Operating margin	19.8%	20.9%	21.2%	18.0%	18.0%	16.9%	12.4%	12.6%
Net margin	12.0%	12.3%	12.2%	12.4%	13.2%	12.2%	8.8%	9.5%
Current ratio	0.77×	0.63×	0.72×	1.09×	0.7×	0.77×	0.74×	1.44×
Debt / equity	0.63×	0.52×	0.66×	0.51×	0.44×	0.73×	0.73×	0.76×
Interest coverage	6.68×	5.59×	5.95×	8.12×	13.35×	14.72×	9.14×	10.52×
Dividend yield	1.1%	0.5%	0.4%	0.5%	0.3%	0.3%	0.6%	1.4%
Payout ratio	31.5%	26.6%	24.4%	27.8%	25.7%	20.7%	38.0%	33.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	8.4%	10.0%	7.6%	10.4%	19.1%	13.5%	14.5%
Return on invested capital	6.2%	5.9%	6.2%	5.1%	7.0%	10.1%	7.3%	8.0%
Return on assets	4.2%	4.1%	4.3%	3.9%	5.5%	7.3%	5.4%	5.8%
Free cash flow yield	8.8%	2.6%	1.6%	1.9%	1.4%	2.4%	2.1%	2.3%
Earnings yield	3.5%	2.0%	1.5%	1.7%	1.1%	1.4%	1.7%	4.2%
Enterprise value	SEK 14.9B	SEK 23.1B	SEK 24B	SEK 15.8B	SEK 19.5B	SEK 11.6B	SEK 6.5B	SEK 2.6B
Net debt / EBITDA	2.03×	1.75×	1.95×	1.41×	1.33×	1.05×	1.52×	0.95×
Cash conversion cycle (days)	55	46	53	52	45	45	-22	48