Declared Dividend • Aug 07
Second quarter dividend of kr0.92 announced Shareholders will receive a dividend of kr0.92. Ex-date: 24th September 2026 Payment date: 30th September 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: kr2.49 (vs kr2.09 in 1Q 2025) First quarter 2026 results: EPS: kr2.49 (up from kr2.09 in 1Q 2025). Revenue: kr955.1m (up 5.8% from 1Q 2025). Net income: kr98.7m (up 19% from 1Q 2025). Profit margin: 10% (up from 9.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr264, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Software industry in the United Kingdom. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr422 per share. Declared Dividend • Apr 02
Dividend of kr0.92 announced Shareholders will receive a dividend of kr0.92. Ex-date: 24th June 2026 Payment date: 30th June 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Mar 17
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 24 March 2026. Payment date: 30 March 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.9%). New Risk • Feb 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Large one-off items impacting financial results. Recent Insider Transactions • Feb 07
Founder & Chairman of the Board recently bought kr2.0m worth of stock On the 6th of February, Lars Stenlund bought around 8k shares on-market at roughly kr248 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Reported Earnings • Feb 07
Full year 2025 earnings released: EPS: kr10.96 (vs kr10.74 in FY 2024) Full year 2025 results: EPS: kr10.96 (up from kr10.74 in FY 2024). Revenue: kr3.63b (up 9.0% from FY 2024). Net income: kr435.4m (up 6.2% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 03
Vitec Software Group AB (publ) (OM:VIT B) acquired 80% stake in Infometric AB. Vitec Software Group AB (publ) (OM:VIT B) acquired 80% stake in Infometric AB on February 2, 2026. The acquisition payment will be made in cash. On completion, key stakeholders of Infometric AB will continue to be operational in the company with minority shares. Over the next few years, Vitec Software Group AB will increase its ownership and will hold 100% during 2030. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date. For the period ending December 31, 2025, Infometric AB reported total revenue of SEK 137.5 million.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of 80% stake in Infometric AB on February 2, 2026. Tillkännagivande • Jan 30
Vitec Software Group AB (publ) (OM:VIT B) acquired 75% stake in Autonet B.V. Vitec Software Group AB (publ) (OM:VIT B) acquired 75% stake in Autonet B.V. on January 29, 2026. A cash consideration will be paid by Vitec Software Group AB (publ). Vitec acquires 75 percent of the shares, while the management team will continue to be operational in the company with minority shares. Over the next few years, Vitec will increase its ownership and will hold 100% in 2029.
For the period ending December 31, 2025, Autonet B.V. reported total revenue of €4.5 million.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of 75% stake in Autonet B.V. on January 29, 2026. Buy Or Sell Opportunity • Jan 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to kr290. The fair value is estimated to be kr367, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Jan 01
Dividend of kr0.90 announced Shareholders will receive a dividend of kr0.90. Ex-date: 24th March 2026 Payment date: 30th March 2026 Dividend yield will be 1.2%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 36%. Cash payout ratio: 25%. Upcoming Dividend • Dec 12
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 19 December 2025. Payment date: 30 December 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.2%). Recent Insider Transactions • Nov 12
Independent Director recently bought kr315k worth of stock On the 10th of November, Jan Friedman bought around 1k shares on-market at roughly kr315 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.0m more in shares than they have sold in the last 12 months. Tillkännagivande • Oct 24
Vitec Software Group AB (publ), Annual General Meeting, Apr 28, 2026 Vitec Software Group AB (publ), Annual General Meeting, Apr 28, 2026. Reported Earnings • Oct 17
Third quarter 2025 earnings released: EPS: kr2.82 (vs kr2.85 in 3Q 2024) Third quarter 2025 results: EPS: kr2.82. Revenue: kr854.8m (up 5.6% from 3Q 2024). Net income: kr112.2m (up 3.4% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Declared Dividend • Sep 30
Dividend of kr0.90 announced Shareholders will receive a dividend of kr0.90. Ex-date: 19th December 2025 Payment date: 30th December 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 36%. Cash payout ratio: 25%. Upcoming Dividend • Sep 16
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 23 September 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (2.1%). Reported Earnings • Jul 12
Second quarter 2025 earnings released: EPS: kr2.64 (vs kr3.18 in 2Q 2024) Second quarter 2025 results: EPS: kr2.64 (down from kr3.18 in 2Q 2024). Revenue: kr917.4m (up 4.0% from 2Q 2024). Net income: kr104.9m (down 12% from 2Q 2024). Profit margin: 11% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr396, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 25x in the Software industry in the United Kingdom. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at kr400 per share. Declared Dividend • Jul 01
Dividend of kr0.90 announced Shareholders will receive a dividend of kr0.90. Ex-date: 23rd September 2025 Payment date: 29th September 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 34%. Cash payout ratio: 24%. Buy Or Sell Opportunity • Jun 27
Now 25% overvalued Over the last 90 days, the stock has fallen 13% to kr477. The fair value is estimated to be kr382, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • Jun 17
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (1.8%). Tillkännagivande • Apr 30
Vitec Software Group AB Approves Dividend Vitec Software Group AB (publ) at its AGM held on April 29, 2025 resolved, in accordance with the Board of Directors’ proposal of allocation of result included in the annual report, to approve the proposed dividend of SEK 3.60 per share. The dividend will be paid quarterly through partial payments of SEK 0.90 per share, however not more than SEK 154,258,554 in total. The record dates for the right to receive the quarterly partial payments are June 25, 2025, September 24, 2025, December 22, 2025, and March 25, 2026. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: kr2.09 (vs kr2.28 in 1Q 2024) First quarter 2025 results: EPS: kr2.09 (down from kr2.28 in 1Q 2024). Revenue: kr879.8m (up 23% from 1Q 2024). Net income: kr83.1m (down 2.9% from 1Q 2024). Profit margin: 9.4% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 08
Now 22% overvalued Over the last 90 days, the stock has fallen 5.6% to kr498. The fair value is estimated to be kr407, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Declared Dividend • Apr 03
Dividend of kr0.90 announced Shareholders will receive a dividend of kr0.90. Ex-date: 24th June 2025 Payment date: 30th June 2025 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 34%. Cash payout ratio: 22%. Tillkännagivande • Apr 02
Vitec Software Group AB (publ) announces Quarterly dividend, payable on June 30, 2025 Vitec Software Group AB (publ) announced Quarterly dividend of SEK 0.9000 per share payable on June 30, 2025, ex-date on June 24, 2025 and record date on June 25, 2025. Upcoming Dividend • Mar 18
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 25 March 2025. Payment date: 31 March 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (1.9%). Tillkännagivande • Feb 07
Vitec Software Group AB (publ) (OM:VIT B) acquired Intergrip B.V. Vitec Software Group AB (publ) (OM:VIT B) acquired Intergrip B.V. on February 7, 2025. As part of the acquisition, Vitec Software Group AB has acquired all shares in Intergrip B.V. The Payment will be in cash. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date. For the period ending December 31, 2024, Intergrip B.V. reported total revenue of €2.5 million.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Intergrip B.V. on February 7, 2025. Tillkännagivande • Feb 06
Vitec Software Group AB (publ), Annual General Meeting, Apr 29, 2025 Vitec Software Group AB (publ), Annual General Meeting, Apr 29, 2025, at 17:30 W. Europe Standard Time. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: kr10.74 (vs kr9.07 in FY 2023) Full year 2024 results: EPS: kr10.74 (up from kr9.07 in FY 2023). Revenue: kr3.43b (up 23% from FY 2023). Net income: kr410.1m (up 21% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 05
Vitec Software Group AB (publ) Proposes Dividend The board of directors of Vitec Software Group AB (publ) proposed an increased dividend, for the 23rd consecutive year, to SEK 3.60 per share (SEK 3.00 per share), an increase of 20%. Buy Or Sell Opportunity • Jan 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to kr585. The fair value is estimated to be kr485, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Dec 31
Dividend of kr0.75 announced Shareholders will receive a dividend of kr0.75. Ex-date: 25th March 2025 Payment date: 31st March 2025 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 29%. Cash payout ratio: 23%. Buy Or Sell Opportunity • Dec 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to kr534. The fair value is estimated to be kr433, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • Dec 12
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 30 December 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (1.7%). Tillkännagivande • Dec 03
Vitec Software Group AB (publ) (OM:VIT B) acquired Figlo Holding B.V. from InvestCloud, Inc. Vitec Software Group AB (publ) (OM:VIT B) acquired Figlo Holding B.V. from InvestCloud, Inc. on December 2, 2024. Figlo reported revenue of €4.3 million for the 2023 financial year. The transaction adds Figlo’s team of 36 professionals to Vitec, expanding Vitec’s expertise in financial planning. Payment will be in cash, and the acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Figlo Holding B.V. from InvestCloud, Inc. on December 2, 2024. Tillkännagivande • Nov 20
Vitec Software Group AB (publ) (OM:VIT B) acquired Roidu Ltd. Vitec Software Group AB (publ) (OM:VIT B) acquired Roidu Ltd. on November 20, 2024. The consideration will be in cash and with a convertible bond, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting held on April 23, 2024. The convertible bond matures in 36 months and at full conversion will have a dilutive effect on capital of less than 0.1%. Roidu's 17 new employees will join Vitec. For the period ending December 31, 2023, Roidu Ltd. reported total revenue of €2.3 million. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of acquisition date.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Roidu Ltd. on November 20, 2024. Tillkännagivande • Nov 05
Vitec Software Group AB (publ) (OM:VIT B) acquired OLYSLAGER B.V. Vitec Software Group AB (publ) (OM:VIT B) acquired OLYSLAGER B.V. on November 4, 2024. Consideration will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 23, 2024. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of 0.1%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date. For the period ending December 31, 2023, OLYSLAGER B.V. reported total revenue of €12 million. All the employees of OLYSLAGER will join Vitec following the acquisition.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of OLYSLAGER B.V. on November 4, 2024. Tillkännagivande • Oct 29
Vitec Software Group AB (publ) Announces Nomination Committee for 2025 Annual General Meeting In accordance with the decision of the Annual General Meeting, the Nomination Committee for Vitec Software Group AB (publ) has been appointed ahead of the Annual General Meeting 2025. The Nomination Committee consists of the following members: Patrik Jönsson, Chairman of the Nomination Committee, represents SEB Investment Management, Lars Stenlund, Chairman of the Board, Vitec Software Group, Jerker Vallbo, Thomas Eklund. New Risk • Oct 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Significant insider selling over the past 3 months (kr2.6m sold). Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: kr2.85 (vs kr2.26 in 3Q 2023) Third quarter 2024 results: EPS: kr2.85 (up from kr2.26 in 3Q 2023). Revenue: kr813.7m (up 16% from 3Q 2023). Net income: kr108.4m (up 27% from 3Q 2023). Profit margin: 13% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Oct 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Significant insider selling over the past 3 months (kr2.6m sold). Declared Dividend • Sep 25
Dividend of kr0.75 announced Shareholders will receive a dividend of kr0.75. Ex-date: 19th December 2024 Payment date: 30th December 2024 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 30%. Cash payout ratio: 21%. Upcoming Dividend • Sep 17
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 24 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (5.3%). Lower than average of industry peers (1.9%). Recent Insider Transactions • Sep 13
Chief Operating Officer recently sold kr2.6m worth of stock On the 6th of September, Gert Gustafsson sold around 5k shares on-market at roughly kr518 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gert has been a net seller over the last 12 months, reducing personal holdings by kr5.5m. Tillkännagivande • Sep 12
Vitec Software Group AB (publ) (OM:VIT B) acquired an unknown majority stake in Trinergy Sprl. Vitec Software Group AB (publ) (OM:VIT B) acquired an unknown majority stake in Trinergy Sprl on September 12, 2024. Payment will be in cash. Vitec acquires a majority stake, while the co-founders will continue to be operational in the company with minority shares. Over the next few years, Vitec will increase its ownership and will hold 100% by 2027. For the period ending December 31, 2023, Trinergy Sprl reported total revenue of €3.5 million.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of an unknown majority stake in Trinergy Sprl on September 12, 2024. Tillkännagivande • Aug 14
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of an unknown majority stake in Taxiteknik Nordic Ab. Vitec Software Group AB (publ) (OM:VIT B) agreed to acquire an unknown majority stake in Taxiteknik Nordic Ab on July 9, 2024. Vitec is set to acquire a majority stake, while the founders will continue to be operational in the company as minority shareholders. Over the next few years, Vitec will increase its ownership and is expected to hold 100% by 2027. Payment will be in cash. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Before closing, the acquisition needs approval from the Inspectorate of Strategic Products under the Screening of Foreign Direct Investments Act. Taxiteknik has an annual revenue of just over SEK 20 million.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of an unknown majority stake in Taxiteknik Nordic Ab on August 14, 2024. Inspectorate of Strategic Products under the Screening of Foreign Direct Investments Act has approved the deal. Over the next few years, Vitec will increase its ownership and will hold 100% by 2027. Buy Or Sell Opportunity • Jul 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to kr551. The fair value is estimated to be kr454, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Recent Insider Transactions • Jul 22
CEO, President & Director recently bought kr252k worth of stock On the 17th of July, Olle Backman bought around 446 shares on-market at roughly kr564 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr708k. Olle has been a buyer over the last 12 months, purchasing a net total of kr377k worth in shares. Recent Insider Transactions • Jul 17
Chief Financial Officer recently bought kr708k worth of stock On the 10th of July, Sara Nilsson bought around 2k shares on-market at roughly kr463 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sara has been a buyer over the last 12 months, purchasing a net total of kr549k worth in shares. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr3.18 (vs kr2.59 in 2Q 2023) Second quarter 2024 results: EPS: kr3.18 (up from kr2.59 in 2Q 2023). Revenue: kr882.2m (up 22% from 2Q 2023). Net income: kr119.5m (up 23% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Buy Or Sell Opportunity • Jul 01
Now 12% overvalued Over the last 90 days, the stock has fallen 1.5% to kr547. The fair value is estimated to be kr486, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Jun 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to kr580. The fair value is estimated to be kr476, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Declared Dividend • Jun 25
Dividend of kr0.75 announced Shareholders will receive a dividend of kr0.75. Ex-date: 24th September 2024 Payment date: 30th September 2024 Dividend yield will be 0.5%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 32%. Cash payout ratio: 21%. Upcoming Dividend • Jun 19
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.9%). Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Malin Ruijsenaars was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 24
Vitec Software Group AB (Publ) Approves Dividend Vitec Software Group AB (publ) announced at the AGM held on April 23, 2024, approved dividend of SEK 3.00 per share. The dividend will be paid quarterly through partial payments of SEK 0.75 per share, however not more than SEK 121,573,093 in total. The record dates for the right to receive the quarterly partial payments are 25 June 2024, 25 September 2024, 20 December 2024, and 26 March 2025. Reported Earnings • Apr 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr716.0m (up 17% from 1Q 2023). Net income: kr85.5m (up 11% from 1Q 2023). Profit margin: 12% (in line with 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Software industry in the United Kingdom. Declared Dividend • Apr 03
Dividend of kr0.75 announced Shareholders will receive a dividend of kr0.75. Ex-date: 24th June 2024 Payment date: 28th June 2024 Dividend yield will be 0.4%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 33%. Recent Insider Transactions • Mar 19
Independent Director recently sold kr271k worth of stock On the 14th of March, Kaj Sandart sold around 500 shares on-market at roughly kr542 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr560k. Insiders have been net sellers, collectively disposing of kr9.3m more than they bought in the last 12 months. Upcoming Dividend • Mar 15
Upcoming dividend of kr0.57 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (1.6%). Recent Insider Transactions • Feb 29
Independent Director recently sold kr272k worth of stock On the 26th of February, Kaj Sandart sold around 500 shares on-market at roughly kr544 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr3.7m. Insiders have been net sellers, collectively disposing of kr8.3m more than they bought in the last 12 months. Recent Insider Transactions • Feb 22
Independent Director recently sold kr560k worth of stock On the 13th of February, Kaj Sandart sold around 1k shares on-market at roughly kr560 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr3.7m. Insiders have been net sellers, collectively disposing of kr8.1m more than they bought in the last 12 months. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: kr9.08 (vs kr6.92 in FY 2022) Full year 2023 results: EPS: kr9.08 (up from kr6.92 in FY 2022). Revenue: kr2.78b (up 40% from FY 2022). Net income: kr339.2m (up 39% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Dec 14
Upcoming dividend of kr0.57 per share at 0.4% yield Eligible shareholders must have bought the stock before 21 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (1.7%). Recent Insider Transactions • Dec 13
Independent Director recently sold kr3.7m worth of stock On the 6th of December, Kaj Sandart sold around 7k shares on-market at roughly kr531 per share. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr4.4m more than they bought in the last 12 months. Tillkännagivande • Nov 29
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Codea Oy. Vitec Software Group AB (publ) (OM:VIT B) agreed to acquire Codea on September 26, 2023. Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 25, 2023. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of less than 0.1%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Before closing, the acquisition needs approval from the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland. Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Codea Oy on November 28, 2023. Tillkännagivande • Nov 02
Vitec Software Group AB (publ), Annual General Meeting, Apr 23, 2024 Vitec Software Group AB (publ), Annual General Meeting, Apr 23, 2024. Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: kr2.26 (vs kr1.76 in 3Q 2022) Third quarter 2023 results: EPS: kr2.26 (up from kr1.76 in 3Q 2022). Revenue: kr701.0m (up 39% from 3Q 2022). Net income: kr85.2m (up 38% from 3Q 2022). Profit margin: 12% (in line with 3Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 17% per year. New Risk • Oct 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Tillkännagivande • Oct 14
Vitec Software Group AB (publ) (OM:VIT B) acquired Picturae Ict B.V. Vitec Software Group AB (publ) (OM:VIT B) acquired Picturae Ict B.V. on October 12, 2023. Vitec Software Group acquired the target company under name change to Vitec Memorix B.V and the transaction payment will be in cash.
Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of Picturae Ict B.V. on October 12, 2023. Tillkännagivande • Sep 27
Vitec Software Group AB (publ) (OM:VIT B) agreed to acquire Codea. Vitec Software Group AB (publ) (OM:VIT B) agreed to acquire Codea on September 26, 2023. Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 25, 2023. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of less than 0.1%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Before closing, the acquisition needs approval from the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland. Upcoming Dividend • Sep 18
Upcoming dividend of kr0.57 per share at 0.4% yield Eligible shareholders must have bought the stock before 25 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (1.8%). Tillkännagivande • Sep 15
Vitec Software Group AB (publ) completed the acquisition of Neagen Oy. Vitec Software Group AB (publ) entered into an agreement to acquire Neagen Oy on June 13, 2023. Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 25, 2023. The acquisition is subject to the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland. As of year ended 2022, Neagen Oy reported revenue of €5 million. Rabbe Sittnikow from Hannes Snellman Attorneys Ltd. acted as legal advisors to Vitec Software Group AB (publ) (OM:VIT B). IMAP Finland (Carner Corporate Finance) acted as financial advisor to Vitec throughout the process.
Vitec Software Group AB (publ) completed the acquisition of Neagen Oy on September 14, 2023. Recent Insider Transactions • Sep 14
Independent Director recently sold kr1.2m worth of stock On the 7th of September, Kaj Sandart sold around 2k shares on-market at roughly kr587 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr178k more than they bought in the last 12 months. Reported Earnings • Jul 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr723.7m (up 43% from 2Q 2022). Net income: kr96.9m (up 82% from 2Q 2022). Profit margin: 13% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Upcoming Dividend • Jun 19
Upcoming dividend of kr0.57 per share at 0.4% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (1.8%). Tillkännagivande • Jun 14
Vitec Software Group AB (publ) entered into an agreement to acquire Neagen Oy. Vitec Software Group AB (publ) entered into an agreement to acquire Neagen Oy on June 13, 2023. Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 25, 2023. The acquisition is subject to the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland. As of year ended 2022, Neagen Oy reported revenue of €5 million. 
