Improved market activity sounds promising

研报英文原文证据摘录

Improved market activity sounds promising

Equity Research - 14 July 2026 12:42 CEST

Reason: Post-results commentVitec

• Increased market activity is positive for the re-rating story

• Small revisions, adj. EBITA -1% to 0% 2026-28e

• Upside from M&A and multiple expansion: BUY, TP SEK 500 IT

Earnings acceleration on the way Estimate changes (%)

Vitec delivered a solid Q2 report, with adj. EBITA 2% above Modular 2026e 2027e 2028e

Finance consensus and up 15% y-o-y. It was also positive to see that cash Sales 0.9 0.5 0.5

EBIT followed suit, up 18% y-o-y. This reduced leverage to levels where EBIT 0.4 -1.0 0.3

Vitec should be comfortable conducting M&A, and combined with positive EPS -3.5 -1.2 0.3

Source: ABG Sundal Collier

M&A activity comments in the report, we expect a couple of acquisitions

in H2'26e. This should be positive for the estimate revisions trend and VIT.B-SE/VITB SS

longer-term sentiment. On the weaker side, we highlight the 4% organic Share price (SEK) 13/7/2026 228.00

growth in subscription-based recurring revenues, down from 6% in Q1. Target price 500.00

Despite the decline, however, we maintain our 5% estimate for H2 based

on positive outlook comments on increased customer activity and shorter

sales cycles not yet seen in revenues. The business-critical software MCap (SEKm) 9,263

portfolio should show solid moats vs. AI competition, while Vitec should be MCap (EURm) 839

able to use AI internally for improved efficiency. No. of shares (m) 37.4

Free float (%) 88.5

Small estimate changes Av. daily volume (k) 57

With only minor deviations versus our estimates and an unchanged

organic outlook, we make only small changes to our forecasts. All in all,

Next event Q3 report 23 October 2026we revise '26e-'28e adj. EBITA by -1% to 0%. The negative revisions to