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Vitec Software Group (VIT-B) Fair Value & Analysis

Technology · SE · Market cap 9.1B SEK (≈ $949M) · ISIN SE0007871363

What is Vitec Software Group really worth?

VS Vitec Software Group VIT-B · ST
Pricekr 273.60
Fair Valuekr 328.67
Upside+20.1%
Quality52/100

A solid business, trading 17% below our fair value of kr 328.67.

As of Aug 20, 2026, the fair value of Vitec Software Group is kr 328.67 per share against a price of kr 273.60, so the fair value sits 20% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +22.6 %/yr)
Solidly profitable · 12.2% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/14)

Risks

!Moderate moat 53/100
!Weak on future: 29 out of 100
!Weak on dividend: 27 out of 100

For context

·1.35% dividend yield
Evidence: High Range kr 246.50 – kr 410.84

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 16 days ago

Share price +16.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 628.85 kr 213.40 Fair Value kr 328.67 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range kr 213.40 – kr 628.85 · fair‑value band kr 246.50 – kr 410.84 · the kr 273.60 price screens below the kr 328.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Vitec Software Group (VIT-B) currently trades at kr 273.60, while our model-based Fair Value estimate is kr 328.67, implying the stock looks roughly 16.8% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of kr 558.85 per share, and 15 of the 24 models we run sit above the kr 273.60 price. Bear case: the Asset-Based group reads lowest at kr 87.50, and 9 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Vitec Software Group generated revenue of 3.7B SEK at a net margin of 12.2%. Revenue grew 5.8% year over year. It earns a return on equity of 9.3%. Net debt stands at 2.5B SEK. Fundamentals as of Aug 20, 2026

Our scenario range runs from kr 246.50 (bear case) to kr 410.84 (bull case); at kr 273.60, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 44% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −38% fair-value upside, at 20%, VIT-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 5.21 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income kr 110.00 kr 119.39 kr 151.64 76
FCF DCF kr 373.19 kr 652.92 kr 1,434 75
EPV kr 82.50 kr 105.34 kr 125.05 74
All 24 models by family
DCF Models
FCF DCF kr 373.19 kr 652.92 kr 1,434 75
Owner Earnings kr 350.05 kr 851.43 kr 1,865 70
5Y Revenue Exit kr 195.77 kr 376.16 kr 721.03 69
5Y EBITDA Exit kr 402.00 kr 822.34 kr 1,591 71
5Y P/E Exit kr 235.48 kr 507.46 kr 850.35 68
10Y Revenue Exit kr 241.76 kr 485.31 kr 752.68 65
10Y EBITDA Exit kr 390.72 kr 867.24 kr 1,736 64
10Y P/E Exit kr 276.02 kr 558.85 kr 1,027 61
Earnings-Based
Graham-Dodd kr 79.82 kr 556.66 kr 781.18 63
Lynch FV kr 165.73 kr 236.76 kr 307.79 61
PEG = 1.0 kr 165.73 kr 236.76 kr 307.79 57
EPV kr 82.50 kr 105.34 kr 125.05 74
Multiples
P/E Multiple kr 246.50 kr 328.67 kr 410.84 63
P/S Multiple kr 149.66 kr 199.55 kr 249.44 58
P/B Multiple kr 149.66 kr 199.55 kr 249.44 55
EV/EBIT kr 286.64 kr 402.91 kr 519.19 65
EV/EBITDA kr 425.67 kr 588.29 kr 750.91 67
EV/Revenue kr 114.16 kr 189.74 kr 265.32 52
Asset-Based
NCAV (Graham) kr 65.30 kr 87.50 kr 130.60 54
Growth DCF
Growth DCF kr 352.16 kr 721.95 kr 1,403 74
Rev-Margin DCF kr 195.77 kr 405.08 kr 716.20 69
Economic Profit
Residual Income kr 110.00 kr 119.39 kr 151.64 76
ROIC Compounder kr 82.50 kr 105.34 kr 125.05 72
Growth Earnings
Growth-Adj P/E kr 258.42 kr 369.18 kr 479.93 67

Widest divergence: DCF Models (kr 558.85) versus Asset-Based (kr 87.50). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 20.2 as of Jul 14, 2026
P/S ratio 2.42 P/E × margin
EPS (TTM) kr 11.35 price ÷ EPS = P/E 20.2
Dividend yield 1.3% payout 32.4%
Net margin 12.0% FY2025
Return on equity 9.3% TTM
More key figures
Profitability
Return on assets (EBIT) 6.9% avg 5y
Operating margin 18.2% TTM
Growth
Revenue (TTM) 3.7B SEK TTM
Revenue growth (YoY) +5.8% 3y avg +22.5%
EPS growth (YoY) +19.2%
Balance sheet & cash flow
Free cash flow 1.1B SEK FY2025
Net debt 2.5B SEK FY2025 · ≈ 2.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 54 · Market factors (momentum, volatility) 40

Profitability 33
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 53
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Vitec Software Group AB (publ) develops and delivers vertical software solutions in Sweden, Denmark, Finland, Norway, the Netherlands, the United States, and internationally.

Full company description

Vitec Software Group AB (publ) develops and delivers vertical software solutions in Sweden, Denmark, Finland, Norway, the Netherlands, the United States, and internationally. The company offers software for laundry and textile rental; greenhouses, industry, and renewable energy; lubricants; taxi; welfare and healthcare; banking and finance; car dismantling; automotive, transportation and machinery; media agency; pharmacy; blue light operations; car dealers and repair shops; electricity traders and network owners of electricity and district heating networks; real estate; insurance; and hairdressing and beauty salon services. It also provides software for hotel and hospitality; education; religious communities and preschools; skills development and transition; real estate agent; digital cultural heritage and collections; grocery store; property and facility management; trade and manufacturing; waste and resource processing; and bond markets, as well as municipal culture and leisure administration and visitor facilities. Vitec Software Group AB (publ) was incorporated in 1985 and is headquartered in Umeå, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vitec Software Group reported revenue of 3.6B SEK in FY2025 versus 1.6B SEK in FY2021, a compound +23.3%/yr. Reported net income was 435M SEK in FY2025, compounding +20.4%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.6B SEK
Latest YoY
+9.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.6%
Avg. revenue growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+18.9% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+17.6%
Dividend yield1.3%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 17.6% vs 10Y 17.2%, steady
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16.9% (2020) → 19.8% (2025) · rising
Revenue +23.3%/yr
FY21 1.6B SEK
FY22 2.0B SEK
FY23 2.8B SEK
FY24 3.3B SEK
FY25 3.6B SEK
Net income +20.4%/yr
FY21 207M SEK
FY22 245M SEK
FY23 339M SEK
FY24 410M SEK
FY25 435M SEK
Character of growth · EPS growth decomposed (2014-2025) +18.7 % p.a.
Revenue per share +17.3 %

of which total revenue +20.7 % · buybacks/dilution −2.9 %

EBIT margin +4.0 %
Tax rate −0.7 %
Residual (interest, one-offs) −2.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Vitec Software Group Fair Value". https://www.fairvalue-calculator.com/stock/VIT-B

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Software - Application · 691 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside +20% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 6% · Below median
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.56× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 20.2× · Cheaper than median
P/B 1.87× · Cheaper than median
P/S (TTM) 2.46× · Pricier than median
P/FCF 0.9× · Cheaper than 75% of peers
EV/EBITDA 10.7× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE60 · sector 0
FUTURE29 · sector 36
PAST37 · sector 12
HEALTH72 · sector 98
DIVIDEND27 · sector 28

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAP €191.32 €169.59 −11%
Shopify Inc SHOP C$209.78 C$28.76 −86%
Uber Technologies, Inc UBER $78.82 $43.66 −45%
Salesforce, Inc CRM $252.05 $249.28 −1%
ServiceNow, Inc NOW $138.43 $43.73 −68%
Cadence Design Systems, Inc CDNS $340.39 $112.57 −67%
Snowflake Inc SNOW $329.11 $42.27 −87%
Adobe Inc ADBE $289.15 $454.04 +57%
Automatic Data Processing, Inc ADP $284.68 $177.51 −38%
Intuit Inc INTU $348.00 $363.46 +4%

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Frequently asked questions

Is Vitec Software Group (VIT-B) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of kr 328.67 versus a price of kr 273.60, about +20% upside (undervalued).
What is the fair value of VIT-B?
Our model-based fair value for Vitec Software Group is kr 328.67 (as of Aug 20, 2026), built from audited fundamentals. The current price: kr 273.60.
What is the quality score of VIT-B?
Vitec Software Group has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Vitec Software Group (VIT-B)?
Vitec Software Group reported trailing-twelve-month revenue of about 3.7B SEK (latest available figure, as of Aug 20, 2026).
What is the net profit margin of VIT-B?
The net profit margin of Vitec Software Group is about 12.2%, meaning it keeps roughly 12.2% of revenue as net income. Based on the latest reported figures.
Does Vitec Software Group pay a dividend?
Vitec Software Group currently shows a dividend yield of about 1.35% relative to its recent price (as of Aug 20, 2026).
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