![Vincit, Q2'24](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/02c15680-2448-436a-b10a-a90d5deb8577.png)
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Vincit
2.6 EUR -3.35%8,186 investors are following this company
Vincit provides services in design and software development. The services include, for example, software for e-commerce and web applications, cloud platforms, mobile applications and IoT solutions. The services are used by both small and medium-sized corporate customers. The main operations are in Europe and North America. Vincit was founded in 2007 and is headquartered in Finland.
P/E (24e)
13.81
EV/EBIT (adj.) (24e)
7.56
EV/S (24e)
0.35
Dividend yield-% (24e)
5.77 %
Target price
3.10 EUR
Recommendation
Accumulate
Updated
25.4.2024
First North Finland
VINCIT
Daily low / high price
2.6 / 2.66
EUR
Market cap
44.08M EUR
Turnover
25.94K EUR
Volume
9.9K
Business risk
Valuation risk
Current
Previous
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Kuitunen Mikko Antti Mikael | 7.7 % | 7.7 % |
Bcore Oy | 7.1 % | 7.1 % |
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Insider Transactions
Insider | Date | Total value |
---|---|---|
Kimmo Kärkkäinen | 12.12.2023 | 59,600EUR |
Julius Manni | 12.12.2023 | 21,331EUR |
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Forum updates
Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 52.4 | 61.5 | 84.8 | 98.1 | 90.6 | 96.4 | 103.8 | 110.0 |
growth-% | 8.7 % | 17.4 % | 37.9 % | 15.7 % | -7.7 % | 6.4 % | 7.7 % | 6.0 % |
EBITDA | 8.2 | 6.5 | 3.6 | 2.0 | 5.1 | 6.6 | 7.9 | 8.8 |
EBIT (adj.) | 7.6 | 5.1 | 5.2 | 3.4 | 4.2 | 5.8 | 7.0 | 7.8 |
EBIT | 6.0 | 4.1 | 0.2 | -2.2 | 1.0 | 2.6 | 3.8 | 4.8 |
Profit before taxes | 5.8 | 4.8 | 0.2 | -2.5 | 1.1 | 2.8 | 4.0 | 5.0 |
Net income | 4.4 | 3.5 | -0.3 | -2.9 | -0.1 | 1.3 | 2.2 | 3.1 |
EPS (adj.) | 0.50 | 0.40 | 0.32 | 0.16 | 0.19 | 0.27 | 0.33 | 0.37 |
growth-% | 131.6 % | -19.7 % | -20.7 % | -49.4 % | 17.6 % | 44.0 % | 21.1 % | 12.1 % |
Dividend | 0.18 | 0.20 | 0.15 | 0.10 | 0.15 | 0.17 | 0.20 | 0.22 |
Dividend ratio | 49.7 % | 70.4 % | -893.7 % | -57.8 % | -2,963.8 % | 218.6 % | 148.3 % | 117.9 % |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 15.6 % | 10.5 % | 4.3 % | 2.0 % | 5.7 % | 6.8 % | 7.6 % | 8.0 % |
EBIT-% (adj.) | 14.5 % | 8.3 % | 6.1 % | 3.4 % | 4.6 % | 6.0 % | 6.7 % | 7.1 % |
EBIT-% | 11.4 % | 6.7 % | 0.3 % | -2.3 % | 1.1 % | 2.7 % | 3.7 % | 4.4 % |
ROE | 19.0 % | 13.6 % | -0.8 % | -7.4 % | -0.2 % | 3.8 % | 6.8 % | 9.5 % |
ROI | 24.3 % | 15.4 % | 0.7 % | -5.7 % | 3.2 % | 8.3 % | 12.2 % | 15.1 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 7.18 | 8.02 | 4.16 | 3.23 | 2.60 | 2.60 | 2.60 | 2.60 |
Shares | 12.1 | 12.2 | 16.5 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 |
Market cap | 86.7 | 98.1 | 68.7 | 53.5 | 43.0 | 43.0 | 43.0 | 43.0 |
Enterprise value | 77.0 | 89.5 | 58.5 | 41.4 | 31.5 | 30.4 | 28.5 | 26.4 |
EV/S | 1.5 | 1.5 | 0.7 | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 |
EV/EBITDA | 9.4 | 13.9 | 16.2 | 21.2 | 6.1 | 4.6 | 3.6 | 3.0 |
EV/EBIT (adj.) | 10.2 | 17.5 | 11.3 | 12.3 | 7.6 | 5.2 | 4.1 | 3.4 |
EV/EBIT | 12.9 | 21.8 | 248.9 | - | 32.6 | 11.6 | 7.5 | 5.5 |
P/E (adj.) | 14.5 | 20.1 | 13.2 | 20.2 | 13.8 | 9.6 | 7.9 | 7.1 |
P/E | 19.8 | 28.2 | - | - | - | 33.4 | 19.3 | 13.9 |
P/B | 3.5 | 3.7 | 1.7 | 1.5 | 1.3 | 1.3 | 1.3 | 1.3 |
P/S | 1.7 | 1.6 | 0.8 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 |
Dividend yield | 2.5 % | 2.5 % | 3.6 % | 3.1 % | 5.8 % | 6.5 % | 7.7 % | 8.5 % |
Equity ratio | 72.6 % | 70.2 % | 67.0 % | 63.4 % | 65.5 % | 63.3 % | 61.1 % | 57.4 % |
Gearing ratio | -38.3 % | -31.6 % | -24.5 % | -33.4 % | -33.6 % | -38.3 % | -44.5 % | -51.5 % |
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Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 52.8 | 45.3 | 98.1 | 23.0 | 22.4 | 20.3 | 24.9 | 90.6 | |
EBITDA | 2.3 | -0.4 | 2.0 | 0.8 | 1.1 | 1.3 | 1.9 | 5.1 | |
EBIT | 0.3 | -2.5 | -2.2 | -0.3 | 0.1 | 0.3 | 0.9 | 1.0 | |
Profit before taxes | 0.1 | -2.6 | -2.5 | -0.2 | 0.2 | 0.3 | 0.9 | 1.1 | |
Net income | -0.3 | -2.6 | -2.9 | -0.4 | -0.1 | -0.0 | 0.5 | -0.1 |
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ShowingAll content types
![Vincit, Q2'24](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/02c15680-2448-436a-b10a-a90d5deb8577.png)
![IT services sector's 2024 expectations fell slightly in Q1 - revenue expected to remain flat and profitability to rise slightly](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/a1c27db3-febe-46a3-abe4-aa20c188fd13.png)
IT services sector's 2024 expectations fell slightly in Q1 - revenue expected to remain flat and profitability to rise slightly
![IT service sector Q1 summary: Revenue and profitability down from a strong comparison period, but some defensive wins in profitability as well](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/2960b8d0-2d5c-48ed-b5e4-0d1f888752df.png)
IT service sector Q1 summary: Revenue and profitability down from a strong comparison period, but some defensive wins in profitability as well
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![IT service sector: Our expectations for 2024 generally at the lower end of companies' guidance](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/aefb64e2-4341-4ebe-a0d5-db91c5d85d27.png)
IT service sector: Our expectations for 2024 generally at the lower end of companies' guidance
![Q4 IT service sector summary: Growth and profitability in line with our expectations, 2023 can be seen as a defensive win](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/49f03a03-baae-4193-851d-48056aafa15c.png)
Q4 IT service sector summary: Growth and profitability in line with our expectations, 2023 can be seen as a defensive win
IT service sector valuation levels at the bottom of our 7-year monitoring history, justifiably?
We expect the IT services sector to grow moderately and profitability to increase slightly in 2024
IT services sector Q3 summary: Better than feared with several areas continuing to perform well
![IT service sector: Fast deceleration in figures in Q2 in Finland, better in other Nordic countries](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/16c0ea89-7241-422a-83b5-10949e1d132b.png)
IT service sector: Fast deceleration in figures in Q2 in Finland, better in other Nordic countries
IT service sector: Mainly a strong start to the year
Case: Cost structures and profitability of expert companies
IT service sector Q2 summary: Strong organic growth dimmed by profitability challenges
![IT service sector Q1 summary: Great start for the year with rest of the year looking good](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=contain/https://content.inderes.se/assets/0c8519ae-f321-452e-a561-4c35784d76e5.png)
IT service sector Q1 summary: Great start for the year with rest of the year looking good
Vincit Oyj: Vincit USA Names New Head of Sales, Former HP Sales Director Harry Ollikainen
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