Solid underlying momentum likely to continue in Q2 and largest acquisition ever completed in July Adj. EBITA +8-17%, share at 30.3x ‘23e EV/adj. EBITA Q2 likely another solid quarter Vitec started off the year with good organic growth partly driven by KPI-linked price increases that take place annually. We think this has continued, and with its recurring revenue base (~85% of sales), we estimate another quarter of good organic growth of 7% (8% in Q1) as the revenue base is broad due to more than 30 subsidiaries. Margin wise, Q2 is seasonally a good quarter, and we estimate 31.5% in Q2, up from 29.2% in Q1 and 30.7% y-o-y. Headwinds are likely to come from higher salary inflation that did not have full effect in Q1 and also somewhat fewer working days which has a negative effect on service revenues. There is limited consensus to compare with, but 7% organic growth and 17% adj. EBITA growth y-o-y in Q2e should be seen as a solid quarter, in our view.
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