Sales SEK 425m (5% vs ABG, 4% vs cons), adj. EBITA SEK 130m (20% vs ABG, 2% vs cons), organic growth in recurring revenue of 8% (ABG 5%, cons 6%). Growth of 20% y-o-y and EBITA margin expanded to 29.1% (ABG 25.5%, cons 29.5%) from 25.5% in Q1’21. Comments that the quarter showed positive momentum and had a positive calendar effect in terms of working days, supporting product development.
Price increases drove the way in Q1
Vitec also comments that its index-linked (~KPI) price increases showed positive contribution in Q1 to a larger extent than seen in the last years. This partly drove the 8% organic growth in recurring revenue, and although Vitec expects to see somewhat higher wages in 2022e it comes with a lag and not necessarily to the same extent as the price increases. The price increases are typically done in Q1 and Q2, supporting a solid organic growth rate throughout 2022e, as well as margin expansion y-o-y, in our view.
Estimates holding up well post Q1
Given the 2% EBITA beat vs cons and organic growth beat that should be extrapolated, we think that consensus estimates will hold up well post Q1 and come up a few percentage points. There is no conf call post the report.
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