In the quarter, Vitec closed two acquisitions. One in Norway, and its first outside of Nordics, in Netherlands. It also completed an equity issue raising SEK 920m, furthering strengthening the balance sheet for future M&A. The pandemic has made Vitec more efficient in the way of working and more focused on its business, which will together with innovation power drive positive development for Vitec going forward, according to the CEO.
Coverage under transition, but at a fist glance it seems to be a significant miss vs consensus driven by the sales miss of SEK ~20m, while opex came in relatively in line, however at abnormally low levels due to the pandemic. We expect consensus estimates to come down on the back of the report. The share is up 8% in the last 1 month despite “M&A compounders” in general have been under pressure (down ~10% on average in 1 month). Would not be surprised if the share underperform the market particularly today.
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