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Haastavaa, mutta parempaan päin

VINCITResearch23.02.2024, 08.26
Joni GrönqvistAnalyst
Discuss
Download report (PDF)This report is only available for Inderes Premium customers.

Vincitin Q4 oli matalia odotuksia hieman heikompi. Koko vuosi oli Vincitille haastava ja yhtiö toteutti vuoden aikana useampia tehokkuustoimenpiteitä ja tekee myös uusia tänä vuonna kannattavuuden tukemiseksi. Ennustamme maltillista tuloskäännettä vuonna 2024, mikä on kuitenkin selvästi alle yhtiön potentiaalin ja säästöjen tehojen. Osakkeen arvostuskuva (2024e EV/EBITA 8x, EV/Liikevaihto 0,4x, P/E 15x ja DCF 4,5 €) on edelleen houkutteleva.

Vincit provides design and software development services. The services include e-commerce and web application software, cloud platforms, mobile applications and IoT solutions. The services are used by both small and medium-sized business customers. The largest operations are in Europe and North America. Vincit was founded in 2007 and is headquartered in Finland.

Read more on company page

Key Estimate Figures23.02.2024

202324e25e
Revenue98.194.4100.5
growth-%15.7 %-3.7 %6.4 %
EBIT (adj.)3.44.36.2
EBIT-% (adj.)3.4 %4.6 %6.2 %
EPS (adj.)0.160.190.29
Dividend0.100.150.17
Dividend %3.1 %17.7 %20.0 %
P/E (adj.)20.24.53.0
EV/EBITDA21.20.50.2

Forum discussions

It is interesting that when you consider the history of this company, you view it from the perspective of Bilot, whereas I look at it through...
7/15/2026, 6:41 AM
35
Joni has published a new company report on Vincit following their Q2 results We reiterate our “accumulate” recommendation and lower our target...
7/15/2026, 6:13 AM
by Sijoittaja-alokas
2
Joni interviewed Vincit’s Julius Manni Topics: (00:00) Introduction (00:15) Revenue decline remains a challenge (01:00) Development of customer...
7/14/2026, 7:45 PM
by Sijoittaja-alokas
3
I was there for three years myself; I joined the journey shortly before the merger and left during one of the change negotiations. It felt like...
7/14/2026, 3:55 PM
18
It is credible that Manni still has the energy to push through interviews (cf. Siili’s recently fired Pienimäki, whose articulation and body...
7/14/2026, 3:22 PM
by TitoK
8
Approximately 93% of Vincit’s share price and enterprise value has melted away during Julius Manni’s era. Granted, the starting point was somewhat...
7/14/2026, 2:38 PM
by P. Köyrijä
7
I sold off my quite substantial Vincit position today. I lost faith in this report that there would be any kind of upturn. Revenue continues...
7/14/2026, 12:16 PM
by Crypto
30