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Vitrolife

Vitrolife

SEKm 2020 2021e 2022e
Sales 1246 1471 1578
Sales growth (%) -15,8 18,1 7,3
EBITDA 455 601 655
EBITDA margin (%) 36,5 40,9 41,5
EBIT adj 370 521 576
EBIT adj margin (%) 29,7 35,4 36,5
Pretax profit 372 523 578
EPS rep 2,71 3,73 4,13
EPS growth (%) -22,9 37,9 10,6
EPS adj 2,9 3,92 4,31
DPS 0,8 1,15 1,2
EV/EBITDA (x) 49,5 48,9 44,4
EV/EBIT adj (x) 60,8 56,4 50,5
P/E (x) 79,8 75,6 68,3
P/E adj (x) 74,5 72 65,4
EV/sales (x) 18,1 20 18,4
FCF yield (%) 1,5 1,4 1,5
Dividend yield (%) 0,4 0,4 0,4
Net IB debt/EBITDA -2 -2,1 -2,4
Lease adj. FCF yield (%) 1,5 1,4 1,5
Lease adj. ND/EBITDA -2,2 -2,2 -2,6
SEKm 2020 2021e 2022e
Sales 1246 1471 1578
COGS -478 -517 -547
Gross profit 768 954 1031
Other operating items -313 -353 -377
EBITDA 455 601 655
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 396 547 602
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 370 521 576
Other financial items 0 0 0
Net financial items 2 2 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 372 523 578
Tax -78 -118 -130
Net profit 294 405 448
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 294 405 448
EPS 2,71 3,73 4,13
EPS Adj 2,9 3,92 4,31
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -22,5 -22,5
Gross margin (%) 61,6 64,9 65,3
EBITDA margin (%) 36,5 40,9 41,5
EBITA margin (%) 31,8 37,2 38,2
EBIT margin (%) 29,7 35,4 36,5
Pretax margin (%) 29,9 35,5 36,6
Net margin (%) 23,6 27,5 28,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,8 18,1 7,3
EBITDA growth (%) -22,7 32,1 8,9
EBIT growth (%) -24,2 40,7 10,6
Net profit growth (%) -22,9 37,9 10,6
EPS growth (%) -22,9 37,9 10,6
Profitability 2020 2021 2022
ROE (%) 15,4 18,6 18
ROE Adj (%) 16,5 19,6 18,8
ROCE (%) 18,8 23,4 22,6
ROCE Adj(%) 20,2 24,5 23,6
ROIC (%) 24 34,6 38,1
ROIC Adj (%) 24 34,6 38,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 455 601 655
EBITDA Adj margin (%) 36,5 40,9 41,5
EBITA Adj 396 547 602
EBITA Adj margin (%) 31,8 37,2 38,2
EBIT Adj 370 521 576
EBIT Adj margin (%) 29,7 35,4 36,5
Pretax profit Adj 398 549 604
Net profit Adj 314 425 468
Net profit to shareholders Adj 314 425 468
Net Adj margin (%) 25,2 28,9 29,7
Depreciation and amortisation -59 -54 -52
Of which leasing depreciation -16 -16 0
EO items 0 0 0
Impairment and PPA amortisation -26 -26 -26
EBITDA lease Adj 439 586 639
EBITDA lease Adj margin (%) 35,3 39,9 40,5
Leasing payments -16 -15 -16
SEKm 2020 2021e 2022e
EBITDA 455 601 655
Net financial items 2 2 2
Paid tax -78 -118 -130
Non-cash items 0 0 0
Cash flow before change in WC 379 485 527
Change in WC 10 -15 -30
Operating cash flow 389 470 497
CAPEX tangible fixed assets -20 -22 -24
CAPEX intangible fixed assets -6 -7 -9
Acquisitions and disposals 0 0 0
Free cash flow 363 441 464
Dividend paid 0 -87 -125
Share issues and buybacks 0 0 0
Other non cash items -26 -16 46
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 403 403 403
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 80 80 82
Other fixed assets 46 46 46
Fixed assets 891 869 856
Inventories 204 206 221
Receivables 228 246 264
Other current assets 9 9 9
Cash and liquid assets 974 1296 1604
Total assets 2305 2626 2954
Shareholders equity 2013 2331 2654
Minority 4 4 4
Total equity 2017 2335 2658
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 22 22 22
Other long-term liabilities 41 41 41
Short-term debt 0 0 0
Accounts payable 24 29 32
Other current liabilities 139 139 139
Total liabilities and equity 2304 2626 2954
Net IB debt -911 -1235 -1541
Net IB debt excl. pension debt -911 -1235 -1541
Capital invested 1169 1162 1179
Working capital 278 293 323
EV breakdown 2020 2021 2022
Market cap. diluted (m) 23425 30611 30611
Net IB debt Adj -911 -1235 -1541
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 22514 29376 29070
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,1 59,7 56,6
Capital invested turnover (%) 102,5 126,2 134,8
Capital employed turnover (%) 63 65,7 61,7
Inventories / sales (%) 16,6 13,9 13,5
Customer advances / sales (%) 8,6 7,1 6,6
Payables / sales (%) 2,1 1,8 1,9
Working capital / sales (%) 22,1 19,4 19,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -45,2 -52,9 -58
Net debt / market cap (%) -4,2 -4 -5
Equity ratio (%) 87,5 88,9 90
Net IB debt adj. / equity (%) -45,2 -52,9 -58
Current ratio (%) 802,1 966 1139,9
EBITDA / net interest (%) -22751,9 -30050,5 -32733,5
Net IB debt / EBITDA (%) -200,2 -205,5 -235,4
Interest cover (%) 0 0 0
Lease liability amortisation -16 -15 -16
Other intangible assets 299 279 261
Right-of-use asset 62 61 63
Total other fixed assets 46 46 46
Leasing liability 62 61 63
Total other long-term liabilities 62 62 62
Net IB debt excl. leasing -974 -1296 -1668
Net IB debt / EBITDA lease Adj (%) -221,6 -221 -261
SEKm 2020 2021e 2022e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 2,71 3,73 4,13
Dividend per share Adj 0,8 1,2 1,2
EPS Adj 2,9 3,92 4,31
BVPS 18,54 21,47 24,45
BVPS Adj 12,07 15,18 18,33
Net IB debt / share -8,4 -11,4 -14,8
Share price 201,58 282 282
Market cap. (m) 21881 30611 30611
Valuation 2020 2021 2022
P/E 79,8 75,6 68,3
EV/sales 18,08 19,97 18,42
EV/EBITDA 49,5 48,9 44,4
EV/EBITA 56,8 53,7 48,3
EV/EBIT 60,8 56,4 50,5
Dividend yield (%) 0,4 0,4 0,4
FCF yield (%) 1,5 1,4 1,5
P/BVPS 11,64 13,13 11,54
P/BVPS Adj 17,88 18,57 15,39
P/E Adj 74,5 72 65,4
EV/EBITDA Adj 49,5 48,9 44,4
EV/EBITA Adj 56,8 53,7 48,3
EV/EBIT Adj 60,8 56,4 50,5
EV/cap. employed 10,8 12,3 10,7
Investment ratios 2020 2021 2022
Capex / sales 2,1 2 2,1
Capex / depreciation 60,9 76,1 62,9
Capex tangibles / tangible fixed assets 25,1 27,6 29,2
Capex intangibles / definite intangibles 2 2,5 3,4
Depreciation on intangibles / definite intangibles 9,3 8,3 0
Depreciation on tangibles / tangibles 18,5 18,7 63,7
Lease adj. FCF yield (%) 1,5 1,4 1,5

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

68,3

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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50,7

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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18,5

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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11,6