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Vitrolife

Vitrolife

SEKm 2019 2020e 2021e
Sales 1480 1241 1465
Sales growth (%) 28,6 -16,2 18,1
EBITDA 589 416 581
EBITDA margin (%) 39,8 33,5 39,6
EBIT adj 488 326 489
EBIT adj margin (%) 33 26,3 33,4
Pretax profit 490 328 491
EPS rep 3,51 2,35 3,51
EPS growth (%) 22,7 -33 49
EPS adj 3,81 2,54 3,69
DPS 1,05 1,1 1,15
EV/EBITDA (x) 35,4 54,8 38,7
EV/EBIT adj (x) 42,7 69,9 45,9
P/E (x) 56,3 92,1 61,8
P/E adj (x) 51,8 85,2 58,6
EV/sales (x) 14,1 18,4 15,3
FCF yield (%) 1,4 1 2,1
Dividend yield (%) 0,5 0,5 0,5
Net IB debt/EBITDA -1 -1,7 -1,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1480 1241 1465
COGS -541 -486 -525
Gross profit 939 755 940
Other operating items -350 -339 -359
EBITDA 589 416 581
Depreciation on tangibles -15 -15 -15
Depreciation on intangibles -29 -33 -35
EBITA 530 352 516
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -26 -26
EBIT 488 326 489
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 490 328 491
Tax -109 -73 -111
Net profit 381 255 381
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 381 255 381
EPS 3,51 2,35 3,51
EPS Adj 3,81 2,54 3,69
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -22,1 -22,5
Gross margin (%) 63,4 60,9 64,2
EBITDA margin (%) 39,8 33,5 39,6
EBITA margin (%) 35,8 28,4 35,2
EBIT margin (%) 33 26,3 33,4
Pretax margin (%) 33,1 26,4 33,5
Net margin (%) 25,7 20,6 26
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 28,6 -16,2 18,1
EBITDA growth (%) 23 -29,3 39,6
EBIT growth (%) 23,9 -33,2 50,1
Net profit growth (%) 22,7 -33 49
EPS growth (%) 22,7 -33 49
Profitability 2019 2020 2021
ROE (%) 23,2 13,7 18,4
ROE Adj (%) 25,2 14,8 19,4
ROCE (%) 29,1 16,8 22,7
ROCE Adj(%) 31,6 18,1 23,9
ROIC (%) 32,8 19,8 29,9
ROIC Adj (%) 32,8 19,8 29,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 589 416 581
EBITDA Adj margin (%) 39,8 33,5 39,6
EBITA Adj 530 352 516
EBITA Adj margin (%) 35,8 28,4 35,2
EBIT Adj 488 326 489
EBIT Adj margin (%) 33 26,3 33,4
Pretax profit Adj 532 354 518
Net profit Adj 414 276 401
Net profit to shareholders Adj 414 276 401
Net Adj margin (%) 28 22,2 27,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 589 416 581
Net financial items 2 2 2
Paid tax -109 -73 -111
Non-cash items -7 0 0
Cash flow before change in WC 475 346 472
Change in WC -62 -74 43
Operating cash flow 413 272 515
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 309 246 486
Dividend paid -92 -114 -119
Share issues and buybacks 0 0 0
Other non cash items -120 -8 -8
Decrease in net IB debt 123 98 344
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 426 442 442
Indefinite intangible assets 0 0 0
Definite intangible assets 352 312 273
Tangible fixed assets 98 95 95
Other fixed assets 37 39 39
Fixed assets 988 960 920
Inventories 209 223 205
Receivables 245 261 247
Other current assets 7 16 16
Cash and liquid assets 690 808 1153
Total assets 2139 2270 2542
Shareholders equity 1794 1935 2197
Minority 4 4 4
Total equity 1798 1939 2200
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 50 55 55
Short-term debt 0 0 0
Accounts payable 29 19 29
Other current liabilities 158 134 134
Total liabilities and equity 2139 2270 2542
Net IB debt -614 -712 -1056
Net IB debt excl. pension debt -614 -712 -1056
Capital invested 1261 1309 1225
Working capital 273 348 305
EV breakdown 2019 2020 2021
Market cap. diluted (m) 21439 23512 23512
Net IB debt Adj -614 -712 -1056
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 20825 22800 22456
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 77,2 56,3 60,9
Capital invested turnover (%) 127,8 96,6 115,7
Capital employed turnover (%) 87,8 63,5 67,6
Inventories / sales (%) 12,5 17,4 14,6
Customer advances / sales (%) 6,5 8,6 7,1
Payables / sales (%) 2,1 1,9 1,6
Working capital / sales (%) 16,2 25 22,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -34,1 -36,7 -48
Net debt / market cap (%) -3,1 -3 -4,5
Equity ratio (%) 84,1 85,4 86,6
Net IB debt adj. / equity (%) -34,1 -36,7 -48
Current ratio (%) 568,4 778,3 906,7
EBITDA / net interest (%) -29428,6 -20807,1 -29048,4
Net IB debt / EBITDA (%) -104,3 -171 -181,8
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 3,51 2,35 3,51
Dividend per share Adj 1,1 1,1 1,2
EPS Adj 3,81 2,54 3,69
BVPS 16,53 17,83 20,24
BVPS Adj 9,36 10,89 13,65
Net IB debt / share -5,7 -6,6 -9,7
Share price 182,39 216,6 216,6
Market cap. (m) 19799 23512 23512
Valuation 2019 2020 2021
P/E 56,3 92,1 61,8
EV/sales 14,07 18,37 15,33
EV/EBITDA 35,4 54,8 38,7
EV/EBITA 39,3 64,7 43,6
EV/EBIT 42,7 69,9 45,9
Dividend yield (%) 0,5 0,5 0,5
FCF yield (%) 1,4 1 2,1
P/BVPS 11,95 12,15 10,7
P/BVPS Adj 21,11 19,9 15,87
P/E Adj 51,8 85,2 58,6
EV/EBITDA Adj 35,4 54,8 38,7
EV/EBITA Adj 39,3 64,7 43,6
EV/EBIT Adj 42,7 69,9 45,9
EV/cap. employed 11,1 11,2 9,8
Investment ratios 2019 2020 2021
Capex / sales 1,6 2,1 2
Capex / depreciation 54,6 54,3 58,7
Capex tangibles / tangible fixed assets 18,5 21 23,2
Capex intangibles / definite intangibles 1,7 1,9 2,6
Depreciation on intangibles / definite intangibles 8,3 10,6 12,7
Depreciation on tangibles / tangibles 14,9 15,5 15,6
N/A N/A N/A

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.

61,7

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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46,1

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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15,4

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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10,7