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Vitrolife

Vitrolife

SEKm 2021 2022e 2023e
Sales 1578 2887 3192
Sales growth (%) 26,7 82,9 10,6
EBITDA 541 1042 1176
EBITDA margin (%) 34,3 36,1 36,8
EBIT adj 457 906 1036
EBIT adj margin (%) 28,9 31,4 32,4
Pretax profit 464 852 990
EPS rep 2,79 4,87 5,66
EPS growth (%) 5,1 74,9 16,2
EPS adj 2,86 4,9 5,69
DPS 1,15 1,2 1,3
EV/EBITDA (x) 69,4 47,5 41,7
EV/EBIT adj (x) 82,2 54,6 47,4
P/E (x) 128,3 73,4 63,1
P/E adj (x) 124,8 73 62,9
EV/sales (x) 23,8 17,1 15,4
FCF yield (%) 0,9 -24,9 1,4
Dividend yield (%) 0,3 0,3 0,4
Net IB debt/EBITDA -8,8 1 0,5
Lease adj. FCF yield (%) 0,8 -24,9 1,3
Lease adj. ND/EBITDA -9,2 1 0,4
SEKm 2021 2022e 2023e
Sales 1578 2887 3192
COGS -563 -986 -1074
Gross profit 1015 1901 2118
Other operating items -475 -859 -942
EBITDA 541 1042 1176
Depreciation on tangibles -15 -52 -16
Depreciation on intangibles -23 0 -18
EBITA 470 910 1040
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 457 906 1036
Other financial items 0 0 0
Net financial items 8 -54 -46
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 464 852 990
Tax -155 -192 -223
Net profit 309 660 767
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 309 660 767
EPS 2,79 4,87 5,66
EPS Adj 2,86 4,9 5,69
Total extraordinary items after tax 0 0 0
Tax rate (%) -33,4 -22,5 -22,5
Gross margin (%) 64,3 65,8 66,4
EBITDA margin (%) 34,3 36,1 36,8
EBITA margin (%) 29,7 31,5 32,6
EBIT margin (%) 28,9 31,4 32,4
Pretax margin (%) 29,4 29,5 31
Net margin (%) 19,6 22,9 24
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 26,7 82,9 10,6
EBITDA growth (%) 19,1 92,7 12,9
EBIT growth (%) 23,4 98,4 14,3
Net profit growth (%) 7,4 113,4 16,2
EPS growth (%) 5,1 74,9 16,2
Profitability 2021 2022 2023
ROE (%) 7,9 7,1 5,9
ROE Adj (%) 8,1 7,1 5,9
ROCE (%) 11,5 8,6 6,6
ROCE Adj(%) 11,8 8,6 6,6
ROIC (%) 26,3 9,3 5,7
ROIC Adj (%) 26,3 9,3 5,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 541 1042 1176
EBITDA Adj margin (%) 34,3 36,1 36,8
EBITA Adj 470 910 1040
EBITA Adj margin (%) 29,7 31,5 32,6
EBIT Adj 457 906 1036
EBIT Adj margin (%) 28,9 31,4 32,4
Pretax profit Adj 477 856 994
Net profit Adj 318 663 770
Net profit to shareholders Adj 318 663 770
Net Adj margin (%) 20,1 23 24,1
Depreciation and amortisation -71 -131 -136
Of which leasing depreciation -17 -41 -41
EO items 0 0 0
Impairment and PPA amortisation -13 -4 -4
EBITDA lease Adj 524 1001 1144
EBITDA lease Adj margin (%) 33,2 34,7 35,8
Leasing payments -17 -41 -32
SEKm 2021 2022e 2023e
EBITDA 541 1042 1176
Net financial items 8 -54 -46
Paid tax -155 -192 -223
Non-cash items 0 0 0
Cash flow before change in WC 393 796 907
Change in WC -20 -46 -128
Operating cash flow 373 750 780
CAPEX tangible fixed assets -12 -29 -32
CAPEX intangible fixed assets -8 -58 -64
Acquisitions and disposals 0 -12700 0
Free cash flow 353 -12037 684
Dividend paid -87 -136 -163
Share issues and buybacks 0 0 0
Other non cash items 3564 6449 -87
Decrease in net IB debt 324 369 335
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 411 9301 9301
Indefinite intangible assets 0 0 0
Definite intangible assets 279 261 277
Tangible fixed assets 91 70 102
Other fixed assets 46 46 46
Fixed assets 878 13277 13351
Inventories 239 427 447
Receivables 245 427 525
Other current assets 10 10 10
Cash and liquid assets 4806 1842 2331
Total assets 6177 15983 16665
Shareholders equity 5819 12792 13396
Minority 5 5 5
Total equity 5823 12796 13401
Long-term debt 0 2800 2800
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 41 74 64
Other current liabilities 185 185 185
Total liabilities and equity 6177 15983 16665
Net IB debt -4744 1020 617
Net IB debt excl. pension debt -4744 1020 617
Capital invested 1146 13883 14085
Working capital 268 606 734
EV breakdown 2021 2022 2023
Market cap. diluted (m) 42267 48436 48436
Net IB debt Adj -4744 1020 617
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 37523 49456 49053
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 37,2 26,1 19,6
Capital invested turnover (%) 126,2 134,8 139,2
Capital employed turnover (%) 65,7 61,7 57,8
Inventories / sales (%) 13,9 13,5 13,5
Customer advances / sales (%) 7,1 6,6 6,2
Payables / sales (%) 1,8 1,9 1,9
Working capital / sales (%) 17,3 15,1 21
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -81,5 8 4,6
Net debt / market cap (%) -10,2 2,1 1,3
Equity ratio (%) 94,3 80,1 80,4
Net IB debt adj. / equity (%) -81,5 8 4,6
Current ratio (%) 2193,9 987,2 1253,8
EBITDA / net interest (%) -7137,6 1918 2558,3
Net IB debt / EBITDA (%) -877,4 97,9 52,5
Interest cover (%) -6197,3 1322,8 1520,1
Lease liability amortisation -17 -41 -32
Other intangible assets 259 272 309
Right-of-use asset 68 3586 3591
Total other fixed assets 48 48 48
Leasing liability 62 62 149
Total other long-term liabilities 67 67 67
Net IB debt excl. leasing -4806 958 469
Net IB debt / EBITDA lease Adj (%) -917,3 95,7 41
SEKm 2021 2022e 2023e
Shares outstanding adj. 118 135 135
Fully diluted shares Adj 118 135 135
EPS 2,79 4,87 5,66
Dividend per share Adj 1,2 1,2 1,3
EPS Adj 2,86 4,9 5,69
BVPS 49,23 94,44 98,9
BVPS Adj 43,56 23,76 27,95
Net IB debt / share -40,1 7,5 4,6
Share price 392,51 357,6 357,6
Market cap. (m) 46393 48436 48436
Valuation 2021 2022 2023
P/E 128,3 73,4 63,1
EV/sales 23,77 17,13 15,37
EV/EBITDA 69,4 47,5 41,7
EV/EBITA 79,9 54,3 47,2
EV/EBIT 82,2 54,6 47,4
Dividend yield (%) 0,3 0,3 0,4
FCF yield (%) 0,9 -24,9 1,4
P/BVPS 7,26 3,79 3,62
P/BVPS Adj 8,21 15,05 12,79
P/E Adj 124,8 73 62,9
EV/EBITDA Adj 69,4 47,5 41,7
EV/EBITA Adj 79,9 54,3 47,2
EV/EBIT Adj 82,2 54,6 47,4
EV/cap. employed 6,4 3,2 3
Investment ratios 2021 2022 2023
Capex / sales 1,3 3 3
Capex / depreciation 37,8 95,3 100,3
Capex tangibles / tangible fixed assets 13,6 41,4 31,4
Capex intangibles / definite intangibles 3,2 21,3 20,7
Depreciation on intangibles / definite intangibles 14 15,1 13,9
Depreciation on tangibles / tangibles 19,8 71,8 51,7
Lease adj. FCF yield (%) 0,8 -24,9 1,3

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.

63,2

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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47,2

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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15,3

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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3,6