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Vitrolife

Vitrolife

Products for assisted reproduction

Vitrolife is a Swedish medtech company focused on developing, manufacturing and marketing products used in In Vitro Fertilsation (IVF). Vitrolife offers its customers a wide range of products and solutions, including culture media, disposable products and capital equipment products. Vitrolife is a global company, with sales in some 110 countries.

The main opportunity for Vitrolife would be a stronger than expected demand for the company’s products driven by demographics. Secondly, a more favourable economic outlook in general may help to drive demand for Vitrolife’s products in markets not covered by government subsidies.

We note a number of risk factors for Vitrolife, including market risk, competition, legal and regulatory risk, product development risk, and currency and macroeconomic risk.

SEKm 2020 2021e 2022e
Sales 1246 1578 2887
Sales growth (%) -15,8 26,7 82,9
EBITDA 454 541 1042
EBITDA margin (%) 36,5 34,3 36,1
EBIT adj 370 457 906
EBIT adj margin (%) 29,7 28,9 31,4
Pretax profit 366 464 852
EPS rep 2,65 2,79 4,87
EPS growth (%) -25 5,1 74,9
EPS adj 2,83 2,86 4,9
DPS 0,8 1,15 1,2
EV/EBITDA (x) 49,6 99,5 65,4
EV/EBIT adj (x) 60,8 117,9 75,2
P/E (x) 81,4 177,8 101,7
P/E adj (x) 76,3 172,9 101,1
EV/sales (x) 18,1 34,1 23,6
FCF yield (%) 1,5 0,6 -17,9
Dividend yield (%) 0,4 0,2 0,2
Net IB debt/EBITDA -2 -8,8 1
Lease adj. FCF yield (%) 1,5 0,6 -18
Lease adj. ND/EBITDA -2,2 -9,2 1
SEKm 2020 2021e 2022e
Sales 1246 1578 2887
COGS -478 -563 -986
Gross profit 768 1015 1901
Other operating items -314 -475 -859
EBITDA 454 541 1042
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 395 470 910
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 370 457 906
Other financial items 0 0 0
Net financial items -4 8 -54
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 464 852
Tax -78 -155 -192
Net profit 288 309 660
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 288 309 660
EPS 2,65 2,79 4,87
EPS Adj 2,83 2,86 4,9
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -33,4 -22,5
Gross margin (%) 61,6 64,3 65,8
EBITDA margin (%) 36,5 34,3 36,1
EBITA margin (%) 31,7 29,7 31,5
EBIT margin (%) 29,7 28,9 31,4
Pretax margin (%) 29,4 29,4 29,5
Net margin (%) 23,1 19,6 22,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,8 26,7 82,9
EBITDA growth (%) -22,7 19,1 92,7
EBIT growth (%) -24,2 23,4 98,4
Net profit growth (%) -25 7,4 113,4
EPS growth (%) -25 5,1 74,9
Profitability 2020 2021 2022
ROE (%) 15,1 7,9 7,1
ROE Adj (%) 16,1 8,1 7,1
ROCE (%) 19,2 11,5 8,6
ROCE Adj(%) 20,5 11,8 8,6
ROIC (%) 23,9 26,3 9,3
ROIC Adj (%) 23,9 26,3 9,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 454 541 1042
EBITDA Adj margin (%) 36,5 34,3 36,1
EBITA Adj 395 470 910
EBITA Adj margin (%) 31,7 29,7 31,5
EBIT Adj 370 457 906
EBIT Adj margin (%) 29,7 28,9 31,4
Pretax profit Adj 391 477 856
Net profit Adj 307 318 663
Net profit to shareholders Adj 307 318 663
Net Adj margin (%) 24,7 20,1 23
Depreciation and amortisation -59 -71 -131
Of which leasing depreciation -16 -17 -41
EO items 0 0 0
Impairment and PPA amortisation -25 -13 -4
EBITDA lease Adj 438 524 1001
EBITDA lease Adj margin (%) 35,2 33,2 34,7
Leasing payments -16 -17 -41
SEKm 2020 2021e 2022e
EBITDA 454 541 1042
Net financial items -4 8 -54
Paid tax -78 -155 -192
Non-cash items 0 0 0
Cash flow before change in WC 372 393 796
Change in WC 10 -20 -46
Operating cash flow 382 373 750
CAPEX tangible fixed assets -20 -12 -29
CAPEX intangible fixed assets 0 -8 -58
Acquisitions and disposals 0 0 -12700
Free cash flow 362 353 -12037
Dividend paid 0 -87 -136
Share issues and buybacks 0 0 0
Other non cash items -29 3564 6449
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 403 411 9301
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 80 91 70
Other fixed assets 46 46 46
Fixed assets 891 878 13277
Inventories 204 239 427
Receivables 228 245 427
Other current assets 9 10 10
Cash and liquid assets 974 4806 1842
Total assets 2305 6177 15983
Shareholders equity 2013 5819 12792
Minority 4 5 5
Total equity 2017 5823 12796
Long-term debt 0 0 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 26 41 74
Other current liabilities 137 185 185
Total liabilities and equity 2305 6177 15983
Net IB debt -911 -4744 1020
Net IB debt excl. pension debt -911 -4744 1020
Capital invested 1168 1146 13883
Working capital 277 268 606
EV breakdown 2020 2021 2022
Market cap. diluted (m) 23425 58554 67100
Net IB debt Adj -911 -4744 1020
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 53810 68121
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,1 37,2 26,1
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 17,3 15,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -45,2 -81,5 8
Net debt / market cap (%) -4,2 -8,1 1,5
Equity ratio (%) 87,5 94,3 80,1
Net IB debt adj. / equity (%) -45,2 -81,5 8
Current ratio (%) 799,1 2193,9 987,2
EBITDA / net interest (%) 11871,5 -7137,6 1918
Net IB debt / EBITDA (%) -200,7 -877,4 97,9
Interest cover (%) 2991,6 -6197,3 1322,8
Lease liability amortisation -16 -17 -41
Other intangible assets 299 259 272
Right-of-use asset 62 68 3586
Total other fixed assets 46 48 48
Leasing liability 62 62 62
Total other long-term liabilities 62 67 67
Net IB debt excl. leasing -974 -4806 958
Net IB debt / EBITDA lease Adj (%) -222,1 -917,3 95,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 109 118 135
Fully diluted shares Adj 109 118 135
EPS 2,65 2,79 4,87
Dividend per share Adj 0,8 1,2 1,2
EPS Adj 2,83 2,86 4,9
BVPS 18,54 49,23 94,44
BVPS Adj 12,07 43,56 23,76
Net IB debt / share -8,4 -40,1 7,5
Share price 201,58 495,4 495,4
Market cap. (m) 21881 58554 67100
Valuation 2020 2021 2022
P/E 81,4 177,8 101,7
EV/sales 18,08 34,09 23,6
EV/EBITDA 49,6 99,5 65,4
EV/EBITA 57,1 114,6 74,8
EV/EBIT 60,8 117,9 75,2
Dividend yield (%) 0,4 0,2 0,2
FCF yield (%) 1,5 0,6 -17,9
P/BVPS 11,64 10,06 5,25
P/BVPS Adj 17,88 11,37 20,85
P/E Adj 76,3 172,9 101,1
EV/EBITDA Adj 49,6 99,5 65,4
EV/EBITA Adj 57,1 114,6 74,8
EV/EBIT Adj 60,8 117,9 75,2
EV/cap. employed 10,8 9,1 4,4
Investment ratios 2020 2021 2022
Capex / sales 1,6 1,3 3
Capex / depreciation 46,6 37,8 95,3
Capex tangibles / tangible fixed assets 25,4 13,6 41,4
Capex intangibles / definite intangibles 0 3,2 21,3
Depreciation on intangibles / definite intangibles 9,1 14 15,1
Depreciation on tangibles / tangibles 20,2 19,8 71,8
Lease adj. FCF yield (%) 1,5 0,6 -18

Equity research

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Media

Vitrolife: Intervju med VD Thomas Axelsson (Q1 2018)
Vitrolife: Intervju med VD Thomas Axelsson (Q4 2017)

Main shareholders - Vitrolife

Main shareholders Share capital % Voting shares % Verified
William Demant Invest A/S 26.7 % 26.7 % 30 Nov 2021
Bure Equity 15.9 % 15.9 % 30 Nov 2021
EQT 4.5 % 4.5 % 30 Nov 2021
Capital Group 4.0 % 4.0 % 30 Sep 2021
Morgan Stanley Investment Management 3.4 % 3.4 % 30 Sep 2021
Fjärde AP-fonden 3.1 % 3.1 % 30 Nov 2021
AMF Pension & Fonder 1.9 % 1.9 % 31 Oct 2021
Vanguard 1.8 % 1.8 % 31 Oct 2021
SEB Fonder 1.8 % 1.8 % 31 Oct 2021
Eccenovo AB 1.3 % 1.3 % 31 Oct 2021
Source: Holdings by Modular Finance AB

Insider list - Vitrolife

Name Quantity Code Date
Mikael Engblom - 490 SELL 6 Sep 2021
Mikael Engblom - 482 SELL 6 Sep 2021
Mikael Engblom - 250 SELL 6 Sep 2021
Mikael Engblom - 400 SELL 6 Sep 2021
Mikael Engblom - 190 SELL 6 Sep 2021
Mikael Engblom - 500 SELL 6 Sep 2021
Mikael Engblom - 700 SELL 6 Sep 2021
Mikael Engblom - 100 SELL 6 Sep 2021
Mikael Engblom - 538 SELL 6 Sep 2021
Mikael Engblom - 400 SELL 6 Sep 2021

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