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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 2018 2019e 2020e
Sales 1151 1368 1478
Sales growth (%) 10 18,8 8
EBITDA 479 542 585
EBITDA margin (%) 41,6 39,6 39,6
EBIT adj 411 460 502
EBIT adj margin (%) 35,7 33,6 34
Pretax profit 399 462 504
EPS rep 2,86 3,3 3,6
EPS growth (%) 17,4 15,2 9,2
EPS adj 3,32 3,69 3,99
DPS 0,85 1 1
EV/EBITDA (x) 32,3 42,2 38,5
EV/EBIT adj (x) 37,6 49,7 44,9
P/E (x) 51,4 66,1 60,5
P/E adj (x) 44,2 59,1 54,6
EV/sales (x) 13,4 16,7 15,3
FCF yield (%) 1,1 1,7 1,8
Dividend yield (%) 0,6 0,5 0,5
Net IB debt/EBITDA -1 -1,5 -1,9
SEKm 2018 2019e 2020e
Sales 1151 1368 1478
COGS -390 -523 -562
Gross profit 761 846 916
Other operating items -283 -304 -330
EBITDA 479 542 585
Depreciation on tangibles -12 -13 -14
Depreciation on intangibles -13 -15 -15
EBITA 453 514 557
Goodwill impairment charges -17 0 0
Other impairment and amortisation -43 -55 -55
EBIT 394 460 502
Other financial items 5 0 0
Net financial items 5 2 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 399 462 504
Tax -88 -104 -113
Net profit 311 358 391
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 311 358 391
EPS 2,86 3,3 3,6
EPS Adj 3,32 3,69 3,99
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22,5 -22,5
Gross margin (%) 66,1 61,8 62
EBITDA margin (%) 41,6 39,6 39,6
EBITA margin (%) 39,4 37,6 37,7
EBIT margin (%) 34,2 33,6 34
Pretax margin (%) 34,6 33,7 34,1
Net margin (%) 27 26,2 26,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 10 18,8 8
EBITDA growth (%) 17,5 13,2 8
EBIT growth (%) 15,6 16,7 9,3
Net profit growth (%) 17,4 15,2 9,2
EPS growth (%) 17,4 15,2 9,2
Profitability 2018 2019 2020
ROE (%) 22,9 22 20,6
ROE Adj (%) 26,5 24,6 22,8
ROCE (%) 43,5 46,8 53,1
ROCE Adj(%) 50 52,3 58,9
ROIC (%) 31,4 34,2 38,8
ROIC Adj (%) 32,7 34,2 38,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 479 542 585
EBITDA Adj margin (%) 41,6 39,6 39,6
EBITA Adj 453 514 557
EBITA Adj margin (%) 39,4 37,6 37,7
EBIT Adj 411 460 502
EBIT Adj margin (%) 35,7 33,6 34
Pretax profit Adj 458 516 559
Net profit Adj 361 400 433
Net profit to shareholders Adj 361 400 433
Net Adj margin (%) 31,3 29,2 29,3
SEKm 2018 2019e 2020e
EBITDA 479 542 585
Net financial items 5 2 2
Paid tax -95 -104 -113
Non-cash items -6 0 0
Cash flow before change in WC 382 440 474
Change in WC -33 -21 -21
Operating cash flow 349 419 453
CAPEX tangible fixed assets -18 -18 -20
CAPEX intangible fixed assets -4 -5 -6
Acquisitions and disposals -158 0 0
Free cash flow 169 396 427
Dividend paid -80 -92 -109
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt 90 304 318
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 422 422 422
Indefinite intangible assets 0 0 0
Definite intangible assets 306 242 179
Tangible fixed assets 94 99 106
Other fixed assets 25 25 25
Fixed assets 847 788 731
Inventories 161 185 200
Receivables 190 205 222
Other current assets 8 8 8
Cash and liquid assets 491 794 1113
Total assets 1697 1980 2273
Shareholders equity 1493 1759 2041
Minority 3 3 3
Total equity 1496 1762 2044
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 29 29
Other long-term liabilities 20 20 20
Short-term debt 0 0 0
Accounts payable 32 36 38
Other current liabilities 120 134 142
Total liabilities and equity 1250 1422 1697
Net IB debt -491 -794 -1113
Net IB debt excl. pension debt -491 -794 -1113
Capital invested 1060 1022 986
Working capital 237 259 279
EV breakdown 2018 2019 2020
Market cap. diluted (m) 15957 23664 23664
Net IB debt Adj -491 -794 -1113
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 15466 22870 22551
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 73,8 74,4 69,5
Capital invested turnover (%) 117,7 131,5 147,3
Capital employed turnover (%) 125,6 138,7 155,7
Inventories / sales (%) 13,5 12,6 13
Customer advances / sales (%) 6,8 6,5 6,7
Payables / sales (%) 2,7 2,5 2,5
Working capital / sales (%) 19,2 18,1 18,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,8 -45,1 -54,4
Net debt / market cap (%) -3,4 -3,4 -4,7
Equity ratio (%) 88,1 89 89,9
Net IB debt adj. / equity (%) -32,8 -45,1 -54,4
Current ratio (%) 558,6 703,4 856,5
EBITDA / net interest (%) 0 -27098,5 -29256,3
Net IB debt / EBITDA (%) -102,6 -146,6 -190,2
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 2,86 3,3 3,6
Dividend per share Adj 0,8 1 1
EPS Adj 3,32 3,69 3,99
BVPS 13,75 16,2 18,8
BVPS Adj 7,05 10,08 13,27
Net IB debt / share -4,5 -7,3 -10,3
Share price 131,24 218 218
Market cap. (m) 14247 23664 23664
Valuation 2018 2019 2020
P/E 51,4 66,1 60,5
EV/sales 13,43 16,71 15,26
EV/EBITDA 32,3 42,2 38,5
EV/EBITA 34,1 44,5 40,5
EV/EBIT 39,3 49,7 44,9
Dividend yield (%) 0,6 0,5 0,5
FCF yield (%) 1,1 1,7 1,8
P/BVPS 10,69 13,46 11,59
P/BVPS Adj 20,86 21,62 16,43
P/E Adj 44,2 59,1 54,6
EV/EBITDA Adj 32,3 42,2 38,5
EV/EBITA Adj 34,1 44,5 40,5
EV/EBIT Adj 37,6 49,7 44,9
EV/cap. employed 15,4 23,6 24,2
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,7 1,8
Capex / depreciation 87,6 83,3 92,5
Capex tangibles / tangible fixed assets 19,1 18,2 18,9
Capex intangibles / definite intangibles 1,3 2,1 3,4
Depreciation on intangibles / definite intangibles 4,3 6 8,2
Depreciation on tangibles / tangibles 12,7 13,1 12,8

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Main shareholders

Vitrolife

Main shareholders Share capital % Voting shares % Verified
William Demant Invest A/S 22.8 % 22.8 % 28 Feb 2019
Bure Equity 19.0 % 19.0 % 6 Mar 2019
Capital Group 4.6 % 4.6 % 31 Dec 2018
Morgan Stanley Investment Management 3.5 % 3.5 % 28 Feb 2019
Lannebo Fonder 2.9 % 2.9 % 28 Feb 2019
Norges Bank 2.1 % 2.1 % 28 Feb 2019
Eccenovo AB 2.0 % 2.0 % 28 Feb 2019
Vanguard 1.6 % 1.6 % 28 Feb 2019
GLG Partners 1.2 % 1.2 % 28 Feb 2019
SEB Fonder 1.1 % 1.1 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Vitrolife

Name Quantity Code Date
Mikael Engblom + 472 BUY 27 Nov 2018
Barbro Fridén + 850 BUY 4 Oct 2018
Thomas Axelsson + 600 BUY 4 Oct 2018
Mikael Engblom + 215 BUY 3 Oct 2018
Mikael Engblom + 735 BUY 3 Oct 2018
Mikael Engblom + 2 BUY 3 Oct 2018
Mikael Engblom + 130 BUY 2 Jun 2017
Helena Engblom - 1 000 SELL 2 Jun 2017
Mikael Engblom + 190 BUY 9 May 2017
Thomas Axelsson + 210 BUY 8 Aug 2016

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