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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 2019 2020e 2021e
Sales 1480 1297 1490
Sales growth (%) 28,6 -12,4 14,9
EBITDA 589 451 588
EBITDA margin (%) 39,8 34,8 39,5
EBIT adj 488 365 500
EBIT adj margin (%) 33 28,1 33,6
Pretax profit 490 367 502
EPS rep 3,51 2,59 3,59
EPS growth (%) 22,7 -26,1 38,3
EPS adj 3,81 2,78 3,77
DPS 1,05 1,1 1,15
EV/EBITDA (x) 35,4 51,4 38,8
EV/EBIT adj (x) 42,7 63,5 45,6
P/E (x) 56,3 84,8 61,3
P/E adj (x) 51,8 79,2 58,3
EV/sales (x) 14,1 17,9 15,3
FCF yield (%) 1,4 1 2,1
Dividend yield (%) 0,5 0,5 0,5
Net IB debt/EBITDA -1 -1,6 -1,8
SEKm 2019 2020e 2021e
Sales 1480 1297 1490
COGS -541 -503 -529
Gross profit 939 794 961
Other operating items -350 -343 -373
EBITDA 589 451 588
Depreciation on tangibles -15 -15 -15
Depreciation on intangibles -29 -29 -31
EBITA 530 391 527
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -26 -26
EBIT 488 365 500
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 490 367 502
Tax -109 -85 -113
Net profit 381 281 389
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 381 281 389
EPS 3,51 2,59 3,59
EPS Adj 3,81 2,78 3,77
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -23,2 -22,5
Gross margin (%) 63,4 61,2 64,5
EBITDA margin (%) 39,8 34,8 39,5
EBITA margin (%) 35,8 30,2 35,3
EBIT margin (%) 33 28,1 33,6
Pretax margin (%) 33,1 28,3 33,7
Net margin (%) 25,7 21,7 26,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 28,6 -12,4 14,9
EBITDA growth (%) 23 -23,4 30,4
EBIT growth (%) 23,9 -25,2 37,2
Net profit growth (%) 22,7 -26,1 38,3
EPS growth (%) 22,7 -26,1 38,3
Profitability 2019 2020 2021
ROE (%) 23,2 15 18,6
ROE Adj (%) 25,2 16,1 19,5
ROCE (%) 29,1 18,6 22,8
ROCE Adj(%) 31,6 20 24
ROIC (%) 32,8 21,6 30,1
ROIC Adj (%) 32,8 21,6 30,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 589 451 588
EBITDA Adj margin (%) 39,8 34,8 39,5
EBITA Adj 530 391 527
EBITA Adj margin (%) 35,8 30,2 35,3
EBIT Adj 488 365 500
EBIT Adj margin (%) 33 28,1 33,6
Pretax profit Adj 532 393 529
Net profit Adj 414 302 410
Net profit to shareholders Adj 414 302 410
Net Adj margin (%) 28 23,3 27,5
SEKm 2019 2020e 2021e
EBITDA 589 451 588
Net financial items 2 2 2
Paid tax -109 -85 -113
Non-cash items -7 0 0
Cash flow before change in WC 475 368 477
Change in WC -65 -96 56
Operating cash flow 413 273 533
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 309 247 504
Dividend paid -92 -114 -119
Share issues and buybacks 0 0 0
Other non cash items -120 -10 -8
Decrease in net IB debt 123 98 362
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 426 442 442
Indefinite intangible assets 0 0 0
Definite intangible assets 352 316 282
Tangible fixed assets 98 96 96
Other fixed assets 37 39 39
Fixed assets 988 966 931
Inventories 209 233 209
Receivables 245 272 251
Other current assets 7 16 16
Cash and liquid assets 690 812 1173
Total assets 2139 2301 2581
Shareholders equity 1794 1962 2231
Minority 4 4 4
Total equity 1798 1965 2235
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 30
Other current liabilities 158 134 134
Total liabilities and equity 2139 2301 2581
Net IB debt -614 -711 -1073
Net IB debt excl. pension debt -614 -711 -1073
Capital invested 1261 1335 1243
Working capital 273 369 312
EV breakdown 2019 2020 2021
Market cap. diluted (m) 21439 23881 23881
Net IB debt Adj -614 -711 -1073
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 23170 22808
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 77,2 58,4 61,1
Capital invested turnover (%) 127,8 99,9 115,6
Capital employed turnover (%) 87,8 65,8 67,7
Inventories / sales (%) 12,5 17 14,8
Customer advances / sales (%) 6,5 8,2 6,9
Payables / sales (%) 2,1 1,9 1,7
Working capital / sales (%) 16,2 24,7 22,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -34,1 -36,2 -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 -36,2 -48
Current ratio (%) 568,4 789,5 919,6
EBITDA / net interest (%) -29428,6 -22547,4 -29401,4
Net IB debt / EBITDA (%) -104,3 -157,7 -182,5
Interest cover (%) 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 2,59 3,59
Dividend per share Adj 1,1 1,1 1,1
EPS Adj 3,81 2,78 3,77
BVPS 16,53 18,07 20,56
BVPS Adj 9,36 11,08 13,88
Net IB debt / share -5,7 -6,6 -9,9
Share price 182,39 220 220
Market cap. (m) 19799 23881 23881
Valuation 2019 2020 2021
P/E 56,3 84,8 61,3
EV/sales 14,07 17,86 15,3
EV/EBITDA 35,4 51,4 38,8
EV/EBITA 39,3 59,2 43,3
EV/EBIT 42,7 63,5 45,6
Dividend yield (%) 0,5 0,5 0,5
FCF yield (%) 1,4 1 2,1
P/BVPS 11,95 12,17 10,7
P/BVPS Adj 21,11 19,85 15,84
P/E Adj 51,8 79,2 58,3
EV/EBITDA Adj 35,4 51,4 38,8
EV/EBITA Adj 39,3 59,2 43,3
EV/EBIT Adj 42,7 63,5 45,6
EV/cap. employed 11,1 11,2 9,8
Investment ratios 2019 2020 2021
Capex / sales 1,6 2 1,9
Capex / depreciation 54,6 59,3 63,9
Capex tangibles / tangible fixed assets 18,5 20,9 23
Capex intangibles / definite intangibles 1,7 1,9 2,5
Depreciation on intangibles / definite intangibles 8,3 9,2 10,8
Depreciation on tangibles / tangibles 14,9 15,4 15,5

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 26.1 % 26.1 % 31 May 2020
Bure Equity 19.0 % 19.0 % 31 May 2020
Morgan Stanley Investment Management 4.8 % 4.8 % 31 May 2020
Capital Group 4.6 % 4.6 % 31 Mar 2020
Lannebo Fonder 2.2 % 2.2 % 31 May 2020
Norges Bank 2.0 % 2.0 % 31 May 2020
Vanguard 1.7 % 1.7 % 31 May 2020
Eccenovo AB 1.6 % 1.6 % 31 May 2020
Man GLG 1.6 % 1.6 % 31 May 2020
La Financière de l'Echiquier 1.3 % 1.3 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Vitrolife

Name Quantity Code Date
Mikael Engblom + 150 BUY 5 Jun 2020
Mikael Engblom - 929 SELL 18 Feb 2020
Mikael Engblom - 1 000 SELL 18 Feb 2020
Mikael Engblom - 1 000 SELL 18 Feb 2020
Mikael Engblom - 1 071 SELL 17 Feb 2020
Jon Sigurdsson + 5 400 BUY 19 Jul 2019
Mikael Engblom + 145 BUY 27 May 2019
Mikael Engblom + 355 BUY 27 May 2019
Mikael Engblom - 5 000 SELL 14 May 2019
Mikael Engblom + 490 BUY 10 May 2019

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