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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 1213 1420
Sales growth (%) 28,6 -18 17,1
EBITDA 589 423 578
EBITDA margin (%) 39,8 34,9 40,7
EBIT adj 488 334 486
EBIT adj margin (%) 33 27,5 34,3
Pretax profit 490 336 488
EPS rep 3,51 2,42 3,49
EPS growth (%) 22,7 -31,1 44,2
EPS adj 3,81 2,61 3,68
DPS 1,05 1,1 1,15
EV/EBITDA (x) 35,4 52 37,5
EV/EBIT adj (x) 42,7 65,9 44,5
P/E (x) 56,3 86,6 60
P/E adj (x) 51,8 80,3 57
EV/sales (x) 14,1 18,1 15,2
FCF yield (%) 1,4 1,2 2,1
Dividend yield (%) 0,5 0,5 0,5
Net IB debt/EBITDA -1 -1,7 -1,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1480 1213 1420
COGS -541 -482 -508
Gross profit 939 731 912
Other operating items -350 -308 -334
EBITDA 589 423 578
Depreciation on tangibles -15 -15 -15
Depreciation on intangibles -29 -32 -34
EBITA 530 360 513
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -26 -26
EBIT 488 334 486
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 490 336 488
Tax -109 -73 -110
Net profit 381 263 379
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 381 263 379
EPS 3,51 2,42 3,49
EPS Adj 3,81 2,61 3,68
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -21,8 -22,5
Gross margin (%) 63,4 60,3 64,2
EBITDA margin (%) 39,8 34,9 40,7
EBITA margin (%) 35,8 29,7 36,1
EBIT margin (%) 33 27,5 34,3
Pretax margin (%) 33,1 27,7 34,4
Net margin (%) 25,7 21,6 26,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 28,6 -18 17,1
EBITDA growth (%) 23 -28,1 36,4
EBIT growth (%) 23,9 -31,6 45,7
Net profit growth (%) 22,7 -31,1 44,2
EPS growth (%) 22,7 -31,1 44,2
Profitability 2019 2020 2021
ROE (%) 23,2 14,1 18,3
ROE Adj (%) 25,2 15,2 19,3
ROCE (%) 29,1 17,2 22,5
ROCE Adj(%) 31,6 18,5 23,7
ROIC (%) 32,8 20,4 30
ROIC Adj (%) 32,8 20,4 30
Adj earnings numbers 2019 2020 2021
EBITDA Adj 589 423 578
EBITDA Adj margin (%) 39,8 34,9 40,7
EBITA Adj 530 360 513
EBITA Adj margin (%) 35,8 29,7 36,1
EBIT Adj 488 334 486
EBIT Adj margin (%) 33 27,5 34,3
Pretax profit Adj 532 362 515
Net profit Adj 414 283 399
Net profit to shareholders Adj 414 283 399
Net Adj margin (%) 28 23,3 28,1
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 589 423 578
Net financial items 2 2 2
Paid tax -109 -73 -110
Non-cash items -7 0 0
Cash flow before change in WC 475 352 470
Change in WC -62 -64 45
Operating cash flow 413 288 515
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 309 262 486
Dividend paid -92 -114 -119
Share issues and buybacks 0 0 0
Other non cash items -120 -8 -7
Decrease in net IB debt 123 116 346
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 94
Other fixed assets 37 39 39
Fixed assets 988 960 919
Inventories 209 218 199
Receivables 245 256 240
Other current assets 7 16 16
Cash and liquid assets 690 826 1172
Total assets 2139 2276 2546
Shareholders equity 1794 1943 2202
Minority 4 4 4
Total equity 1798 1946 2205
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 18 28
Other current liabilities 158 134 134
Total liabilities and equity 2139 2276 2546
Net IB debt -614 -729 -1075
Net IB debt excl. pension debt -614 -729 -1075
Capital invested 1261 1298 1211
Working capital 273 338 293
EV breakdown 2019 2020 2021
Market cap. diluted (m) 21439 22730 22730
Net IB debt Adj -614 -729 -1075
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 22001 21655
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 77,2 55 58,9
Capital invested turnover (%) 127,8 94,8 113,2
Capital employed turnover (%) 87,8 62 65,4
Inventories / sales (%) 12,5 17,6 14,7
Customer advances / sales (%) 6,5 8,8 7,3
Payables / sales (%) 2,1 2 1,6
Working capital / sales (%) 16,2 25,2 22,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -34,1 -37,5 -48,7
Net debt / market cap (%) -3,1 -3,2 -4,7
Equity ratio (%) 84,1 85,5 86,6
Net IB debt adj. / equity (%) -34,1 -37,5 -48,7
Current ratio (%) 568,4 784,4 914,1
EBITDA / net interest (%) -29428,6 -21166,8 -28879,2
Net IB debt / EBITDA (%) -104,3 -172,3 -186,1
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 2,42 3,49
Dividend per share Adj 1,1 1,1 1,2
EPS Adj 3,81 2,61 3,68
BVPS 16,53 17,9 20,28
BVPS Adj 9,36 10,95 13,69
Net IB debt / share -5,7 -6,7 -9,9
Share price 182,39 209,4 209,4
Market cap. (m) 19799 22730 22730
Valuation 2019 2020 2021
P/E 56,3 86,6 60
EV/sales 14,07 18,14 15,25
EV/EBITDA 35,4 52 37,5
EV/EBITA 39,3 61,1 42,2
EV/EBIT 42,7 65,9 44,5
Dividend yield (%) 0,5 0,5 0,5
FCF yield (%) 1,4 1,2 2,1
P/BVPS 11,95 11,7 10,32
P/BVPS Adj 21,11 19,13 15,29
P/E Adj 51,8 80,3 57
EV/EBITDA Adj 35,4 52 37,5
EV/EBITA Adj 39,3 61,1 42,2
EV/EBIT Adj 42,7 65,9 44,5
EV/cap. employed 11,1 10,8 9,4
Investment ratios 2019 2020 2021
Capex / sales 1,6 2,1 2
Capex / depreciation 54,6 55,1 59,5
Capex tangibles / tangible fixed assets 18,5 21,1 23,3
Capex intangibles / definite intangibles 1,7 1,9 2,6
Depreciation on intangibles / definite intangibles 8,3 10,4 12,4
Depreciation on tangibles / tangibles 14,9 15,5 15,8
N/A N/A N/A

Equity research

Read earlier research

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 26.4 % 26.4 % 31 Oct 2020
Bure Equity 19.0 % 19.0 % 31 Oct 2020
Morgan Stanley Investment Management 5.0 % 5.0 % 31 Oct 2020
Capital Group 4.5 % 4.5 % 30 Sep 2020
Norges Bank 2.0 % 2.0 % 31 Oct 2020
Lannebo Fonder 1.9 % 1.9 % 30 Sep 2020
Vanguard 1.6 % 1.6 % 31 Oct 2020
Eccenovo AB 1.6 % 1.6 % 31 Oct 2020
Man GLG 1.5 % 1.5 % 30 Sep 2020
SEB Fonder 1.4 % 1.4 % 31 Oct 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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