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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 1241 1465
Sales growth (%) 28,6 -16,2 18,1
EBITDA 589 416 581
EBITDA margin (%) 39,8 33,5 39,6
EBIT adj 488 326 489
EBIT adj margin (%) 33 26,3 33,4
Pretax profit 490 328 491
EPS rep 3,51 2,35 3,51
EPS growth (%) 22,7 -33 49
EPS adj 3,81 2,54 3,69
DPS 1,05 1,1 1,15
EV/EBITDA (x) 35,4 60,8 43
EV/EBIT adj (x) 42,7 77,7 51,1
P/E (x) 56,3 101,9 68,4
P/E adj (x) 51,8 94,3 64,9
EV/sales (x) 14,1 20,4 17
FCF yield (%) 1,4 0,9 1,9
Dividend yield (%) 0,5 0,5 0,5
Net IB debt/EBITDA -1 -1,7 -1,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1480 1241 1465
COGS -541 -486 -525
Gross profit 939 755 940
Other operating items -350 -339 -359
EBITDA 589 416 581
Depreciation on tangibles -15 -15 -15
Depreciation on intangibles -29 -33 -35
EBITA 530 352 516
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -26 -26
EBIT 488 326 489
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 490 328 491
Tax -109 -73 -111
Net profit 381 255 381
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 381 255 381
EPS 3,51 2,35 3,51
EPS Adj 3,81 2,54 3,69
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -22,1 -22,5
Gross margin (%) 63,4 60,9 64,2
EBITDA margin (%) 39,8 33,5 39,6
EBITA margin (%) 35,8 28,4 35,2
EBIT margin (%) 33 26,3 33,4
Pretax margin (%) 33,1 26,4 33,5
Net margin (%) 25,7 20,6 26
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 28,6 -16,2 18,1
EBITDA growth (%) 23 -29,3 39,6
EBIT growth (%) 23,9 -33,2 50,1
Net profit growth (%) 22,7 -33 49
EPS growth (%) 22,7 -33 49
Profitability 2019 2020 2021
ROE (%) 23,2 13,7 18,4
ROE Adj (%) 25,2 14,8 19,4
ROCE (%) 29,1 16,8 22,7
ROCE Adj(%) 31,6 18,1 23,9
ROIC (%) 32,8 19,8 29,9
ROIC Adj (%) 32,8 19,8 29,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 589 416 581
EBITDA Adj margin (%) 39,8 33,5 39,6
EBITA Adj 530 352 516
EBITA Adj margin (%) 35,8 28,4 35,2
EBIT Adj 488 326 489
EBIT Adj margin (%) 33 26,3 33,4
Pretax profit Adj 532 354 518
Net profit Adj 414 276 401
Net profit to shareholders Adj 414 276 401
Net Adj margin (%) 28 22,2 27,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 589 416 581
Net financial items 2 2 2
Paid tax -109 -73 -111
Non-cash items -7 0 0
Cash flow before change in WC 475 346 472
Change in WC -62 -74 43
Operating cash flow 413 272 515
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 309 246 486
Dividend paid -92 -114 -119
Share issues and buybacks 0 0 0
Other non cash items -120 -8 -8
Decrease in net IB debt 123 98 344
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 95
Other fixed assets 37 39 39
Fixed assets 988 960 920
Inventories 209 223 205
Receivables 245 261 247
Other current assets 7 16 16
Cash and liquid assets 690 808 1153
Total assets 2139 2270 2542
Shareholders equity 1794 1935 2197
Minority 4 4 4
Total equity 1798 1939 2200
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 29
Other current liabilities 158 134 134
Total liabilities and equity 2139 2270 2542
Net IB debt -614 -712 -1056
Net IB debt excl. pension debt -614 -712 -1056
Capital invested 1261 1309 1225
Working capital 273 348 305
EV breakdown 2019 2020 2021
Market cap. diluted (m) 21439 26030 26030
Net IB debt Adj -614 -712 -1056
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 25319 24974
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 77,2 56,3 60,9
Capital invested turnover (%) 127,8 96,6 115,7
Capital employed turnover (%) 87,8 63,5 67,6
Inventories / sales (%) 12,5 17,4 14,6
Customer advances / sales (%) 6,5 8,6 7,1
Payables / sales (%) 2,1 1,9 1,6
Working capital / sales (%) 16,2 25 22,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -34,1 -36,7 -48
Net debt / market cap (%) -3,1 -2,7 -4,1
Equity ratio (%) 84,1 85,4 86,6
Net IB debt adj. / equity (%) -34,1 -36,7 -48
Current ratio (%) 568,4 778,3 906,7
EBITDA / net interest (%) -29428,6 -20807,1 -29048,4
Net IB debt / EBITDA (%) -104,3 -171 -181,8
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 2,35 3,51
Dividend per share Adj 1,1 1,1 1,2
EPS Adj 3,81 2,54 3,69
BVPS 16,53 17,83 20,24
BVPS Adj 9,36 10,89 13,65
Net IB debt / share -5,7 -6,6 -9,7
Share price 182,39 239,8 239,8
Market cap. (m) 19799 26030 26030
Valuation 2019 2020 2021
P/E 56,3 101,9 68,4
EV/sales 14,07 20,4 17,04
EV/EBITDA 35,4 60,8 43
EV/EBITA 39,3 71,9 48,4
EV/EBIT 42,7 77,7 51,1
Dividend yield (%) 0,5 0,5 0,5
FCF yield (%) 1,4 0,9 1,9
P/BVPS 11,95 13,45 11,85
P/BVPS Adj 21,11 22,03 17,57
P/E Adj 51,8 94,3 64,9
EV/EBITDA Adj 35,4 60,8 43
EV/EBITA Adj 39,3 71,9 48,4
EV/EBIT Adj 42,7 77,7 51,1
EV/cap. employed 11,1 12,4 10,9
Investment ratios 2019 2020 2021
Capex / sales 1,6 2,1 2
Capex / depreciation 54,6 54,3 58,7
Capex tangibles / tangible fixed assets 18,5 21 23,2
Capex intangibles / definite intangibles 1,7 1,9 2,6
Depreciation on intangibles / definite intangibles 8,3 10,6 12,7
Depreciation on tangibles / tangibles 14,9 15,5 15,6
N/A N/A N/A

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 26.4 % 26.4 % 31 Aug 2020
Bure Equity 19.0 % 19.0 % 31 Aug 2020
Morgan Stanley Investment Management 5.0 % 5.0 % 31 Aug 2020
Capital Group 4.6 % 4.6 % 30 Jun 2020
Norges Bank 2.1 % 2.1 % 31 Aug 2020
Lannebo Fonder 2.0 % 2.0 % 31 Jul 2020
Vanguard 1.7 % 1.7 % 31 Aug 2020
Eccenovo AB 1.6 % 1.6 % 31 Aug 2020
Man GLG 1.6 % 1.6 % 31 Jul 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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