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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 1582 1714
Sales growth (%) 28,6 6,9 8,4
EBITDA 587 623 685
EBITDA margin (%) 39,7 39,4 40
EBIT adj 488 515 574
EBIT adj margin (%) 33 32,6 33,5
Pretax profit 490 517 576
EPS rep 3,51 3,69 4,11
EPS growth (%) 22,7 5,1 11,5
EPS adj 3,81 3,99 4,42
DPS 1,05 1,1 1,15
EV/EBITDA (x) 35,5 24,2 21,5
EV/EBIT adj (x) 42,7 29,3 25,6
P/E (x) 56,3 39,9 35,8
P/E adj (x) 51,8 36,9 33,4
EV/sales (x) 14,1 9,5 8,6
FCF yield (%) 1,4 2,8 3,1
Dividend yield (%) 0,5 0,7 0,8
Net IB debt/EBITDA -1 -1,5 -1,9
SEKm 2019 2020e 2021e
Sales 1480 1582 1714
COGS -541 -579 -622
Gross profit 939 1002 1092
Other operating items -351 -379 -406
EBITDA 587 623 685
Depreciation on tangibles -17 -18 -19
Depreciation on intangibles -27 -31 -34
EBITA 530 557 617
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -43 -43
EBIT 488 515 574
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 490 517 576
Tax -109 -116 -130
Net profit 381 401 447
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 381 401 447
EPS 3,51 3,69 4,11
EPS Adj 3,81 3,99 4,42
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -22,5 -22,5
Gross margin (%) 63,4 63,4 63,7
EBITDA margin (%) 39,7 39,4 40
EBITA margin (%) 35,8 35,2 36
EBIT margin (%) 33 32,6 33,5
Pretax margin (%) 33,1 32,7 33,6
Net margin (%) 25,7 25,3 26,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 28,6 6,9 8,4
EBITDA growth (%) 22,7 6,1 10
EBIT growth (%) 23,9 5,5 11,5
Net profit growth (%) 22,7 5,1 11,5
EPS growth (%) 22,7 5,1 11,5
Profitability 2019 2020 2021
ROE (%) 23,2 20,7 19,9
ROE Adj (%) 25,2 22,4 21,4
ROCE (%) 29,1 25,6 24,8
ROCE Adj(%) 31,6 27,7 26,6
ROIC (%) 32,8 32 36,5
ROIC Adj (%) 32,8 32 36,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 587 623 685
EBITDA Adj margin (%) 39,7 39,4 40
EBITA Adj 530 557 617
EBITA Adj margin (%) 35,8 35,2 36
EBIT Adj 488 515 574
EBIT Adj margin (%) 33 32,6 33,5
Pretax profit Adj 532 559 619
Net profit Adj 414 434 480
Net profit to shareholders Adj 414 434 480
Net Adj margin (%) 28 27,4 28
SEKm 2019 2020e 2021e
EBITDA 587 623 685
Net financial items 2 2 2
Paid tax -109 -116 -130
Non-cash items -6 0 0
Cash flow before change in WC 475 509 558
Change in WC -65 -29 -37
Operating cash flow 413 480 521
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 309 454 492
Dividend paid -92 -114 -119
Share issues and buybacks 0 0 0
Other non cash items -120 -7 -7
Decrease in net IB debt 123 317 348
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 426 426 426
Indefinite intangible assets 0 0 0
Definite intangible assets 352 291 229
Tangible fixed assets 98 100 103
Other fixed assets 37 37 37
Fixed assets 988 929 871
Inventories 209 237 257
Receivables 245 260 281
Other current assets 7 7 7
Cash and liquid assets 690 1006 1355
Total assets 2139 2440 2771
Shareholders equity 1794 2081 2408
Minority 4 4 4
Total equity 1798 2084 2411
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 50 50
Short-term debt 0 0 0
Accounts payable 29 44 48
Other current liabilities 158 158 158
Total liabilities and equity 2139 2440 2771
Net IB debt -614 -930 -1279
Net IB debt excl. pension debt -614 -930 -1279
Capital invested 1261 1231 1210
Working capital 273 302 339
EV breakdown 2019 2020 2021
Market cap. diluted (m) 21439 16000 16000
Net IB debt Adj -614 -930 -1279
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 15070 14722
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 77,2 69,1 65,8
Capital invested turnover (%) 127,8 126,9 140,4
Capital employed turnover (%) 87,8 78,4 73,8
Inventories / sales (%) 12,5 14,1 14,4
Customer advances / sales (%) 6,5 7 6,4
Payables / sales (%) 2,1 2,3 2,7
Working capital / sales (%) 16,2 18,2 18,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -34,1 -44,6 -53
Net debt / market cap (%) -3,1 -5,8 -8
Equity ratio (%) 84,1 85,4 87
Net IB debt adj. / equity (%) -34,1 -44,6 -53
Current ratio (%) 568,4 695,8 860,3
EBITDA / net interest (%) -29366,6 -31145,1 -34274,4
Net IB debt / EBITDA (%) -104,5 -149,4 -186,5
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 3,69 4,11
Dividend per share Adj 1,1 1,1 1,1
EPS Adj 3,81 3,99 4,42
BVPS 16,53 19,17 22,18
BVPS Adj 9,36 12,56 16,15
Net IB debt / share -5,7 -8,6 -11,8
Share price 182,39 147,4 147,4
Market cap. (m) 19799 16000 16000
Valuation 2019 2020 2021
P/E 56,3 39,9 35,8
EV/sales 14,07 9,53 8,59
EV/EBITDA 35,5 24,2 21,5
EV/EBITA 39,3 27 23,9
EV/EBIT 42,7 29,3 25,6
Dividend yield (%) 0,5 0,7 0,8
FCF yield (%) 1,4 2,8 3,1
P/BVPS 11,95 7,69 6,65
P/BVPS Adj 21,11 11,74 9,13
P/E Adj 51,8 36,9 33,4
EV/EBITDA Adj 35,5 24,2 21,5
EV/EBITA Adj 39,3 27 23,9
EV/EBIT Adj 42,7 29,3 25,6
EV/cap. employed 11,1 7 5,9
Investment ratios 2019 2020 2021
Capex / sales 1,6 1,6 1,7
Capex / depreciation 53,9 52,6 55
Capex tangibles / tangible fixed assets 18,5 20,1 21,4
Capex intangibles / definite intangibles 1,7 2,1 3,1
Depreciation on intangibles / definite intangibles 7,7 10,7 14,7
Depreciation on tangibles / tangibles 17,8 18,5 18,5

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 26.0 % 26.0 % 29 Feb 2020
Bure Equity 19.0 % 19.0 % 29 Feb 2020
Capital Group 4.6 % 4.6 % 31 Dec 2019
Morgan Stanley Investment Management 4.3 % 4.3 % 31 Jan 2020
Lannebo Fonder 2.6 % 2.6 % 29 Feb 2020
Norges Bank 2.1 % 2.1 % 29 Feb 2020
Eccenovo AB 1.8 % 1.8 % 29 Feb 2020
Vanguard 1.7 % 1.7 % 29 Feb 2020
Man GLG 1.4 % 1.4 % 31 Jan 2020
La Financière de l'Echiquier 1.2 % 1.2 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Vitrolife

Name Quantity Code Date
Mikael Engblom - 1 000 SELL 18 Feb 2020
Mikael Engblom - 929 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
Mikael Engblom + 472 BUY 27 Nov 2018

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