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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 1446 1567
Sales growth (%) 10 25,6 8,4
EBITDA 479 576 618
EBITDA margin (%) 41,6 39,8 39,4
EBIT adj 411 482 523
EBIT adj margin (%) 35,7 33,3 33,4
Pretax profit 399 484 525
EPS rep 2,86 3,44 3,75
EPS growth (%) 17,4 20,2 9
EPS adj 3,32 3,74 4,05
DPS 0,85 1 1
EV/EBITDA (x) 32,3 34,4 31,6
EV/EBIT adj (x) 37,7 41,1 37,3
P/E (x) 51,4 54,8 50,3
P/E adj (x) 44,2 50,4 46,5
EV/sales (x) 13,4 13,7 12,4
FCF yield (%) 1,1 1,7 2,2
Dividend yield (%) 0,6 0,5 0,5
Net IB debt/EBITDA -1 -1,1 -1,6
SEKm 2018 2019e 2020e
Sales 1151 1446 1567
COGS -390 -518 -563
Gross profit 761 928 1005
Other operating items -283 -353 -387
EBITDA 479 576 618
Depreciation on tangibles -13 -16 -16
Depreciation on intangibles -12 -23 -23
EBITA 453 524 566
Goodwill impairment charges -17 0 0
Other impairment and amortisation -43 -42 -43
EBIT 394 482 523
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 399 484 525
Tax -88 -110 -118
Net profit 311 373 407
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 311 373 407
EPS 2,86 3,44 3,75
EPS Adj 3,32 3,74 4,05
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22,8 -22,5
Gross margin (%) 66,1 64,2 64,1
EBITDA margin (%) 41,6 39,8 39,4
EBITA margin (%) 39,4 36,2 36,1
EBIT margin (%) 34,2 33,3 33,4
Pretax margin (%) 34,6 33,5 33,5
Net margin (%) 27 25,8 26
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 10 25,6 8,4
EBITDA growth (%) 17,5 20,3 7,3
EBIT growth (%) 15,6 22,3 8,6
Net profit growth (%) 17,4 20,2 9
EPS growth (%) 17,4 20,2 9
Profitability 2018 2019 2020
ROE (%) 22,9 22,8 21,1
ROE Adj (%) 26,5 24,8 22,8
ROCE (%) 29,2 28,8 26,1
ROCE Adj(%) 33,6 31,3 28,2
ROIC (%) 30,8 31,7 32,4
ROIC Adj (%) 32,1 31,7 32,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 479 576 618
EBITDA Adj margin (%) 41,6 39,8 39,4
EBITA Adj 453 524 566
EBITA Adj margin (%) 39,4 36,2 36,1
EBIT Adj 411 482 523
EBIT Adj margin (%) 35,7 33,3 33,4
Pretax profit Adj 458 526 568
Net profit Adj 361 406 440
Net profit to shareholders Adj 361 406 440
Net Adj margin (%) 31,3 28,1 28,1
SEKm 2018 2019e 2020e
EBITDA 479 576 618
Net financial items 5 2 2
Paid tax -95 -110 -118
Non-cash items -6 11 0
Cash flow before change in WC 382 478 502
Change in WC -33 -55 -33
Operating cash flow 349 447 469
CAPEX tangible fixed assets -18 -18 -20
CAPEX intangible fixed assets -4 -6 -6
Acquisitions and disposals -158 -80 0
Free cash flow 169 343 443
Dividend paid -80 -92 -109
Share issues and buybacks 0 0 0
Other non cash items -23 -122 -5
Decrease in net IB debt 90 165 313
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 422 436 436
Indefinite intangible assets 0 0 0
Definite intangible assets 306 322 263
Tangible fixed assets 94 96 100
Other fixed assets 25 35 35
Fixed assets 847 967 914
Inventories 161 202 219
Receivables 190 241 260
Other current assets 8 8 8
Cash and liquid assets 491 733 1046
Total assets 1697 2152 2448
Shareholders equity 1493 1785 2078
Minority 3 3 3
Total equity 1496 1788 2081
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 27 27
Other long-term liabilities 20 50 50
Short-term debt 0 0 0
Accounts payable 32 40 44
Other current liabilities 120 168 168
Total liabilities and equity 1250 1422 1697
Net IB debt -491 -656 -969
Net IB debt excl. pension debt -491 -656 -969
Capital invested 1084 1260 1239
Working capital 237 292 325
EV breakdown 2018 2019 2020
Market cap. diluted (m) 15957 20462 20462
Net IB debt Adj -491 -656 -969
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 19806 19493
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 73,8 75,1 68,2
Capital invested turnover (%) 115,6 123,4 125,5
Capital employed turnover (%) 84,4 86 77,9
Inventories / sales (%) 13,5 12,6 13,5
Customer advances / sales (%) 6,8 6,7 7,1
Payables / sales (%) 2,7 2,5 2,7
Working capital / sales (%) 19,2 18,3 19,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,8 -36,7 -46,5
Net debt / market cap (%) -3,4 -3,2 -4,7
Equity ratio (%) 88,1 83,1 85
Net IB debt adj. / equity (%) -32,8 -36,7 -46,5
Current ratio (%) 558,6 531,5 677,9
EBITDA / net interest (%) 0 -28779 -30887,1
Net IB debt / EBITDA (%) -102,5 -113,9 -156,8
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 3,44 3,75
Dividend per share Adj 0,8 1 1
EPS Adj 3,32 3,74 4,05
BVPS 13,75 16,45 19,14
BVPS Adj 7,05 9,46 12,71
Net IB debt / share -4,5 -6 -8,9
Share price 131,24 188,5 188,5
Market cap. (m) 14247 20462 20462
Valuation 2018 2019 2020
P/E 51,4 54,8 50,3
EV/sales 13,43 13,7 12,44
EV/EBITDA 32,3 34,4 31,6
EV/EBITA 34,1 37,8 34,5
EV/EBIT 39,3 41,1 37,3
Dividend yield (%) 0,6 0,5 0,5
FCF yield (%) 1,1 1,7 2,2
P/BVPS 10,69 11,46 9,85
P/BVPS Adj 20,86 19,92 14,83
P/E Adj 44,2 50,4 46,5
EV/EBITDA Adj 32,3 34,4 31,6
EV/EBITA Adj 34,1 37,8 34,5
EV/EBIT Adj 37,7 41,1 37,3
EV/cap. employed 10,3 10,6 9
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,7 1,7
Capex / depreciation 86,7 61,2 66,9
Capex tangibles / tangible fixed assets 19,1 18,8 20,1
Capex intangibles / definite intangibles 1,3 1,9 2,3
Depreciation on intangibles / definite intangibles 4 7,1 8,6
Depreciation on tangibles / tangibles 14 17 16,4

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Media

Vitrolife: Intervju med VD Thomas Axelsson (Q1 2018)
Vitrolife: Intervju med VD Thomas Axelsson (Q4 2017)

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Main shareholders - Vitrolife

Main shareholders Share capital % Voting shares % Verified
William Demant Invest A/S 25.9 % 25.9 % 31 Oct 2019
Bure Equity 19.0 % 19.0 % 31 Oct 2019
Capital Group 4.6 % 4.6 % 30 Sep 2019
Morgan Stanley Investment Management 4.1 % 4.1 % 30 Sep 2019
Lannebo Fonder 2.2 % 2.2 % 30 Sep 2019
Eccenovo AB 1.8 % 1.8 % 31 Oct 2019
Norges Bank 1.8 % 1.8 % 31 Oct 2019
Vanguard 1.6 % 1.6 % 30 Sep 2019
Man GLG 1.3 % 1.3 % 30 Sep 2019
Groupama Asset Management 0.9 % 0.9 % 31 Aug 2019
Source: Holdings by Modular Finance AB

Insider list - Vitrolife

Name Quantity Code Date
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 - 5 000 SELL 14 May 2019
Mikael Engblom + 490 BUY 10 May 2019
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

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