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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 2020 2021e 2022e
Sales 1246 1496 1606
Sales growth (%) -15,8 20,1 7,3
EBITDA 455 624 673
EBITDA margin (%) 36,5 41,7 41,9
EBIT adj 370 542 590
EBIT adj margin (%) 29,7 36,2 36,7
Pretax profit 372 544 592
EPS rep 2,71 3,91 4,22
EPS growth (%) -22,9 44,6 8
EPS adj 2,9 4,09 4,4
DPS 0,8 1,15 1,2
EV/EBITDA (x) 49,5 51,7 47,5
EV/EBIT adj (x) 60,8 59,6 54,2
P/E (x) 79,8 78,9 73,1
P/E adj (x) 74,5 75,5 70,1
EV/sales (x) 18,1 21,6 19,9
FCF yield (%) 1,5 1,4 1,4
Dividend yield (%) 0,4 0,4 0,4
Net IB debt/EBITDA -2 -2 -2,3
Lease adj. FCF yield (%) 1,5 1,3 1,4
Lease adj. ND/EBITDA -2,2 -2,2 -2,6
SEKm 2020 2021e 2022e
Sales 1246 1496 1606
COGS -478 -526 -560
Gross profit 768 970 1046
Other operating items -312 -346 -373
EBITDA 455 624 673
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 396 567 615
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 370 542 590
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 372 544 592
Tax -78 -119 -133
Net profit 294 425 459
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 294 425 459
EPS 2,71 3,91 4,22
EPS Adj 2,9 4,09 4,4
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -21,9 -22,5
Gross margin (%) 61,6 64,8 65,1
EBITDA margin (%) 36,5 41,7 41,9
EBITA margin (%) 31,8 37,9 38,3
EBIT margin (%) 29,7 36,2 36,7
Pretax margin (%) 29,9 36,3 36,9
Net margin (%) 23,6 28,4 28,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,8 20,1 7,3
EBITDA growth (%) -22,7 37,1 7,8
EBIT growth (%) -24,2 46,4 8,8
Net profit growth (%) -22,9 44,6 8
EPS growth (%) -22,9 44,6 8
Profitability 2020 2021 2022
ROE (%) 15,4 19,5 18,2
ROE Adj (%) 16,5 20,4 19
ROCE (%) 18,8 24,2 22,9
ROCE Adj(%) 20,2 25,3 23,8
ROIC (%) 24 36,2 38,9
ROIC Adj (%) 24 36,2 38,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 455 624 673
EBITDA Adj margin (%) 36,5 41,7 41,9
EBITA Adj 396 567 615
EBITA Adj margin (%) 31,8 37,9 38,3
EBIT Adj 370 542 590
EBIT Adj margin (%) 29,7 36,2 36,7
Pretax profit Adj 398 569 617
Net profit Adj 314 444 478
Net profit to shareholders Adj 314 444 478
Net Adj margin (%) 25,2 29,7 29,8
Depreciation and amortisation -59 -57 -58
Of which leasing depreciation -16 0 0
EO items 0 0 0
Impairment and PPA amortisation -26 -25 -25
EBITDA lease Adj 439 609 657
EBITDA lease Adj margin (%) 35,3 40,7 40,9
Leasing payments -16 -15 -16
SEKm 2020 2021e 2022e
EBITDA 455 624 673
Net financial items 2 2 2
Paid tax -78 -119 -133
Non-cash items 0 0 0
Cash flow before change in WC 379 507 542
Change in WC 10 -22 -31
Operating cash flow 389 485 511
CAPEX tangible fixed assets -20 -22 -24
CAPEX intangible fixed assets -6 -7 -9
Acquisitions and disposals 0 0 0
Free cash flow 363 456 478
Dividend paid 0 -87 -125
Share issues and buybacks 0 0 0
Other non cash items -27 -15 51
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 403 403 403
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 80 80 82
Other fixed assets 46 46 46
Fixed assets 891 867 850
Inventories 204 210 225
Receivables 228 250 268
Other current assets 9 9 9
Cash and liquid assets 974 1316 1639
Total assets 2305 2652 2991
Shareholders equity 2013 2350 2684
Minority 4 4 4
Total equity 2017 2355 2689
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 22 22 22
Other long-term liabilities 41 41 41
Short-term debt 0 0 0
Accounts payable 24 30 32
Other current liabilities 139 139 139
Total liabilities and equity 2304 2652 2991
Net IB debt -911 -1250 -1570
Net IB debt excl. pension debt -911 -1250 -1570
Capital invested 1169 1167 1181
Working capital 278 300 331
EV breakdown 2020 2021 2022
Market cap. diluted (m) 23425 33520 33520
Net IB debt Adj -911 -1250 -1570
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 22514 32270 31951
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,1 60,4 56,9
Capital invested turnover (%) 102,5 126,2 134,8
Capital employed turnover (%) 63 65,7 61,7
Inventories / sales (%) 16,6 13,9 13,5
Customer advances / sales (%) 8,6 7,1 6,6
Payables / sales (%) 2,1 1,8 1,9
Working capital / sales (%) 22,1 19,3 19,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -45,2 -53,1 -58,4
Net debt / market cap (%) -4,2 -3,7 -4,7
Equity ratio (%) 87,5 88,8 89,9
Net IB debt adj. / equity (%) -45,2 -53,1 -58,4
Current ratio (%) 802,1 978,9 1159,6
EBITDA / net interest (%) -22759,3 -31209,9 -33647,2
Net IB debt / EBITDA (%) -200,2 -200,3 -233,3
Interest cover (%) 0 0 0
Lease liability amortisation -16 -15 -16
Other intangible assets 299 276 255
Right-of-use asset 62 61 64
Total other fixed assets 46 46 46
Leasing liability 62 66 69
Total other long-term liabilities 62 62 62
Net IB debt excl. leasing -974 -1316 -1708
Net IB debt / EBITDA lease Adj (%) -221,6 -216,1 -260
SEKm 2020 2021e 2022e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 2,71 3,91 4,22
Dividend per share Adj 0,8 1,2 1,2
EPS Adj 2,9 4,09 4,4
BVPS 18,54 21,65 24,73
BVPS Adj 12,07 15,39 18,66
Net IB debt / share -8,4 -11,5 -15,1
Share price 201,58 308,8 308,8
Market cap. (m) 21881 33520 33520
Valuation 2020 2021 2022
P/E 79,8 78,9 73,1
EV/sales 18,08 21,56 19,9
EV/EBITDA 49,5 51,7 47,5
EV/EBITA 56,8 56,9 52
EV/EBIT 60,8 59,6 54,2
Dividend yield (%) 0,4 0,4 0,4
FCF yield (%) 1,5 1,4 1,4
P/BVPS 11,64 14,26 12,49
P/BVPS Adj 17,88 20,06 16,55
P/E Adj 74,5 75,5 70,1
EV/EBITDA Adj 49,5 51,7 47,5
EV/EBITA Adj 56,8 56,9 52
EV/EBIT Adj 60,8 59,6 54,2
EV/cap. employed 10,8 13,3 11,6
Investment ratios 2020 2021 2022
Capex / sales 2,1 1,9 2,1
Capex / depreciation 60,7 50,5 56,7
Capex tangibles / tangible fixed assets 25,1 27,6 29,3
Capex intangibles / definite intangibles 2 2,5 3,5
Depreciation on intangibles / definite intangibles 9,4 0 0
Depreciation on tangibles / tangibles 18,5 71,9 71
Lease adj. FCF yield (%) 1,5 1,3 1,4

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 26.7 % 26.7 % 30 Apr 2021
Bure Equity 19.0 % 19.0 % 30 Apr 2021
Morgan Stanley Investment Management 4.6 % 4.6 % 30 Apr 2021
Capital Group 3.8 % 3.8 % 31 Mar 2021
Vanguard 1.8 % 1.8 % 31 Mar 2021
SEB Fonder 1.7 % 1.7 % 30 Apr 2021
Eccenovo AB 1.5 % 1.5 % 30 Apr 2021
Man GLG 1.4 % 1.4 % 31 Mar 2021
C WorldWide Asset Management 1.4 % 1.4 % 30 Apr 2021
Norges Bank 1.2 % 1.2 % 30 Apr 2021
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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