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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 1560 1689
Sales growth (%) -15,8 25,3 8,3
EBITDA 454 643 720
EBITDA margin (%) 36,5 41,2 42,6
EBIT adj 370 557 633
EBIT adj margin (%) 29,7 35,7 37,5
Pretax profit 366 557 633
EPS rep 2,65 4,02 4,52
EPS growth (%) -25 51,5 12,5
EPS adj 2,83 4,16 4,65
DPS 0,8 1,15 1,2
EV/EBITDA (x) 49,6 89,4 79,4
EV/EBIT adj (x) 60,8 103,2 90,3
P/E (x) 81,4 134,7 119,7
P/E adj (x) 76,3 130 116,4
EV/sales (x) 18,1 36,8 33,8
FCF yield (%) 0 0 0
Dividend yield (%) 0,4 0,2 0,2
Net IB debt/EBITDA -2 -1,9 -2,2
Lease adj. FCF yield (%) 1,6 0,8 0,9
Lease adj. ND/EBITDA -2,2 -2,1 -2,4
SEKm 2020 2021e 2022e
Sales 1246 1560 1689
COGS -478 -554 -592
Gross profit 768 1006 1097
Other operating items -314 -363 -377
EBITDA 454 643 720
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 395 577 651
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 370 557 633
Other financial items 0 0 0
Net financial items -4 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 557 633
Tax -78 -121 -142
Net profit 288 436 491
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 288 436 491
EPS 2,65 4,02 4,52
EPS Adj 2,83 4,16 4,65
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -21,7 -22,5
Gross margin (%) 61,6 64,5 64,9
EBITDA margin (%) 36,5 41,2 42,6
EBITA margin (%) 31,7 37 38,5
EBIT margin (%) 29,7 35,7 37,5
Pretax margin (%) 29,4 35,7 37,5
Net margin (%) 23,1 27,9 29
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,8 25,3 8,3
EBITDA growth (%) -22,7 41,6 11,9
EBIT growth (%) -24,2 50,6 13,6
Net profit growth (%) -25 51,5 12,5
EPS growth (%) -25 51,5 12,5
Profitability 2020 2021 2022
ROE (%) 15,1 19,9 19,2
ROE Adj (%) 16,1 20,6 19,8
ROCE (%) 19,2 24,7 24,2
ROCE Adj(%) 20,5 25,6 24,9
ROIC (%) 23,9 37 41
ROIC Adj (%) 23,9 37 41
Adj earnings numbers 2020 2021 2022
EBITDA Adj 454 643 720
EBITDA Adj margin (%) 36,5 41,2 42,6
EBITA Adj 395 577 651
EBITA Adj margin (%) 31,7 37 38,5
EBIT Adj 370 557 633
EBIT Adj margin (%) 29,7 35,7 37,5
Pretax profit Adj 391 577 651
Net profit Adj 307 452 505
Net profit to shareholders Adj 307 452 505
Net Adj margin (%) 24,7 28,9 29,9
Depreciation and amortisation -59 -66 -69
Of which leasing depreciation -16 -16 -16
EO items 0 0 0
Impairment and PPA amortisation -25 -20 -18
EBITDA lease Adj 438 627 703
EBITDA lease Adj margin (%) 35,2 40,2 41,6
Leasing payments -16 -16 -17
SEKm 2020 2021e 2022e
EBITDA 454 643 720
Net financial items -4 0 0
Paid tax -78 -121 -142
Non-cash items 0 0 0
Cash flow before change in WC 372 522 577
Change in WC 10 -42 -36
Operating cash flow 382 480 541
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 382 480 541
Dividend paid 0 -87 -125
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
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 83
Other fixed assets 46 46 46
Fixed assets 891 866 849
Inventories 204 218 236
Receivables 228 261 281
Other current assets 9 9 9
Cash and liquid assets 974 1309 1658
Total assets 2305 2664 3034
Shareholders equity 2013 2367 2733
Minority 4 4 4
Total equity 2017 2371 2737
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 26 31 34
Other current liabilities 137 137 137
Total liabilities and equity 2305 2664 3034
Net IB debt -911 -1248 -1594
Net IB debt excl. pension debt -911 -1248 -1594
Capital invested 1168 1186 1205
Working capital 277 320 356
EV breakdown 2020 2021 2022
Market cap. diluted (m) 23425 58726 58726
Net IB debt Adj -911 -1248 -1594
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 57478 57131
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,1 62,8 59,3
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 19,1 20
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -45,2 -52,6 -58,3
Net debt / market cap (%) -4,2 -2,1 -2,7
Equity ratio (%) 87,5 89 90,2
Net IB debt adj. / equity (%) -45,2 -52,6 -58,3
Current ratio (%) 799,1 986,1 1181,9
EBITDA / net interest (%) 11871,5 0 0
Net IB debt / EBITDA (%) -200,7 -194,1 -221,6
Interest cover (%) 2991,6 0 0
Lease liability amortisation -16 -16 -17
Other intangible assets 299 275 253
Right-of-use asset 62 62 65
Total other fixed assets 46 46 46
Leasing liability 62 62 63
Total other long-term liabilities 62 62 62
Net IB debt excl. leasing -974 -1309 -1721
Net IB debt / EBITDA lease Adj (%) -222,1 -208,7 -244,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 2,65 4,02 4,52
Dividend per share Adj 0,8 1,2 1,2
EPS Adj 2,83 4,16 4,65
BVPS 18,54 21,81 25,17
BVPS Adj 12,07 15,56 19,13
Net IB debt / share -8,4 -11,5 -15,3
Share price 201,58 541 541
Market cap. (m) 21881 58726 58726
Valuation 2020 2021 2022
P/E 81,4 134,7 119,7
EV/sales 18,08 36,84 33,82
EV/EBITDA 49,6 89,4 79,4
EV/EBITA 57,1 99,6 87,7
EV/EBIT 60,8 103,2 90,3
Dividend yield (%) 0,4 0,2 0,2
FCF yield (%) 0 0 0
P/BVPS 11,64 24,81 21,49
P/BVPS Adj 17,88 34,77 28,28
P/E Adj 76,3 130 116,4
EV/EBITDA Adj 49,6 89,4 79,4
EV/EBITA Adj 57,1 99,6 87,7
EV/EBIT Adj 60,8 103,2 90,3
EV/cap. employed 10,8 23,6 20,4
Investment ratios 2020 2021 2022
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 9,1 11,6 13,3
Depreciation on tangibles / tangibles 20,2 22,4 22,8
Lease adj. FCF yield (%) 1,6 0,8 0,9

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 26.1 % 26.1 % 30 Sep 2021
Bure Equity 17.5 % 17.5 % 30 Sep 2021
Morgan Stanley Investment Management 4.1 % 4.1 % 31 Aug 2021
Capital Group 4.0 % 4.0 % 30 Sep 2021
AMF Pension & Fonder 1.9 % 1.9 % 30 Sep 2021
SEB Fonder 1.8 % 1.8 % 30 Sep 2021
Fjärde AP-fonden 1.7 % 1.7 % 30 Sep 2021
Vanguard 1.7 % 1.7 % 30 Sep 2021
Eccenovo AB 1.3 % 1.3 % 30 Sep 2021
Norges Bank 1.2 % 1.2 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Vitrolife

Name Quantity Code Date
Mikael Engblom - 490 SELL 6 Sep 2021
Mikael Engblom - 482 SELL 6 Sep 2021
Mikael Engblom - 250 SELL 6 Sep 2021
Mikael Engblom - 400 SELL 6 Sep 2021
Mikael Engblom - 190 SELL 6 Sep 2021
Mikael Engblom - 500 SELL 6 Sep 2021
Mikael Engblom - 700 SELL 6 Sep 2021
Mikael Engblom - 100 SELL 6 Sep 2021
Mikael Engblom - 538 SELL 6 Sep 2021
Mikael Engblom - 400 SELL 6 Sep 2021

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