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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 1422 1530
Sales growth (%) 10 23,5 7,6
EBITDA 479 559 592
EBITDA margin (%) 41,6 39,3 38,7
EBIT adj 411 468 501
EBIT adj margin (%) 35,7 32,9 32,8
Pretax profit 399 470 503
EPS rep 2,86 3,34 3,59
EPS growth (%) 17,4 16,8 7,5
EPS adj 3,32 3,73 3,98
DPS 0,85 1 1
EV/EBITDA (x) 32,3 30,9 28,7
EV/EBIT adj (x) 37,6 37 33,9
P/E (x) 51,4 48,8 45,4
P/E adj (x) 44,2 43,7 41
EV/sales (x) 13,4 12,2 11,1
FCF yield (%) 1,1 1,6 2,6
Dividend yield (%) 0,6 0,6 0,6
Net IB debt/EBITDA -1 -0,8 -1,3
SEKm 2018 2019e 2020e
Sales 1151 1422 1530
COGS -390 -516 -557
Gross profit 761 906 973
Other operating items -283 -347 -380
EBITDA 479 559 592
Depreciation on tangibles -12 -22 -20
Depreciation on intangibles -13 -14 -16
EBITA 453 522 556
Goodwill impairment charges -17 0 0
Other impairment and amortisation -43 -55 -55
EBIT 394 468 501
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 399 470 503
Tax -88 -107 -113
Net profit 311 363 390
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 311 363 390
EPS 2,86 3,34 3,59
EPS Adj 3,32 3,73 3,98
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22,7 -22,5
Gross margin (%) 66,1 63,7 63,6
EBITDA margin (%) 41,6 39,3 38,7
EBITA margin (%) 39,4 36,7 36,3
EBIT margin (%) 34,2 32,9 32,8
Pretax margin (%) 34,6 33 32,9
Net margin (%) 27 25,5 25,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 10 23,5 7,6
EBITDA growth (%) 17,5 16,7 6
EBIT growth (%) 15,6 18,7 7,2
Net profit growth (%) 17,4 16,8 7,5
EPS growth (%) 17,4 16,8 7,5
Profitability 2018 2019 2020
ROE (%) 22,9 22,3 20,5
ROE Adj (%) 26,5 24,9 22,7
ROCE (%) 29,2 28,1 25,8
ROCE Adj(%) 33,6 31,4 28,6
ROIC (%) 30,8 29,1 28
ROIC Adj (%) 32,2 29,1 28
Adj earnings numbers 2018 2019 2020
EBITDA Adj 479 559 592
EBITDA Adj margin (%) 41,6 39,3 38,7
EBITA Adj 453 522 556
EBITA Adj margin (%) 39,4 36,7 36,3
EBIT Adj 411 468 501
EBIT Adj margin (%) 35,7 32,9 32,8
Pretax profit Adj 458 524 558
Net profit Adj 361 405 432
Net profit to shareholders Adj 361 405 432
Net Adj margin (%) 31,3 28,5 28,3
SEKm 2018 2019e 2020e
EBITDA 479 559 592
Net financial items 5 2 2
Paid tax -95 -107 -113
Non-cash items -6 0 0
Cash flow before change in WC 382 454 481
Change in WC -33 -74 13
Operating cash flow 349 380 494
CAPEX tangible fixed assets -18 -18 -20
CAPEX intangible fixed assets -4 -6 -6
Acquisitions and disposals -158 -80 0
Free cash flow 169 276 468
Dividend paid -80 -92 -109
Share issues and buybacks 0 0 0
Other non cash items -23 -228 -54
Decrease in net IB debt 90 -44 306
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 422 431 431
Indefinite intangible assets 0 0 0
Definite intangible assets 306 383 373
Tangible fixed assets 94 170 170
Other fixed assets 25 103 103
Fixed assets 847 1088 1077
Inventories 161 192 206
Receivables 190 256 245
Other current assets 8 8 8
Cash and liquid assets 491 525 763
Total assets 1697 2069 2299
Shareholders equity 1493 1764 2045
Minority 3 3 3
Total equity 1496 1767 2048
Long-term debt 0 68 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 29 29
Other long-term liabilities 20 20 20
Short-term debt 0 10 10
Accounts payable 32 37 46
Other current liabilities 120 138 145
Total liabilities and equity 1250 1422 1697
Net IB debt -491 -447 -752
Net IB debt excl. pension debt -491 -447 -752
Capital invested 1084 1399 1375
Working capital 237 311 298
EV breakdown 2018 2019 2020
Market cap. diluted (m) 15957 17726 17726
Net IB debt Adj -491 -447 -752
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 17279 16974
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 73,8 75,5 70
Capital invested turnover (%) 115,6 114,5 110,3
Capital employed turnover (%) 84,4 85,1 78,4
Inventories / sales (%) 13,5 12,4 13
Customer advances / sales (%) 6,8 6,4 6,8
Payables / sales (%) 2,7 2,4 2,7
Working capital / sales (%) 19,2 19,3 19,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,8 -25,3 -36,7
Net debt / market cap (%) -3,4 -2,5 -4,2
Equity ratio (%) 88,1 85,4 89,1
Net IB debt adj. / equity (%) -32,8 -25,3 -36,7
Current ratio (%) 558,6 530,3 606,5
EBITDA / net interest (%) 0 -27932,5 -29620,1
Net IB debt / EBITDA (%) -102,6 -80 -127
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 3,34 3,59
Dividend per share Adj 0,8 1 1
EPS Adj 3,32 3,73 3,98
BVPS 13,75 16,25 18,84
BVPS Adj 7,05 8,74 11,44
Net IB debt / share -4,5 -4,1 -6,9
Share price 131,24 163,3 163,3
Market cap. (m) 14247 17726 17726
Valuation 2018 2019 2020
P/E 51,4 48,8 45,4
EV/sales 13,43 12,15 11,1
EV/EBITDA 32,3 30,9 28,7
EV/EBITA 34,1 33,1 30,5
EV/EBIT 39,3 37 33,9
Dividend yield (%) 0,6 0,6 0,6
FCF yield (%) 1,1 1,6 2,6
P/BVPS 10,69 10,05 8,67
P/BVPS Adj 20,86 18,67 14,28
P/E Adj 44,2 43,7 41
EV/EBITDA Adj 32,3 30,9 28,7
EV/EBITA Adj 34,1 33,1 30,5
EV/EBIT Adj 37,6 37 33,9
EV/cap. employed 10,3 9,4 8,2
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,7 1,7
Capex / depreciation 87,6 65,7 71,2
Capex tangibles / tangible fixed assets 19,1 10,6 11,8
Capex intangibles / definite intangibles 1,3 1,6 1,6
Depreciation on intangibles / definite intangibles 4,3 3,7 4,4
Depreciation on tangibles / tangibles 12,7 13,1 11,8

Equity research

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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 25.0 % 25.0 % 31 Aug 2019
Bure Equity 19.0 % 19.0 % 31 Aug 2019
Capital Group 4.6 % 4.6 % 30 Jun 2019
Morgan Stanley Investment Management 4.1 % 4.1 % 31 Jul 2019
Lannebo Fonder 2.3 % 2.3 % 31 Jul 2019
Eccenovo AB 1.8 % 1.8 % 31 Aug 2019
Norges Bank 1.8 % 1.8 % 31 Aug 2019
Vanguard 1.6 % 1.6 % 31 Jul 2019
Man GLG 1.3 % 1.3 % 31 Jul 2019
SEB Fonder 1.1 % 1.1 % 31 Jul 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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