Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 1471 1578
Sales growth (%) -15,8 18,1 7,3
EBITDA 455 601 655
EBITDA margin (%) 36,5 40,9 41,5
EBIT adj 370 521 576
EBIT adj margin (%) 29,7 35,4 36,5
Pretax profit 372 523 578
EPS rep 2,71 3,73 4,13
EPS growth (%) -22,9 37,9 10,6
EPS adj 2,9 3,92 4,31
DPS 0,8 1,15 1,2
EV/EBITDA (x) 49,5 47,4 43,1
EV/EBIT adj (x) 60,8 54,8 49
P/E (x) 79,8 73,4 66,4
P/E adj (x) 74,5 69,9 63,5
EV/sales (x) 18,1 19,4 17,9
FCF yield (%) 1,5 1,5 1,6
Dividend yield (%) 0,4 0,4 0,4
Net IB debt/EBITDA -2 -2,1 -2,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1246 1471 1578
COGS -478 -517 -547
Gross profit 768 954 1031
Other operating items -313 -353 -377
EBITDA 455 601 655
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 396 547 602
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 370 521 576
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 372 523 578
Tax -78 -118 -130
Net profit 294 405 448
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 294 405 448
EPS 2,71 3,73 4,13
EPS Adj 2,9 3,92 4,31
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -22,5 -22,5
Gross margin (%) 61,6 64,9 65,3
EBITDA margin (%) 36,5 40,9 41,5
EBITA margin (%) 31,8 37,2 38,2
EBIT margin (%) 29,7 35,4 36,5
Pretax margin (%) 29,9 35,5 36,6
Net margin (%) 23,6 27,5 28,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,8 18,1 7,3
EBITDA growth (%) -22,7 32,1 8,9
EBIT growth (%) -24,2 40,7 10,6
Net profit growth (%) -22,9 37,9 10,6
EPS growth (%) -22,9 37,9 10,6
Profitability 2020 2021 2022
ROE (%) 15,4 18,6 18
ROE Adj (%) 16,5 19,6 18,8
ROCE (%) 18,8 23,4 22,6
ROCE Adj(%) 20,2 24,5 23,6
ROIC (%) 24 34,6 38,1
ROIC Adj (%) 24 34,6 38,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 455 601 655
EBITDA Adj margin (%) 36,5 40,9 41,5
EBITA Adj 396 547 602
EBITA Adj margin (%) 31,8 37,2 38,2
EBIT Adj 370 521 576
EBIT Adj margin (%) 29,7 35,4 36,5
Pretax profit Adj 398 549 604
Net profit Adj 314 425 468
Net profit to shareholders Adj 314 425 468
Net Adj margin (%) 25,2 28,9 29,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 455 601 655
Net financial items 2 2 2
Paid tax -78 -118 -130
Non-cash items 0 0 0
Cash flow before change in WC 379 485 527
Change in WC 10 -15 -30
Operating cash flow 389 470 497
CAPEX tangible fixed assets -20 -22 -24
CAPEX intangible fixed assets -6 -7 -9
Acquisitions and disposals 0 0 0
Free cash flow 363 441 464
Dividend paid 0 -87 -125
Share issues and buybacks 0 0 0
Other non cash items -26 -16 46
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 891 869 856
Inventories 204 206 221
Receivables 228 246 264
Other current assets 9 9 9
Cash and liquid assets 974 1296 1604
Total assets 2305 2626 2954
Shareholders equity 2013 2331 2654
Minority 4 4 4
Total equity 2017 2335 2658
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 29 32
Other current liabilities 139 139 139
Total liabilities and equity 2304 2626 2954
Net IB debt -911 -1235 -1541
Net IB debt excl. pension debt -911 -1235 -1541
Capital invested 1169 1162 1179
Working capital 278 293 323
EV breakdown 2020 2021 2022
Market cap. diluted (m) 23425 29743 29743
Net IB debt Adj -911 -1235 -1541
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 28508 28202
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,1 59,7 56,6
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 19,4 19,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -45,2 -52,9 -58
Net debt / market cap (%) -4,2 -4,2 -5,2
Equity ratio (%) 87,5 88,9 90
Net IB debt adj. / equity (%) -45,2 -52,9 -58
Current ratio (%) 802,1 966 1139,9
EBITDA / net interest (%) -22751,9 -30050,5 -32733,5
Net IB debt / EBITDA (%) -200,2 -205,5 -235,4
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 2,71 3,73 4,13
Dividend per share Adj 0,8 1,2 1,2
EPS Adj 2,9 3,92 4,31
BVPS 18,54 21,47 24,45
BVPS Adj 12,07 15,18 18,33
Net IB debt / share -8,4 -11,4 -14,8
Share price 201,58 274 274
Market cap. (m) 21881 29743 29743
Valuation 2020 2021 2022
P/E 79,8 73,4 66,4
EV/sales 18,08 19,38 17,87
EV/EBITDA 49,5 47,4 43,1
EV/EBITA 56,8 52,1 46,8
EV/EBIT 60,8 54,8 49
Dividend yield (%) 0,4 0,4 0,4
FCF yield (%) 1,5 1,5 1,6
P/BVPS 11,64 12,76 11,21
P/BVPS Adj 17,88 18,05 14,95
P/E Adj 74,5 69,9 63,5
EV/EBITDA Adj 49,5 47,4 43,1
EV/EBITA Adj 56,8 52,1 46,8
EV/EBIT Adj 60,8 54,8 49
EV/cap. employed 10,8 11,9 10,4
Investment ratios 2020 2021 2022
Capex / sales 2,1 2 2,1
Capex / depreciation 60,9 76,1 62,9
Capex tangibles / tangible fixed assets 25,1 27,6 29,2
Capex intangibles / definite intangibles 2 2,5 3,4
Depreciation on intangibles / definite intangibles 9,3 8,3 0
Depreciation on tangibles / tangibles 18,5 18,7 63,7
N/A N/A N/A

Equity research

Read earlier research

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 % 31 Jan 2021
Bure Equity 19.0 % 19.0 % 31 Jan 2021
Morgan Stanley Investment Management 4.8 % 4.8 % 31 Jan 2021
Capital Group 4.2 % 4.2 % 31 Dec 2020
Norges Bank 1.8 % 1.8 % 31 Jan 2021
Vanguard 1.6 % 1.6 % 31 Jan 2021
SEB Fonder 1.6 % 1.6 % 31 Jan 2021
Eccenovo AB 1.5 % 1.5 % 31 Jan 2021
Man GLG 1.5 % 1.5 % 31 Jan 2021
C WorldWide Asset Management 1.4 % 1.4 % 28 Feb 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

Show More