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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 2019 2020e 2021e
Sales 1446 1567 1685
Sales growth (%) 25,6 8,4 7,5
EBITDA 576 618 660
EBITDA margin (%) 39,8 39,4 39,2
EBIT adj 482 523 563
EBIT adj margin (%) 33,3 33,4 33,4
Pretax profit 484 525 565
EPS rep 3,44 3,75 4,03
EPS growth (%) 20,2 9 7,6
EPS adj 3,74 4,05 4,34
DPS 1 1 1,25
EV/EBITDA (x) 37,8 34,7 32
EV/EBIT adj (x) 45,1 41 37,5
P/E (x) 60 55,1 51,2
P/E adj (x) 55,2 50,9 47,6
EV/sales (x) 15 13,7 12,5
FCF yield (%) 1,5 2 2,1
Dividend yield (%) 0,5 0,5 0,6
Net IB debt/EBITDA -1,1 -1,6 -2
SEKm 2019 2020e 2021e
Sales 1446 1567 1685
COGS -518 -563 -612
Gross profit 928 1005 1073
Other operating items -353 -387 -413
EBITDA 576 618 660
Depreciation on tangibles -16 -16 -17
Depreciation on intangibles -23 -23 -24
EBITA 524 566 605
Goodwill impairment charges 0 0 0
Other impairment and amortisation -42 -43 -43
EBIT 482 523 563
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 484 525 565
Tax -110 -118 -127
Net profit 373 407 438
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 373 407 438
EPS 3,44 3,75 4,03
EPS Adj 3,74 4,05 4,34
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,8 -22,5 -22,5
Gross margin (%) 64,2 64,1 63,7
EBITDA margin (%) 39,8 39,4 39,2
EBITA margin (%) 36,2 36,1 35,9
EBIT margin (%) 33,3 33,4 33,4
Pretax margin (%) 33,5 33,5 33,5
Net margin (%) 25,8 26 26
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 25,6 8,4 7,5
EBITDA growth (%) 20,3 7,3 6,9
EBIT growth (%) 22,3 8,6 7,6
Net profit growth (%) 20,2 9 7,6
EPS growth (%) 20,2 9 7,6
Profitability 2019 2020 2021
ROE (%) 22,8 21,1 19,6
ROE Adj (%) 24,8 22,8 21
ROCE (%) 28,8 26,1 24,4
ROCE Adj(%) 31,3 28,2 26,2
ROIC (%) 31,7 32,4 35,5
ROIC Adj (%) 31,7 32,4 35,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 576 618 660
EBITDA Adj margin (%) 39,8 39,4 39,2
EBITA Adj 524 566 605
EBITA Adj margin (%) 36,2 36,1 35,9
EBIT Adj 482 523 563
EBIT Adj margin (%) 33,3 33,4 33,4
Pretax profit Adj 526 568 607
Net profit Adj 406 440 471
Net profit to shareholders Adj 406 440 471
Net Adj margin (%) 28,1 28,1 27,9
SEKm 2019 2020e 2021e
EBITDA 576 618 660
Net financial items 2 2 2
Paid tax -110 -118 -127
Non-cash items 11 0 0
Cash flow before change in WC 478 502 535
Change in WC -55 -33 -32
Operating cash flow 447 469 504
CAPEX tangible fixed assets -18 -20 -22
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals -80 0 0
Free cash flow 343 443 475
Dividend paid -92 -109 -109
Share issues and buybacks 0 0 0
Other non cash items -122 -5 -11
Decrease in net IB debt 165 313 338
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 436 436 436
Indefinite intangible assets 0 0 0
Definite intangible assets 322 263 203
Tangible fixed assets 96 100 105
Other fixed assets 35 35 35
Fixed assets 967 914 862
Inventories 202 219 236
Receivables 241 260 279
Other current assets 8 8 8
Cash and liquid assets 733 1046 1384
Total assets 2152 2448 2769
Shareholders equity 1785 2078 2396
Minority 3 3 3
Total equity 1788 2081 2399
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 50 50 50
Short-term debt 0 0 0
Accounts payable 40 44 47
Other current liabilities 168 168 168
Total liabilities and equity 1422 1697 2152
Net IB debt -656 -969 -1307
Net IB debt excl. pension debt -656 -969 -1307
Capital invested 1260 1239 1219
Working capital 292 325 357
EV breakdown 2019 2020 2021
Market cap. diluted (m) 22405 22405 22405
Net IB debt Adj -656 -969 -1307
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 21749 21436 21098
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 75,1 68,2 64,6
Capital invested turnover (%) 123,4 125,5 137,1
Capital employed turnover (%) 86 77,9 72,7
Inventories / sales (%) 12,6 13,5 13,5
Customer advances / sales (%) 6,7 7,1 6,6
Payables / sales (%) 2,5 2,7 2,7
Working capital / sales (%) 18,3 19,7 20,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -36,7 -46,5 -54,5
Net debt / market cap (%) -3,3 -4,3 -5,8
Equity ratio (%) 83,1 85 86,6
Net IB debt adj. / equity (%) -36,7 -46,5 -54,5
Current ratio (%) 531,5 677,9 830,8
EBITDA / net interest (%) -28779 -30887,1 -33011,3
Net IB debt / EBITDA (%) -113,9 -156,8 -198
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 109 109 109
Fully diluted shares Adj 109 109 109
EPS 3,44 3,75 4,03
Dividend per share Adj 1 1 1,3
EPS Adj 3,74 4,05 4,34
BVPS 16,45 19,14 22,07
BVPS Adj 9,46 12,71 16,19
Net IB debt / share -6 -8,9 -12
Share price 182,39 206,4 206,4
Market cap. (m) 19799 22405 22405
Valuation 2019 2020 2021
P/E 60 55,1 51,2
EV/sales 15,04 13,68 12,52
EV/EBITDA 37,8 34,7 32
EV/EBITA 41,5 37,9 34,9
EV/EBIT 45,1 41 37,5
Dividend yield (%) 0,5 0,5 0,6
FCF yield (%) 1,5 2 2,1
P/BVPS 12,55 10,78 9,35
P/BVPS Adj 21,81 16,24 12,75
P/E Adj 55,2 50,9 47,6
EV/EBITDA Adj 37,8 34,7 32
EV/EBITA Adj 41,5 37,9 34,9
EV/EBIT Adj 45,1 41 37,5
EV/cap. employed 11,7 9,9 8,5
Investment ratios 2019 2020 2021
Capex / sales 1,7 1,7 1,7
Capex / depreciation 61,2 66,9 71,2
Capex tangibles / tangible fixed assets 18,8 20,1 21
Capex intangibles / definite intangibles 1,9 2,3 3,4
Depreciation on intangibles / definite intangibles 7,1 8,6 11,8
Depreciation on tangibles / tangibles 17 16,4 15,9

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 25.9 % 25.9 % 31 Dec 2019
Bure Equity 19.0 % 19.0 % 31 Dec 2019
Capital Group 4.6 % 4.6 % 31 Dec 2019
Morgan Stanley Investment Management 4.3 % 4.3 % 30 Nov 2019
Lannebo Fonder 2.5 % 2.5 % 30 Nov 2019
Norges Bank 1.9 % 1.9 % 31 Dec 2019
Eccenovo AB 1.8 % 1.8 % 31 Dec 2019
Vanguard 1.6 % 1.6 % 31 Dec 2019
Man GLG 1.4 % 1.4 % 30 Nov 2019
La Financière de l'Echiquier 1.1 % 1.1 % 30 Sep 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 + 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
Mikael Engblom + 735 BUY 3 Oct 2018

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