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Vitrolife

Vitrolife

SEKm 2022 2023e 2024e
Sales 3199 3573 4034
Sales growth (%) 90,3 11,7 12,9
EBITDA 1043 1213 1404
EBITDA margin (%) 32,6 33,9 34,8
EBIT adj 663 829 1016
EBIT adj margin (%) 20,7 23,2 25,2
Pretax profit 605 773 955
EPS rep 3,35 4,31 5,33
EPS growth (%) 24,9 28,6 23,5
EPS adj 4,77 5,74 6,75
DPS 1 1,3 1,6
EV/EBITDA (x) 24,5 20,6 17,2
EV/EBIT adj (x) 38,6 30,1 23,8
P/E (x) 55,4 43 34,8
P/E adj (x) 38,9 32,3 27,5
EV/sales (x) 8 7 6
FCF yield (%) -0,1 2,9 3,3
Dividend yield (%) 0,5 0,7 0,9
Net IB debt/EBITDA 0,4 -0,2 -0,7
Lease adj. FCF yield (%) -0,2 2,7 3,1
Lease adj. ND/EBITDA 0,4 -0,1 -0,5
SEKm 2022 2023e 2024e
Sales 3199 3573 4034
COGS -1434 -1558 -1728
Gross profit 1764 2015 2305
Other operating items -721 -803 -901
EBITDA 1043 1213 1404
Depreciation on tangibles -15 -52 -16
Depreciation on intangibles -23 0 -18
EBITA 919 1085 1272
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 663 829 1016
Other financial items 0 0 0
Net financial items -57 -55 -61
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 605 773 955
Tax -151 -189 -234
Net profit 454 584 721
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 454 584 721
EPS 3,35 4,31 5,33
EPS Adj 4,77 5,74 6,75
Total extraordinary items after tax 0 0 0
Tax rate (%) -25 -24,5 -24,5
Gross margin (%) 55,2 56,4 57,1
EBITDA margin (%) 32,6 33,9 34,8
EBITA margin (%) 28,7 30,4 31,5
EBIT margin (%) 20,7 23,2 25,2
Pretax margin (%) 18,9 21,6 23,7
Net margin (%) 14,2 16,3 17,9
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 90,3 11,7 12,9
EBITDA growth (%) 91,6 16,3 15,8
EBIT growth (%) 52,2 25,1 22,6
Net profit growth (%) 46,7 28,6 23,5
EPS growth (%) 24,9 28,6 23,5
Profitability 2022 2023 2024
ROE (%) 5,9 167,3 85,3
ROE Adj (%) 8,4 222,7 108,1
ROCE (%) 7,4 285,8 152,1
ROCE Adj(%) 10,3 373,8 190,5
ROIC (%) 5,3 133,5 277,2
ROIC Adj (%) 5,3 133,5 277,2
Adj earnings numbers 2022 2023 2024
EBITDA Adj 1043 1213 1404
EBITDA Adj margin (%) 32,6 33,9 34,8
EBITA Adj 919 1085 1272
EBITA Adj margin (%) 28,7 30,4 31,5
EBIT Adj 663 829 1016
EBIT Adj margin (%) 20,7 23,2 25,2
Pretax profit Adj 861 1029 1211
Net profit Adj 646 777 914
Net profit to shareholders Adj 646 777 914
Net Adj margin (%) 20,2 21,7 22,7
Depreciation and amortisation -124 -128 -132
Of which leasing depreciation -46 -46 -46
EO items 0 0 0
Impairment and PPA amortisation -256 -256 -256
EBITDA lease Adj 1016 1167 1359
EBITDA lease Adj margin (%) 31,8 32,7 33,7
Leasing payments -27 -46 -46
SEKm 2022 2023e 2024e
EBITDA 1043 1213 1404
Net financial items -57 -55 -61
Paid tax -151 -189 -234
Non-cash items 0 0 0
Cash flow before change in WC 834 968 1109
Change in WC -714 -72 -89
Operating cash flow 121 896 1021
CAPEX tangible fixed assets -20 -89 -101
CAPEX intangible fixed assets -69 -89 -101
Acquisitions and disposals -52 0 0
Free cash flow -21 717 819
Dividend paid -108 -135 -176
Share issues and buybacks 0 0 0
Other non cash items 1685 116 127
Decrease in net IB debt 324 369 335
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 279 261 277
Tangible fixed assets 10 56 111
Other fixed assets 46 46 46
Fixed assets -44 -320 -588
Inventories 344 384 434
Receivables 459 513 579
Other current assets 0 0 0
Cash and liquid assets -446 91 688
Total assets 313 668 1113
Shareholders equity 125 573 1118
Minority 0 0 0
Total equity 125 573 1118
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 188 211 238
Other current liabilities 0 0 0
Total liabilities and equity 313 668 1113
Net IB debt 446 -206 -931
Net IB debt excl. pension debt 446 -206 -931
Capital invested 570 367 187
Working capital 615 687 775
EV breakdown 2022 2023 2024
Market cap. diluted (m) 25129 25129 25129
Net IB debt Adj 446 -206 -931
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 25575 24923 24198
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 32,4 728,4 453
Capital invested turnover (%) 126,2 134,8 139,2
Capital employed turnover (%) 65,7 61,7 57,8
Inventories / sales (%) 13,9 13,5 13,5
Customer advances / sales (%) 7,1 6,6 6,2
Payables / sales (%) 1,8 1,9 1,9
Working capital / sales (%) 14 18,2 18,1
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 357,4 -36 -83,3
Net debt / market cap (%) 1,8 -0,8 -3,7
Equity ratio (%) 39,8 85,8 100,5
Net IB debt adj. / equity (%) 357,4 -36 -83,3
Current ratio (%) 189,7 469,2 715,7
EBITDA / net interest (%) 1824,5 2191 2312,2
Net IB debt / EBITDA (%) 42,7 -17 -66,3
Interest cover (%) 1572,5 1859,3 2170,3
Lease liability amortisation -27 -46 -46
Other intangible assets -54 -376 -699
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 -116 -243
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 446 -91 -688
Net IB debt / EBITDA lease Adj (%) 43,9 -7,8 -50,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 135 135 135
Fully diluted shares Adj 135 135 135
EPS 3,35 4,31 5,33
Dividend per share Adj 1 1,3 1,6
EPS Adj 4,77 5,74 6,75
BVPS 0,92 4,23 8,26
BVPS Adj 1,32 7,01 13,42
Net IB debt / share 3,3 -1,5 -6,9
Share price 185,6 185,6 185,6
Market cap. (m) 25129 25129 25129
Valuation 2022 2023 2024
P/E 55,4 43 34,8
EV/sales 8 6,98 6
EV/EBITDA 24,5 20,6 17,2
EV/EBITA 27,8 23 19
EV/EBIT 38,6 30,1 23,8
Dividend yield (%) 0,5 0,7 0,9
FCF yield (%) -0,1 2,9 3,3
P/BVPS 201,57 43,85 22,47
P/BVPS Adj 140,53 26,49 13,83
P/E Adj 38,9 32,3 27,5
EV/EBITDA Adj 24,5 20,6 17,2
EV/EBITA Adj 27,8 23 19
EV/EBIT Adj 38,6 30,1 23,8
EV/cap. employed 205,1 54,5 27,6
Investment ratios 2022 2023 2024
Capex / sales 2,8 5 5
Capex / depreciation 114,3 216,2 232,5
Capex tangibles / tangible fixed assets 209,6 160,6 91
Capex intangibles / definite intangibles -128,3 -23,8 -14,4
Depreciation on intangibles / definite intangibles -68,8 -10,4 -5,9
Depreciation on tangibles / tangibles 423,6 78,2 41,2
Lease adj. FCF yield (%) -0,2 2,7 3,1

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

34,8

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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23,7

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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6,0

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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22,4