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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 2021 2022e 2023e
Sales 1681 3015 3386
Sales growth (%) 34,9 79,4 12,3
EBITDA 544 935 1099
EBITDA margin (%) 32,4 31 32,5
EBIT adj 435 553 711
EBIT adj margin (%) 25,9 18,3 21
Pretax profit 426 483 642
EPS rep 2,68 2,67 3,58
EPS growth (%) 1,2 -0,5 34
EPS adj 2,89 3,93 4,85
DPS 0,8 0,8 1,1
EV/EBITDA (x) 142,8 37,4 31,3
EV/EBIT adj (x) 178,5 63,3 48,4
P/E (x) 208,7 92,5 69,1
P/E adj (x) 194 62,9 51
EV/sales (x) 46,2 11,6 10,2
FCF yield (%) -9,5 1,5 1,9
Dividend yield (%) 0,1 0,3 0,4
Net IB debt/EBITDA 3,4 1,7 0,9
Lease adj. FCF yield (%) -9,5 1,4 1,8
Lease adj. ND/EBITDA 3,3 1,6 0,9
SEKm 2021 2022e 2023e
Sales 1681 3015 3386
COGS -635 -1301 -1418
Gross profit 1046 1714 1969
Other operating items -502 -779 -870
EBITDA 544 935 1099
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 467 781 939
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 435 553 711
Other financial items 0 0 0
Net financial items -10 -70 -69
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 426 483 642
Tax -116 -121 -157
Net profit 309 362 484
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 309 362 484
EPS 2,68 2,67 3,58
EPS Adj 2,89 3,93 4,85
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,3 -25,1 -24,5
Gross margin (%) 62,2 56,9 58,1
EBITDA margin (%) 32,4 31 32,5
EBITA margin (%) 27,8 25,9 27,7
EBIT margin (%) 25,9 18,3 21
Pretax margin (%) 25,3 16 18,9
Net margin (%) 18,4 12 14,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34,9 79,4 12,3
EBITDA growth (%) 19,9 71,8 17,5
EBIT growth (%) 17,7 27 28,5
Net profit growth (%) 7,5 16,9 34
EPS growth (%) 1,2 -0,5 34
Profitability 2021 2022 2023
ROE (%) 3,6 2,3 3
ROE Adj (%) 3,8 3,4 4,1
ROCE (%) 4,4 3,1 3,9
ROCE Adj(%) 4,7 4,4 5,1
ROIC (%) 3,3 2,3 2,9
ROIC Adj (%) 3,3 2,3 2,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 544 935 1099
EBITDA Adj margin (%) 32,4 31 32,5
EBITA Adj 467 781 939
EBITA Adj margin (%) 27,8 25,9 27,7
EBIT Adj 435 553 711
EBIT Adj margin (%) 25,9 18,3 21
Pretax profit Adj 458 711 870
Net profit Adj 333 532 657
Net profit to shareholders Adj 333 532 657
Net Adj margin (%) 19,8 17,7 19,4
Depreciation and amortisation -77 -154 -160
Of which leasing depreciation -18 -41 -41
EO items 0 0 0
Impairment and PPA amortisation -32 -228 -228
EBITDA lease Adj 526 898 1058
EBITDA lease Adj margin (%) 31,3 29,8 31,3
Leasing payments -18 -38 -41
SEKm 2021 2022e 2023e
EBITDA 544 935 1099
Net financial items -10 -70 -69
Paid tax -116 -121 -157
Non-cash items 0 0 0
Cash flow before change in WC 418 744 872
Change in WC -10 -64 -71
Operating cash flow 408 680 802
CAPEX tangible fixed assets -25 -57 -85
CAPEX intangible fixed assets -38 -86 -85
Acquisitions and disposals -6472 -32 0
Free cash flow -6127 506 632
Dividend paid -87 -108 -108
Share issues and buybacks 0 0 0
Other non cash items 3425 -103 111
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 12995 13111 13111
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 224 252 284
Other fixed assets 46 46 46
Fixed assets 18022 17983 17694
Inventories 313 321 360
Receivables 424 464 516
Other current assets 40 41 41
Cash and liquid assets 630 893 1377
Total assets 19429 19702 19989
Shareholders equity 15322 15699 16075
Minority 19 13 13
Total equity 15341 15712 16088
Long-term debt 1944 1901 1901
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 429 442 442
Accounts payable 173 176 197
Other current liabilities 326 265 265
Total liabilities and equity 19429 19702 19989
Net IB debt 1852 1564 969
Net IB debt excl. pension debt 1852 1564 969
Capital invested 18262 18328 18109
Working capital 278 385 455
EV breakdown 2021 2022 2023
Market cap. diluted (m) 75850 33455 33455
Net IB debt Adj 1852 1564 969
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 77703 35019 34425
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 15,5 15,4 17,1
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 (%) 16,5 11 12,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 12,1 10 6
Net debt / market cap (%) 3,5 4,7 2,9
Equity ratio (%) 79 79,7 80,5
Net IB debt adj. / equity (%) 12,1 10 6
Current ratio (%) 147,4 187,9 245,1
EBITDA / net interest (%) 5663,2 1332,3 1584,5
Net IB debt / EBITDA (%) 340,3 167,2 88,2
Interest cover (%) 4517,9 1080,6 1299,4
Lease liability amortisation -18 -38 -41
Other intangible assets 4553 4374 4053
Right-of-use asset 109 114 114
Total other fixed assets 142 132 132
Leasing liability 109 114 3
Total other long-term liabilities 1107 1092 1092
Net IB debt excl. leasing 1743 1450 966
Net IB debt / EBITDA lease Adj (%) 331,2 161,5 91,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 135 135 135
Fully diluted shares Adj 135 135 135
EPS 2,68 2,67 3,58
Dividend per share Adj 0,8 0,8 1,1
EPS Adj 2,89 3,93 4,85
BVPS 113,12 115,91 118,68
BVPS Adj -16,43 -13,18 -8,04
Net IB debt / share 13,7 11,5 7,2
Share price 392,51 247 247
Market cap. (m) 53164 33455 33455
Valuation 2021 2022 2023
P/E 208,7 92,5 69,1
EV/sales 46,23 11,62 10,17
EV/EBITDA 142,8 37,4 31,3
EV/EBITA 166,2 44,8 36,7
EV/EBIT 178,5 63,3 48,4
Dividend yield (%) 0,1 0,3 0,4
FCF yield (%) -9,5 1,5 1,9
P/BVPS 4,95 2,13 2,08
P/BVPS Adj -34,08 -18,74 -30,73
P/E Adj 194 62,9 51
EV/EBITDA Adj 142,8 37,4 31,3
EV/EBITA Adj 166,2 44,8 36,7
EV/EBIT Adj 178,5 63,3 48,4
EV/cap. employed 4,4 1,9 1,9
Investment ratios 2021 2022 2023
Capex / sales 3,7 4,7 5
Capex / depreciation 106,6 125,1 141,9
Capex tangibles / tangible fixed assets 11 22,4 29,8
Capex intangibles / definite intangibles 0,8 2 2,1
Depreciation on intangibles / definite intangibles 0,9 1,5 1,6
Depreciation on tangibles / tangibles 7,6 19,8 18,5
Lease adj. FCF yield (%) -9,5 1,4 1,8

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 28.0 % 28.0 % 30 Apr 2022
Bure Equity 15.9 % 15.9 % 30 Apr 2022
EQT 4.5 % 4.5 % 30 Nov 2021
Fjärde AP-fonden 3.5 % 3.5 % 30 Apr 2022
AMF Pension & Fonder 2.7 % 2.7 % 31 May 2022
Morgan Stanley Investment Management 2.6 % 2.6 % 30 Apr 2022
Capital Group 2.6 % 2.6 % 31 Mar 2022
Handelsbanken Fonder 2.0 % 2.0 % 31 May 2022
SEB Fonder 2.0 % 2.0 % 31 May 2022
Vanguard 1.5 % 1.5 % 31 May 2022
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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