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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 3222 3607
Sales growth (%) 34,9 91,7 11,9
EBITDA 544 1052 1245
EBITDA margin (%) 32,4 32,6 34,5
EBIT adj 435 670 859
EBIT adj margin (%) 25,9 20,8 23,8
Pretax profit 426 599 790
EPS rep 2,68 3,31 4,4
EPS growth (%) 1,2 23,5 32,9
EPS adj 2,89 4,75 5,85
DPS 0,8 1 1,3
EV/EBITDA (x) 142,8 40,5 33,7
EV/EBIT adj (x) 178,5 63,6 48,8
P/E (x) 208,7 91,4 68,8
P/E adj (x) 194 63,8 51,8
EV/sales (x) 46,2 13,2 11,6
FCF yield (%) -9,5 1,4 1,8
Dividend yield (%) 0,1 0,3 0,4
Net IB debt/EBITDA 3,4 1,5 0,7
Lease adj. FCF yield (%) -9,5 1,3 1,7
Lease adj. ND/EBITDA 3,3 1,4 0,7
SEKm 2021 2022e 2023e
Sales 1681 3222 3607
COGS -635 -1382 -1501
Gross profit 1046 1841 2105
Other operating items -502 -789 -861
EBITDA 544 1052 1245
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 467 930 1119
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 435 670 859
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 426 599 790
Tax -116 -151 -193
Net profit 309 449 596
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 309 449 596
EPS 2,68 3,31 4,4
EPS Adj 2,89 4,75 5,85
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,3 -25,1 -24,5
Gross margin (%) 62,2 57,1 58,4
EBITDA margin (%) 32,4 32,6 34,5
EBITA margin (%) 27,8 28,9 31
EBIT margin (%) 25,9 20,8 23,8
Pretax margin (%) 25,3 18,6 21,9
Net margin (%) 18,4 13,9 16,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34,9 91,7 11,9
EBITDA growth (%) 19,9 93,2 18,4
EBIT growth (%) 17,7 53,9 28,3
Net profit growth (%) 7,5 45,1 32,9
EPS growth (%) 1,2 23,5 32,9
Profitability 2021 2022 2023
ROE (%) 3,6 2,8 3,6
ROE Adj (%) 3,8 4,1 4,8
ROCE (%) 4,4 3,7 4,6
ROCE Adj(%) 4,7 5,1 6
ROIC (%) 3,3 2,7 3,5
ROIC Adj (%) 3,3 2,7 3,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 544 1052 1245
EBITDA Adj margin (%) 32,4 32,6 34,5
EBITA Adj 467 930 1119
EBITA Adj margin (%) 27,8 28,9 31
EBIT Adj 435 670 859
EBIT Adj margin (%) 25,9 20,8 23,8
Pretax profit Adj 458 859 1050
Net profit Adj 333 643 793
Net profit to shareholders Adj 333 643 793
Net Adj margin (%) 19,8 20 22
Depreciation and amortisation -77 -122 -126
Of which leasing depreciation -18 -45 -45
EO items 0 0 0
Impairment and PPA amortisation -32 -260 -260
EBITDA lease Adj 526 1014 1200
EBITDA lease Adj margin (%) 31,3 31,5 33,3
Leasing payments -18 -38 -45
SEKm 2021 2022e 2023e
EBITDA 544 1052 1245
Net financial items -10 -70 -69
Paid tax -116 -151 -193
Non-cash items 0 0 0
Cash flow before change in WC 418 831 982
Change in WC -10 -91 -74
Operating cash flow 408 739 908
CAPEX tangible fixed assets -25 -41 -90
CAPEX intangible fixed assets -38 -90 -90
Acquisitions and disposals -6472 -52 0
Free cash flow -6127 556 727
Dividend paid -87 -108 -135
Share issues and buybacks 0 0 0
Other non cash items 3425 -128 117
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 12995 13461 13461
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 224 271 318
Other fixed assets 46 46 46
Fixed assets 18022 18492 18215
Inventories 313 348 390
Receivables 424 503 559
Other current assets 40 29 29
Cash and liquid assets 630 787 1335
Total assets 19429 20159 20526
Shareholders equity 15322 16226 16687
Minority 19 13 13
Total equity 15341 16239 16700
Long-term debt 1944 1961 1961
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 429 273 273
Accounts payable 173 191 213
Other current liabilities 326 256 256
Total liabilities and equity 19429 20159 20526
Net IB debt 1852 1556 892
Net IB debt excl. pension debt 1852 1556 892
Capital invested 18262 18876 18673
Working capital 278 433 508
EV breakdown 2021 2022 2023
Market cap. diluted (m) 75850 41040 41040
Net IB debt Adj 1852 1556 892
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 42596 41932
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 15,5 16,3 17,7
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 13
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 12,1 9,6 5,3
Net debt / market cap (%) 3,5 3,8 2,2
Equity ratio (%) 79 80,6 81,4
Net IB debt adj. / equity (%) 12,1 9,6 5,3
Current ratio (%) 147,4 221,8 298,5
EBITDA / net interest (%) 5663,2 1493,2 1795
Net IB debt / EBITDA (%) 340,3 147,9 71,7
Interest cover (%) 4517,9 1285,4 1548
Lease liability amortisation -18 -38 -45
Other intangible assets 4553 4502 4177
Right-of-use asset 109 109 109
Total other fixed assets 142 150 150
Leasing liability 109 109 -8
Total other long-term liabilities 1107 1130 1130
Net IB debt excl. leasing 1743 1447 899
Net IB debt / EBITDA lease Adj (%) 331,2 142,7 74,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 135 135 135
Fully diluted shares Adj 135 135 135
EPS 2,68 3,31 4,4
Dividend per share Adj 0,8 1 1,3
EPS Adj 2,89 4,75 5,85
BVPS 113,12 119,8 123,2
BVPS Adj -16,43 -12,82 -7,02
Net IB debt / share 13,7 11,5 6,6
Share price 392,51 303 303
Market cap. (m) 53164 41040 41040
Valuation 2021 2022 2023
P/E 208,7 91,4 68,8
EV/sales 46,23 13,22 11,63
EV/EBITDA 142,8 40,5 33,7
EV/EBITA 166,2 45,8 37,5
EV/EBIT 178,5 63,6 48,8
Dividend yield (%) 0,1 0,3 0,4
FCF yield (%) -9,5 1,4 1,8
P/BVPS 4,95 2,53 2,46
P/BVPS Adj -34,08 -23,63 -43,15
P/E Adj 194 63,8 51,8
EV/EBITDA Adj 142,8 40,5 33,7
EV/EBITA Adj 166,2 45,8 37,5
EV/EBIT Adj 178,5 63,6 48,8
EV/cap. employed 4,4 2,3 2,2
Investment ratios 2021 2022 2023
Capex / sales 3,7 4,1 5
Capex / depreciation 106,6 169,9 222,6
Capex tangibles / tangible fixed assets 11 15,2 28,3
Capex intangibles / definite intangibles 0,8 2 2,2
Depreciation on intangibles / definite intangibles 0,9 0,8 0,9
Depreciation on tangibles / tangibles 7,6 15 13,4
Lease adj. FCF yield (%) -9,5 1,3 1,7

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 Fonden 28.7 % 28.7 % 28 Jun 2022
Bure Equity 15.9 % 15.9 % 28 Jun 2022
EQT 4.5 % 4.5 % 30 Nov 2021
Fjärde AP-fonden 3.5 % 3.5 % 28 Jun 2022
Morgan Stanley Investment Management 2.4 % 2.4 % 30 Jun 2022
Handelsbanken Fonder 2.4 % 2.4 % 31 Jul 2022
AMF Pension & Fonder 2.2 % 2.2 % 31 Jul 2022
SEB Fonder 2.0 % 2.0 % 31 Jul 2022
Vanguard 1.5 % 1.5 % 31 Jul 2022
Swedbank Robur Fonder 1.4 % 1.4 % 31 Jul 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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