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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.

Sustainability information

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 2023 2024e 2025e
Sales 3512 3731 4041
Sales growth (%) 8,6 6,2 8,3
EBITDA -3164 1212 1308
EBITDA margin (%) -90,1 32,5 32,4
EBIT adj. -3589 792 882
EBIT adj. margin (%) -102,2 21,2 21,8
Pretax profit -3712 701 801
EPS -28,43 3,98 4,49
EPS growth (%) -945,9 -114 12,9
EPS adj. -25,76 5,46 5,95
DPS 1 1,2 1,3
EV/EBITDA (x) -7,6 19,4 17,5
EV/EBIT adj. (x) -6,7 29,7 26
P/E (x) -5,9 42,2 37,4
P/E adj. (x) -6,5 30,8 28,2
EV/sales (x) 6,83 6,31 5,68
FCF yield (%) 2,8 3 3,5
Le. adj. FCF yld. (%) 2,6 2,8 3,3
Dividend yield (%) 0,6 0,7 0,8
Net IB debt/EBITDA (x) -0,4 0,6 0,1
Le. adj. ND/EBITDA (x) -0,4 0,6 0,1
SEKm 2023 2024e 2025e
Sales 3512 3731 4041
COGS -1534 -1632 -1763
Gross profit 1977 2099 2277
Other operating items -5141 -887 -969
EBITDA -3164 1212 1308
Depreciation and amortisation -55 -116 -120
of which leasing depreciation -40 -44 -44
EBITA -3240 1052 1142
EO Items 0 0 0
Impairment and PPA amortisation -349 -260 -260
EBIT -3589 792 882
Net financial items -123 -91 -81
Pretax profit -3712 701 801
Tax -139 -162 -192
Net profit -3851 539 609
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -3851 539 609
EPS -28,43 3,98 4,49
EPS adj. -25,76 5,46 5,95
Total extraordinary items after tax 0 0 0
Leasing payments -40 -44 -44
Tax rate (%) -3,7 23,1 24
Gross margin (%) 56,3 56,3 56,4
EBITDA margin (%) -90,1 32,5 32,4
EBITA margin (%) -92,3 28,2 28,3
EBIT margin (%) -102,2 21,2 21,8
Pre-tax margin (%) -105,7 18,8 19,8
Net margin (%) -109,7 14,4 15,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 8,6 6,2 8,3
EBITDA growth (%) -401,4 -138,3 7,9
EBITA growth (%) -460 -132,5 8,5
EBIT growth (%) -648,8 -122,1 11,3
Net profit growth (%) -945,9 -114 12,9
EPS growth (%) -945,9 -114 12,9
Profitability N/A N/A N/A
ROE (%) -26,1 4,1 4,4
ROE adj. (%) -23,8 6,1 6,3
ROCE (%) -21,3 5,3 5,6
ROCE adj. (%) -19,2 7 7,3
ROIC (%) -20,8 5,8 6,1
ROIC adj. (%) -20,8 5,8 6,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -3164 1212 1308
EBITDA adj. margin (%) -90,1 32,5 32,4
EBITDA lease adj. -3204 1168 1264
EBITDA lease adj. margin (%) -91,3 31,3 31,3
EBITA adj. -3240 1052 1142
EBITA adj. margin (%) -92,3 28,2 28,3
EBIT adj. -3589 792 882
EBIT adj. margin (%) -102,2 21,2 21,8
Pretax profit Adj. -3363 961 1061
Net profit Adj. -3502 799 869
Net profit to shareholders adj. -3502 799 869
Net adj. margin (%) -99,7 21,4 21,5
SEKm 2023 2024e 2025e
EBITDA -3164 1212 1308
Goodwill 9591 9867 9867
Net financial items -123 -91 -81
Other intangible assets 4314 4241 3905
Paid tax -139 -162 -192
Tangible fixed assets 280 299 419
Non-cash items 4270 0 0
Right-of-use asset 69 59 59
Cash flow before change in WC 844 959 1035
Total other fixed assets 162 187 187
Change in working capital -87 -127 -76
Fixed assets 14415 14653 14437
Operating cash flow 757 832 959
Inventories 413 532 576
Capex tangible fixed assets 0 -37 -40
Receivables 560 644 693
Capex intangible fixed assets -113 -117 -126
Other current assets 79 70 70
Acquisitions and Disposals -10 0 0
Cash and liquid assets 861 1303 1889
Free cash flow 634 678 793
Total assets 16329 17202 17665
Dividend paid -115 -135 -163
Shareholders equity 12722 13519 13965
Share issues and buybacks 0 0 0
Minority 1 2 2
Leasing liability amortisation -31 -36 -44
Total equity 12723 13521 13967
Other non-cash items -12 -69 0
Long-term debt 1875 1891 1891
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 100 95 95
Total other long-term liabilities 1107 1133 1133
Short-term debt 114 84 84
Accounts payable 171 205 222
Other current liabilities 240 272 272
Total liabilities and equity 16329 17202 17665
Net IB debt 1176 712 126
Net IB debt excl. pension debt 1176 712 126
Net IB debt excl. leasing 1077 617 30
Capital employed 14812 15592 16038
Capital invested 13899 14233 14093
Working capital 643 770 845
EV breakdown N/A N/A N/A
Market cap. diluted (m) 22755 22755 22755
Net IB debt adj. 1228 768 182
Market value of minority 1 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 23984 23525 22939
Total assets turnover (%) 19 22,3 23,2
Working capital/sales (%) 17,1 18,9 20
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 9,2 5,3 0,9
Net debt / market cap (%) 5,2 3,1 0,6
Equity ratio (%) 77,9 78,6 79,1
Net IB debt adj. / equity (%) 9,6 5,7 1,3
Current ratio 3,65 4,54 5,59
EBITDA/net interest 25,7 13,3 16,1
Net IB debt/EBITDA (x) -0,4 0,6 0,1
Net IB debt/EBITDA lease adj. (x) -0,4 0,6 0,1
Interest coverage 26,3 10,7 12,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 135 135 135
Diluted shares adj. 135 135 135
EPS -28,43 3,98 4,49
Dividend per share 1 1,2 1,3
EPS adj. -25,76 5,46 5,95
BVPS 93,93 99,81 103,11
BVPS adj. -8,73 -4,34 1,43
Net IB debt/share 9,06 5,67 1,34
Share price 168 168 168
Market cap. (m) 22755 22755 22755
Valuation N/A N/A N/A
P/E (x) -5,9 42,2 37,4
EV/sales (x) 6,83 6,31 5,68
EV/EBITDA (x) -7,6 19,4 17,5
EV/EBITA (x) -7,4 22,4 20,1
EV/EBIT (x) -6,7 29,7 26
Dividend yield (%) 0,6 0,7 0,8
FCF yield (%) 2,8 3 3,5
Le. adj. FCF yld. (%) 2,6 2,8 3,3
P/BVPS (x) 1,79 1,68 1,63
P/BVPS adj. (x) -19,25 -38,67 117,68
P/E adj. (x) -6,5 30,8 28,2
EV/EBITDA adj. (x) -7,6 19,4 17,5
EV/EBITA adj. (x) -7,4 22,4 20,1
EV/EBIT adj. (x) -6,7 29,7 26
EV/CE (x) 1,6 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 3,2 4,1 4,1
Capex/depreciation 7,5 2,1 2,2
Capex tangibles / tangible fixed assets 0 12,3 9,5
Capex intangibles / definite intangibles 2,6 2,8 3,2
Depreciation on intang / def. intang 0 2 2
Depreciation on tangibles / tangibles 0 0 0

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 Fonden 28.7 % 28.7 % 26 Mar 2024
Bure Equity 15.9 % 15.9 % 26 Mar 2024
AMF Pension & Fonder 5.3 % 5.3 % 31 Mar 2024
Swedbank Robur Fonder 4.0 % 4.0 % 31 Mar 2024
Fjärde AP-fonden 3.5 % 3.5 % 26 Mar 2024
Handelsbanken Fonder 2.1 % 2.1 % 31 Mar 2024
SEB Fonder 2.0 % 2.0 % 31 Mar 2024
Cliens Fonder 1.9 % 1.9 % 31 Mar 2024
Man GLG 1.8 % 1.8 % 29 Feb 2024
Vanguard 1.8 % 1.8 % 31 Mar 2024
Source: Holdings by Modular Finance AB