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Vitrolife

Vitrolife

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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.

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.

Financials

SEKm 2022 2023e 2024e
Sales 3234 3587 4038
Sales growth (%) 92,4 10,9 12,6
EBITDA 1041 1180 1390
EBITDA margin (%) 32,2 32,9 34,4
EBIT adj. 653 781 991
EBIT adj. margin (%) 20,2 21,8 24,5
Pretax profit 597 723 908
EPS 3,36 4,09 5,06
EPS growth (%) 13 21,9 23,7
EPS adj. 4,78 5,51 6,46
DPS 0,85 1,2 1,5
EV/EBITDA (x) 28,1 24,3 20,2
EV/EBIT adj. (x) 44,7 36,6 28,3
P/E (x) 60,7 49,8 40,2
P/E adj. (x) 42,6 37 31,6
EV/sales (x) 9,03 7,98 6,94
FCF yield (%) 1,8 2,7 3
Le. adj. FCF yld. (%) 1,7 2,6 2,8
Dividend yield (%) 0,4 0,6 0,7
Net IB debt/EBITDA (x) 1,5 0,9 0,3
Le. adj. ND/EBITDA (x) 1,5 0,8 0,3
SEKm 2022 2023e 2024e
Sales 3234 3587 4038
COGS -1454 -1537 -1718
Gross profit 1780 2049 2320
Other operating items -739 -870 -930
EBITDA 1041 1180 1390
Depreciation and amortisation -93 -108 -108
of which leasing depreciation -45 -45 -45
EBITA 907 1031 1241
EO Items 0 0 0
Impairment and PPA amortisation -254 -250 -250
EBIT 653 781 991
Net financial items -56 -58 -83
Pretax profit 597 723 908
Tax -143 -169 -222
Net profit 454 554 686
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 454 554 686
EPS 3,36 4,09 5,06
EPS adj. 4,78 5,51 6,46
Total extraordinary items after tax 0 0 0
Leasing payments -45 -45 -45
Tax rate (%) 23,9 23,4 24,5
Gross margin (%) 55 57,1 57,5
EBITDA margin (%) 32,2 32,9 34,4
EBITA margin (%) 28 28,8 30,7
EBIT margin (%) 20,2 21,8 24,5
Pre-tax margin (%) 18,5 20,2 22,5
Net margin (%) 14 15,4 17
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 92,4 10,9 12,6
EBITDA growth (%) 91,3 13,3 17,8
EBITA growth (%) 94 13,7 20,3
EBIT growth (%) 50 19,7 26,8
Net profit growth (%) 46,8 21,9 23,7
EPS growth (%) 13 21,9 23,7
Profitability N/A N/A N/A
ROE (%) 2,8 3,3 3,9
ROE adj. (%) 4,4 4,7 5,3
ROCE (%) 3,6 4,1 5
ROCE adj. (%) 4,9 5,4 6,3
ROIC (%) 3,9 4,3 5,1
ROIC adj. (%) 3,9 4,3 5,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1041 1180 1390
EBITDA adj. margin (%) 32,2 32,9 34,4
EBITDA lease adj. 996 1135 1345
EBITDA lease adj. margin (%) 30,8 31,6 33,3
EBITA adj. 907 1031 1241
EBITA adj. margin (%) 28 28,8 30,7
EBIT adj. 653 781 991
EBIT adj. margin (%) 20,2 21,8 24,5
Pretax profit Adj. 851 973 1158
Net profit Adj. 708 804 936
Net profit to shareholders adj. 708 804 936
Net adj. margin (%) 21,9 22,4 23,2
SEKm 2022 2023e 2024e
EBITDA 1041 1180 1390
Goodwill 13874 14025 14025
Net financial items -56 -58 -83
Other intangible assets 4648 4466 4153
Paid tax -143 -169 -222
Tangible fixed assets 234 268 400
Non-cash items 63 -39 0
Right-of-use asset 84 77 77
Cash flow before change in WC 906 913 1085
Total other fixed assets 138 147 147
Change in working capital -278 1 -89
Fixed assets 18978 18983 18802
Operating cash flow 628 914 996
Inventories 405 396 445
Capex tangible fixed assets 0 -68 -77
Receivables 501 573 639
Capex intangible fixed assets -83 -85 -96
Other current assets 88 78 78
Acquisitions and Disposals -52 -7 0
Cash and liquid assets 578 1087 1702
Free cash flow 493 754 823
Total assets 20551 21116 21666
Dividend paid -110 -115 -162
Shareholders equity 16736 17324 17847
Share issues and buybacks 0 0 0
Minority 4 2 2
Leasing liability amortisation -22 -41 -45
Total equity 16740 17326 17849
Other non-cash items -209 -14 0
Long-term debt 1988 1959 1959
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 84 77 77
Total other long-term liabilities 1147 1144 1144
Short-term debt 153 119 119
Accounts payable 181 217 244
Other current liabilities 258 275 275
Total liabilities and equity 20551 21116 21666
Net IB debt 1610 1030 414
Net IB debt excl. pension debt 1610 1030 414
Net IB debt excl. leasing 1526 953 337
Capital employed 18965 19480 20004
Capital invested 18350 18356 18263
Working capital 555 555 643
EV breakdown N/A N/A N/A
Market cap. diluted (m) 27593 27593 27593
Net IB debt adj. 1610 1030 414
Market value of minority 4 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 29208 28625 28010
Total assets turnover (%) 16,2 17,2 18,9
Working capital/sales (%) 12,9 15,5 14,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 9,6 5,9 2,3
Net debt / market cap (%) 5,8 3,7 1,5
Equity ratio (%) 81,5 82,1 82,4
Net IB debt adj. / equity (%) 9,6 5,9 2,3
Current ratio 2,66 3,5 4,49
EBITDA/net interest 18,7 20,3 16,8
Net IB debt/EBITDA (x) 1,5 0,9 0,3
Net IB debt/EBITDA lease adj. (x) 1,5 0,8 0,3
Interest coverage 16,1 16,4 14,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 135 135 135
Diluted shares adj. 135 135 135
EPS 3,36 4,09 5,06
Dividend per share 0,85 1,2 1,5
EPS adj. 4,78 5,51 6,46
BVPS 123,61 127,95 131,82
BVPS adj. -13,19 -8,62 -2,45
Net IB debt/share 11,89 7,6 3,06
Share price 203,8 203,8 203,8
Market cap. (m) 27593 27593 27593
Valuation N/A N/A N/A
P/E (x) 60,7 49,8 40,2
EV/sales (x) 9,03 7,98 6,94
EV/EBITDA (x) 28,1 24,3 20,2
EV/EBITA (x) 32,2 27,8 22,6
EV/EBIT (x) 44,7 36,6 28,3
Dividend yield (%) 0,4 0,6 0,7
FCF yield (%) 1,8 2,7 3
Le. adj. FCF yld. (%) 1,7 2,6 2,8
P/BVPS (x) 1,65 1,59 1,55
P/BVPS adj. (x) -15,45 -23,64 -83,3
P/E adj. (x) 42,6 37 31,6
EV/EBITDA adj. (x) 28,1 24,3 20,2
EV/EBITA adj. (x) 32,2 27,8 22,6
EV/EBIT adj. (x) 44,7 36,6 28,3
EV/CE (x) 1,5 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 2,6 4,3 4,3
Capex/depreciation 1,7 2,4 2,7
Capex tangibles / tangible fixed assets 0 25,5 19,2
Capex intangibles / definite intangibles 1,8 1,9 2,3
Depreciation on intang / def. intang 1 1 2
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Vitrolife: Intervju med VD Thomas Axelsson (Q1 2018)
Vitrolife: Intervju med VD Thomas Axelsson (Q4 2017)

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Main shareholders - Vitrolife

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 28.7 % 28.7 % 29 May 2023
Bure Equity 15.9 % 15.9 % 29 May 2023
Swedbank Robur Fonder 4.0 % 4.0 % 31 May 2023
Fjärde AP-fonden 3.3 % 3.3 % 29 May 2023
AMF Pension & Fonder 2.8 % 2.8 % 31 May 2023
Handelsbanken Fonder 2.3 % 2.3 % 31 May 2023
Morgan Stanley Investment Management 2.1 % 2.1 % 31 Mar 2023
SEB Fonder 1.8 % 1.8 % 29 May 2023
Echo Street Capital Management 1.8 % 1.8 % 19 Apr 2022
Vanguard 1.7 % 1.7 % 30 Apr 2023
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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