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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.

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 3199 3573
Sales growth (%) 34,9 90,3 11,7
EBITDA 544 1043 1213
EBITDA margin (%) 32,4 32,6 33,9
EBIT adj 435 663 829
EBIT adj margin (%) 25,9 20,7 23,2
Pretax profit 426 605 773
EPS rep 2,68 3,35 4,31
EPS growth (%) 1,2 24,9 28,6
EPS adj 2,89 4,77 5,74
DPS 0,8 1 1,3
EV/EBITDA (x) 142,8 24,5 20,6
EV/EBIT adj (x) 178,5 38,6 30,1
P/E (x) 208,7 55,4 43
P/E adj (x) 194 38,9 32,3
EV/sales (x) 46,2 8 7
FCF yield (%) -9,5 -0,1 2,9
Dividend yield (%) 0,1 0,5 0,7
Net IB debt/EBITDA 3,4 0,4 -0,2
Lease adj. FCF yield (%) -9,5 -0,2 2,7
Lease adj. ND/EBITDA 3,3 0,4 -0,1
SEKm 2021 2022e 2023e
Sales 1681 3199 3573
COGS -635 -1434 -1558
Gross profit 1046 1764 2015
Other operating items -502 -721 -803
EBITDA 544 1043 1213
Depreciation on tangibles -15 -15 -52
Depreciation on intangibles -28 -23 0
EBITA 467 919 1085
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -26 -26
EBIT 435 663 829
Other financial items 0 0 0
Net financial items -10 -57 -55
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 426 605 773
Tax -116 -151 -189
Net profit 309 454 584
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 309 454 584
EPS 2,68 3,35 4,31
EPS Adj 2,89 4,77 5,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,3 -25 -24,5
Gross margin (%) 62,2 55,2 56,4
EBITDA margin (%) 32,4 32,6 33,9
EBITA margin (%) 27,8 28,7 30,4
EBIT margin (%) 25,9 20,7 23,2
Pretax margin (%) 25,3 18,9 21,6
Net margin (%) 18,4 14,2 16,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34,9 90,3 11,7
EBITDA growth (%) 19,9 91,6 16,3
EBIT growth (%) 17,7 52,2 25,1
Net profit growth (%) 7,5 46,7 28,6
EPS growth (%) 1,2 24,9 28,6
Profitability 2021 2022 2023
ROE (%) 3,6 5,9 167,3
ROE Adj (%) 3,8 8,4 222,7
ROCE (%) 4,4 7,4 285,8
ROCE Adj(%) 4,7 10,3 373,8
ROIC (%) 3,3 5,3 133,5
ROIC Adj (%) 3,3 5,3 133,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 544 1043 1213
EBITDA Adj margin (%) 32,4 32,6 33,9
EBITA Adj 467 919 1085
EBITA Adj margin (%) 27,8 28,7 30,4
EBIT Adj 435 663 829
EBIT Adj margin (%) 25,9 20,7 23,2
Pretax profit Adj 458 861 1029
Net profit Adj 333 646 777
Net profit to shareholders Adj 333 646 777
Net Adj margin (%) 19,8 20,2 21,7
Depreciation and amortisation -77 -124 -128
Of which leasing depreciation -18 -46 -46
EO items 0 0 0
Impairment and PPA amortisation -32 -256 -256
EBITDA lease Adj 526 1016 1167
EBITDA lease Adj margin (%) 31,3 31,8 32,7
Leasing payments -18 -27 -46
SEKm 2021 2022e 2023e
EBITDA 544 1043 1213
Net financial items -10 -57 -55
Paid tax -116 -151 -189
Non-cash items 0 0 0
Cash flow before change in WC 418 834 968
Change in WC -10 -714 -72
Operating cash flow 408 121 896
CAPEX tangible fixed assets -25 -20 -89
CAPEX intangible fixed assets -38 -69 -89
Acquisitions and disposals -6472 -52 0
Free cash flow -6127 -21 717
Dividend paid -87 -108 -135
Share issues and buybacks 0 0 0
Other non cash items 3425 1685 116
Decrease in net IB debt 297 324 369
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 12995 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 299 279 261
Tangible fixed assets 224 10 56
Other fixed assets 46 46 46
Fixed assets 18022 -44 -320
Inventories 313 344 384
Receivables 424 459 513
Other current assets 40 0 0
Cash and liquid assets 630 -446 91
Total assets 19429 313 668
Shareholders equity 15322 125 573
Minority 19 0 0
Total equity 15341 125 573
Long-term debt 1944 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 429 0 0
Accounts payable 173 188 211
Other current liabilities 326 0 0
Total liabilities and equity 19429 313 668
Net IB debt 1852 446 -206
Net IB debt excl. pension debt 1852 446 -206
Capital invested 18262 570 367
Working capital 278 615 687
EV breakdown 2021 2022 2023
Market cap. diluted (m) 75850 25129 25129
Net IB debt Adj 1852 446 -206
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 25575 24923
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 15,5 32,4 728,4
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 14 18,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 12,1 357,4 -36
Net debt / market cap (%) 3,5 1,8 -0,8
Equity ratio (%) 79 39,8 85,8
Net IB debt adj. / equity (%) 12,1 357,4 -36
Current ratio (%) 147,4 189,7 469,2
EBITDA / net interest (%) 5663,2 1824,5 2191
Net IB debt / EBITDA (%) 340,3 42,7 -17
Interest cover (%) 4517,9 1572,5 1859,3
Lease liability amortisation -18 -27 -46
Other intangible assets 4553 -54 -376
Right-of-use asset 109 0 0
Total other fixed assets 142 0 0
Leasing liability 109 0 -116
Total other long-term liabilities 1107 0 0
Net IB debt excl. leasing 1743 446 -91
Net IB debt / EBITDA lease Adj (%) 331,2 43,9 -7,8
SEKm 2021 2022e 2023e
Shares outstanding adj. 135 135 135
Fully diluted shares Adj 135 135 135
EPS 2,68 3,35 4,31
Dividend per share Adj 0,8 1 1,3
EPS Adj 2,89 4,77 5,74
BVPS 113,12 0,92 4,23
BVPS Adj -16,43 1,32 7,01
Net IB debt / share 13,7 3,3 -1,5
Share price 392,51 185,6 185,6
Market cap. (m) 53164 25129 25129
Valuation 2021 2022 2023
P/E 208,7 55,4 43
EV/sales 46,23 8 6,98
EV/EBITDA 142,8 24,5 20,6
EV/EBITA 166,2 27,8 23
EV/EBIT 178,5 38,6 30,1
Dividend yield (%) 0,1 0,5 0,7
FCF yield (%) -9,5 -0,1 2,9
P/BVPS 4,95 201,57 43,85
P/BVPS Adj -34,08 140,53 26,49
P/E Adj 194 38,9 32,3
EV/EBITDA Adj 142,8 24,5 20,6
EV/EBITA Adj 166,2 27,8 23
EV/EBIT Adj 178,5 38,6 30,1
EV/cap. employed 4,4 205,1 54,5
Investment ratios 2021 2022 2023
Capex / sales 3,7 2,8 5
Capex / depreciation 106,6 114,3 216,2
Capex tangibles / tangible fixed assets 11 209,6 160,6
Capex intangibles / definite intangibles 0,8 -128,3 -23,8
Depreciation on intangibles / definite intangibles 0,9 -68,8 -10,4
Depreciation on tangibles / tangibles 7,6 423,6 78,2
Lease adj. FCF yield (%) -9,5 -0,2 2,7

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 % 27 Oct 2022
Bure Equity 15.9 % 15.9 % 27 Oct 2022
EQT 4.5 % 4.5 % 30 Nov 2021
Fjärde AP-fonden 3.5 % 3.5 % 27 Oct 2022
Handelsbanken Fonder 2.3 % 2.3 % 31 Oct 2022
Morgan Stanley Investment Management 2.3 % 2.3 % 30 Sep 2022
Swedbank Robur Fonder 2.1 % 2.1 % 31 Oct 2022
AMF Pension & Fonder 2.1 % 2.1 % 31 Oct 2022
Echo Street Capital Management 1.8 % 1.8 % 19 Apr 2022
SEB Fonder 1.8 % 1.8 % 31 Oct 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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