DnB Markets - Vitrolife AB (VITR) Vitrolife (Buy, TP: SEK230.00) - No drama in pre-announced Q4

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DnB Markets

Patrik Ling

EUR 91.91 For Business Accounts Only

Vitrolife (Buy, TP: SEK230.00) - No drama in pre-announced Q4

We see no drama in the Q4 report, as the earnings were pre-announced (23 January), at which time Vitrolife also announced a non-cash write-down of SEK4.3bn in goodwill related to the Igenomix acquisition. Overall, the company sounds optimistic for the coming years and stated that the growth ambition is above the overall market growth. We reiterate our BUY and have raised our target price to SEK230 (220).

03/02/2024 1 EN

Underlying

Vitrolife AB

Vitrolife AB is a Sweden-based company engaged in assisted reproduction services. The Company's product portfolio comprises G-RINSE, which is a solution for rinsing of contact materials, EmbryoGlue, which is a human albumin recombinant, ASP, which is a solution for oocyte retrieval and rinsing, and Semen VTS, which is a viscosity treatment system, among others. It also provides a range of procedural solutions for sperm preparation, vitrification, embryo transfer and oocyte retrieval, such as temperature control, condition control, gamete-safe labware and embryo support. The Company is active in Australia, China, France, Italy, Japan, the United States and the United Kingdom, among others, and conducts its business through a number of subsidiaries, such as Vitrolife Ltd., Vitrolife Pty Ltd., and A.T.S. Srl.

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SE0011205202 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

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Analysts

Patrik Ling

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Vitrolife (Buy, TP: SEK230.00) - No drama in pre-announced Q4

Vitrolife (Buy, TP: SEK210.00) - Soft start to the year

Vitrolife (Buy, TP: SEK230.00) - Set for a soft start to 2024

Castellum (Hold, TP: SEK135.00) - Unconvincing Q1 results

Lindab International (Buy, TP: SEK244.00) - A bump in the road

Hexagon Purus (Hold, TP: NOK7.00) - On track

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