DnB Markets - Vitrolife AB (VITR) Vitrolife (Buy, TP: SEK340.00) - Strong start to 2023

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DnB Markets

Patrik Ling

EUR 90.87 For Business Accounts Only

Vitrolife (Buy, TP: SEK340.00) - Strong start to 2023

Q1 sales and earnings were stronger than we expected, but the adj. EBITDA margin missed our estimate by c60bp. Organic sales growth (excluding divested operations) was c9% YOY, which we consider solid. No guidance was provided for 2023 (or expected as the new permanent CEO is due to start in August). We consider the share price reaction following the report (+4%) on the conservative side and reiterate our BUY and SEK340 target price.

23/04/2023 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: SEK340.00) - Strong start to 2023

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

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

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

Metsa Board (Buy, TP: EUR11.00) - Scope for a revaluation

BioArctic (Buy, TP: SEK350.00) - Limited news on EU approval

Surgical Science (Buy, TP: SEK230.00) - Weaker than expected start to 2024

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