Vitrolife AB (publ)

DB:VTFN Stock Report

Market Cap: €2.6b

Vitrolife Valuation

Is VTFN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VTFN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VTFN (€18.95) is trading below our estimate of fair value (€19.59)

Significantly Below Fair Value: VTFN is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VTFN?

Key metric: As VTFN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VTFN. This is calculated by dividing VTFN's market cap by their current revenue.
What is VTFN's PS Ratio?
PS Ratio8.4x
SalesSEK 3.56b
Market CapSEK 29.98b

Price to Sales Ratio vs Peers

How does VTFN's PS Ratio compare to its peers?

The above table shows the PS ratio for VTFN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.4x
MOR MorphoSys
10.2xn/a€2.6b
BIO3 Biotest
1.5x3.6%€1.4b
FYB Formycon
13.6x33.4%€827.2m
HPHA Heidelberg Pharma
12.3x16.6%€103.9m
VTFN Vitrolife
8.4x8.2%€30.0b

Price-To-Sales vs Peers: VTFN is good value based on its Price-To-Sales Ratio (8.4x) compared to the peer average (9.4x).

Price to Sales Ratio vs Industry

How does VTFN's PS Ratio compare vs other companies in the DE Biotechs Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
V9Z Aceragen
0.3x-161.8%US$2.18m
VTFN 8.4xIndustry Avg. 7.9xNo. of Companies6PS0612182430+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: VTFN is expensive based on its Price-To-Sales Ratio (8.4x) compared to the European Biotechs industry average (7.9x).

Price to Sales Ratio vs Fair Ratio

What is VTFN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VTFN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio8.4x
Fair PS Ratio2.9x

Price-To-Sales vs Fair Ratio: VTFN is expensive based on its Price-To-Sales Ratio (8.4x) compared to the estimated Fair Price-To-Sales Ratio (2.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VTFN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.95
€23.63
+24.7%
3.4%€24.20€22.47n/a3
Nov ’25€19.74
€24.04
+21.8%
3.1%€24.77€23.01n/a3
Oct ’25€22.60
€24.04
+6.4%
3.1%€24.77€23.01n/a3
Sep ’25€21.60
€22.42
+3.8%
3.9%€23.56€21.42n/a3
Aug ’25€19.68
€22.42
+13.9%
3.9%€23.56€21.42n/a3
Jul ’25€15.35
€20.61
+34.3%
10.3%€23.57€18.68n/a3
Jun ’25€14.88
€19.97
+34.2%
10.3%€22.84€18.10n/a3
May ’25€14.00
€19.97
+42.6%
10.3%€22.84€18.10n/a3
Apr ’25€17.13
€21.80
+27.2%
6.6%€23.70€20.19n/a3
Mar ’25€16.22
€21.80
+34.4%
6.6%€23.70€20.19n/a3
Feb ’25€14.54
€21.55
+48.2%
8.7%€24.07€19.61n/a3
Jan ’25€17.59
€22.78
+29.5%
7.3%€25.01€20.99n/a3
Dec ’24€15.76
€21.71
+37.8%
9.8%€24.32€19.11n/a3
Nov ’24€12.03
€21.73
+80.6%
12.9%€25.39€18.62€19.743
Oct ’24€12.44
€24.44
+96.5%
5.1%€26.03€23.00€22.603
Sep ’24€12.37
€24.44
+97.6%
5.1%€26.03€23.00€21.603
Aug ’24€13.69
€24.44
+78.5%
5.1%€26.03€23.00€19.683
Jul ’24€17.54
€26.92
+53.5%
4.7%€28.20€25.21€15.353
Jun ’24€18.65
€28.42
+52.4%
6.0%€30.04€26.06€14.883
May ’24€20.08
€28.42
+41.5%
6.0%€30.04€26.06€14.003
Apr ’24€18.84
€28.55
+51.5%
7.5%€30.49€25.56€17.133
Mar ’24€18.94
€28.55
+50.7%
7.5%€30.49€25.56€16.223
Feb ’24€20.04
€30.71
+53.2%
1.5%€31.16€30.25€14.542
Jan ’24€17.02
€30.71
+80.4%
1.5%€31.16€30.25€17.592
Dec ’23€17.68
€23.82
+34.8%
40.8%€31.15€10.08€15.763
Nov ’23€16.81
€23.82
+41.7%
40.8%€31.15€10.08€12.033

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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