Entering the genetic testing should ensure Vitrolife’s position in the high growth area in IVF and should allow >10% organic growth in the mid-term. Furthermore, we view the company post-acquisition as an even stronger platform for further M&A in the IVF and women’s health space and note that ND/EBITDA remains at a reasonable 0.9x for ‘22e. The share is trading at a ’22-‘23e EV/EBITDA of 72-63x.
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