While the current valuation profile of Vitrolife requires more than the current stagnant growth profile, yesterdays ~20% sell-off (despite a report largely in line with Redeye’s estimates) appears excessive. We see a case with an improved risk/reward profile compared to yesterday. However, for the stock to retake ground, a step-up in growth is required through 2026. On our base case, which assumes a modest growth trajectory despite easier comparables, the stock currently trades at around12x 2026e EV/EBITDA .
LÄS MER
