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Medicover

Medicover

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Financials

EURm 2024 2025e 2026e
Sales 2092 2392 2738
Sales growth (%) 19,8 14,4 14,5
EBITDA 285 373 438
EBITDA margin (%) 13,6 15,6 16
EBIT adj. 70 157 200
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit 20 96 138
EPS 0,11 0,48 0,67
EPS growth (%) -5,4 N/A 39,9
EPS adj. 0,11 0,48 0,67
DPS 0,15 0,18 0,23
EV/EBITDA (x) 15,6 12,5 10,5
EV/EBIT adj. (x) 63,3 29,7 23,1
P/E (x) N/A 45,3 32,4
P/E adj. (x) N/A 45,3 32,4
EV/sales (x) 2,13 1,94 1,69
FCF yield (%) 3,8 -0,1 5,4
Le. adj. FCF yld. (%) 1,5 -2,7 2,8
Dividend yield (%) 0,7 0,8 1,1
Net IB debt/EBITDA (x) 4 3,6 3
Le. adj. ND/EBITDA (x) 3,2 2,9 2,1
EURm 2024 2025e 2026e
Sales 2092 2392 2738
COGS -1644 -1845 -2110
Gross profit 448 547 628
Other operating items -163 -175 -190
EBITDA 285 373 438
Depreciation and amortisation -264 -285 -263
of which leasing depreciation -84 -94 -86
EBITA 105 173 230
EO Items 0 0 0
Impairment and PPA amortisation -34 -17 -30
EBIT 70 157 200
Net financial items -51 -62 -62
Pretax profit 20 96 138
Tax -6 -27 -37
Net profit 15 69 102
Minority interest 2 3 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 73 102
EPS 0,11 0,48 0,67
EPS adj. 0,11 0,48 0,67
Total extraordinary items after tax 0 1 0
Leasing payments -84 -94 -86
Tax rate (%) 27,4 27,8 26,5
Gross margin (%) 21,4 22,9 22,9
EBITDA margin (%) 13,6 15,6 16
EBITA margin (%) 5 7,2 8,4
EBIT margin (%) 3,4 6,5 7,3
Pre-tax margin (%) 1 4 5,1
Net margin (%) 0,7 2,9 3,7
Sales growth (%) 19,8 14,4 14,5
EBITDA growth (%) 16,9 30,8 17,6
EBITA growth (%) 26,8 65,4 32,9
EBIT growth (%) 14,5 N/A 27,9
Net profit growth (%) -20,7 375 46,5
EPS growth (%) -5,4 N/A 39,9
Profitability N/A N/A N/A
ROE (%) 3,5 14,7 18,2
ROE adj. (%) 10,6 17,9 23,5
ROCE (%) 4,3 8,6 10
ROCE adj. (%) 6,4 9,4 11,6
ROIC (%) 4,9 7,2 9
ROIC adj. (%) 4,9 7,2 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 373 438
EBITDA adj. margin (%) 13,6 15,6 16
EBITDA lease adj. 201 279 352
EBITDA lease adj. margin (%) 9,6 11,7 12,9
EBITA adj. 105 173 230
EBITA adj. margin (%) 5 7,2 8,4
EBIT adj. 70 157 200
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit Adj. 54 112 168
Net profit Adj. 49 85 132
Net profit to shareholders adj. 51 88 132
Net adj. margin (%) 2,3 3,6 4,8
EURm 2024 2025e 2026e
EBITDA 285 373 438
Goodwill 524 651 651
Net financial items -51 -62 -62
Other intangible assets 133 171 219
Paid tax -6 -27 -37
Tangible fixed assets 492 496 483
Non-cash items 42 48 0
Right-of-use asset 484 501 501
Cash flow before change in WC 271 332 340
Total other fixed assets 58 68 68
Change in working capital -8 -16 -7
Fixed assets 1692 1887 1922
Operating cash flow 262 316 333
Inventories 69 78 85
Capex tangible fixed assets -60 -74 -78
Receivables 295 325 356
Capex intangible fixed assets -60 -74 -78
Other current assets 2 5 5
Acquisitions and Disposals -18 -172 0
Cash and liquid assets 81 78 101
Free cash flow 124 -3 177
Total assets 2138 2373 2470
Dividend paid -21 -23 -27
Shareholders equity 465 522 597
Share issues and buybacks -83 -8 0
Minority 25 13 13
Leasing liability amortisation -74 -86 -86
Total equity 489 535 610
Other non-cash items -124 -47 -31
Long-term debt 543 668 628
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 517 548 579
Total other long-term liabilities 102 79 79
Short-term debt 179 209 209
Accounts payable 249 275 301
Other current liabilities 59 58 64
Total liabilities and equity 2138 2373 2470
Net IB debt 1141 1330 1297
Net IB debt excl. pension debt 1141 1330 1297
Net IB debt excl. leasing 624 782 718
Capital employed 1728 1960 2026
Capital invested 1630 1865 1907
Working capital 58 74 81
Market cap. diluted (m) 3270 3289 3289
Net IB debt adj. 1158 1347 1315
Market value of minority 25 13 13
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4453 4649 4617
Total assets turnover (%) 102,6 106,1 113,1
Working capital/sales (%) 2,6 2,8 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 248,6 212,7
Net debt / market cap (%) 34,9 40,4 39,4
Equity ratio (%) 22,9 22,5 24,7
Net IB debt adj. / equity (%) 236,7 251,8 215,5
Current ratio 0,92 0,9 0,95
EBITDA/net interest 5,6 6 7,1
Net IB debt/EBITDA (x) 4 3,6 3
Net IB debt/EBITDA lease adj. (x) 3,2 2,9 2,1
Interest coverage 2,1 2,8 3,7
EURm 2024 2025e 2026e
Shares outstanding adj. 150 151 151
Diluted shares adj. 150 151 151
EPS 0,11 0,48 0,67
Dividend per share 0,15 0,18 0,23
EPS adj. 0,11 0,48 0,67
BVPS 3,1 3,46 3,95
BVPS adj. -1,28 -1,99 -1,81
Net IB debt/share 7,72 8,92 8,71
Share price 238 238 238
Market cap. (m) 3270 3289 3289
P/E (x) N/A 45,3 32,4
EV/sales (x) 2,1 1,9 1,7
EV/EBITDA (x) 15,6 12,5 10,5
EV/EBITA (x) 42,5 26,8 20
EV/EBIT (x) 63,3 29,7 23,1
Dividend yield (%) 0,7 0,8 1,1
FCF yield (%) 3,8 -0,1 5,4
Le. adj. FCF yld. (%) 1,5 -2,7 2,8
P/BVPS (x) 7,04 6,3 5,51
P/BVPS adj. (x) -55,15 -25,44 -60,55
P/E adj. (x) N/A 45,3 32,4
EV/EBITDA adj. (x) 15,6 12,5 10,5
EV/EBITA adj. (x) 42,5 26,8 20
EV/EBIT adj. (x) 63,3 29,7 23,1
EV/CE (x) 2,6 2,4 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 6,2 5,7
Capex/depreciation 0,7 0,8 0,9
Capex tangibles / tangible fixed assets 12,2 14,8 16,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 36,6 38,6 36,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

355,2

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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186,2

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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13,6

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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60,2