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Medicover

Medicover

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Financials

EURm 2025 2026e 2027e
Sales 2378,1 2467,09 2611,43
Sales growth (%) 13,7 3,7 5,9
EBITDA 371 406 466
EBITDA margin (%) 15,6 16,5 17,8
EBIT adj. 156 190 229
EBIT adj. margin (%) 6,5 7,7 8,8
Pretax profit 98 130 198
EPS 0,51 0,64 0,94
EPS growth (%) N/A 24,6 47,7
EPS adj. 0,58 0,71 1,09
Dividend per share 0,2 0,23 0,28
EV/EBITDA (x) 13,8 10,5 9
EV/EBIT adj. (x) 32,8 22,4 18,3
P/E (x) 48,31 38,76 26,24
P/E adj. (x) 42,9 35,1 22,8
EV/sales (x) 2,15 1,73 1,6
FCF yield (%) 0,4 24,7 6,9
Le. adj. FCF yld. (%) -1,9 22,4 4,6
Dividend yield (%) 0,8 0,9 1,1
Net IB debt/EBITDA (x) 3,6 1,2 0,8
Le. adj. ND/EBITDA (x) 2,9 0,1 -0,2
EURm 2025 2026e 2027e
Sales 2378,1 2467,09 2611,43
COGS -1827 -2019 -2420
Gross profit 551 448 191
Other operating items -180 -42 274
EBITDA 371 406 466
Depreciation and amortisation -296 -286 -269
Depreciation on leased assets -96 -100 -94
EBITA 170,6 204,02 258,5
Operating EO items 0 0 0
Impairment and amortisation charges -15 -14 -30
EBIT 155,7 190,32 228,5
Net financial items -59 -60 -31
Pretax profit 98 130 198
Tax -26 -35 -54
Net profit 73 95 144
Minority interest 5 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 97 144
EPS 0,51 0,64 0,94
EPS adj. 0,58 0,71 1,09
Total extraordinary items after tax 1 0 0
Leasing payments -96 -100 -94
Tax rate (%) 26,1 26,9 27,3
Gross margin (%) 23,2 18,2 7,3
EBITDA margin (%) 15,6 16,5 17,8
EBITA margin (%) 7,2 8,3 9,9
EBIT margin (%) 6,5 7,7 8,8
Pre-tax margin (%) 4,1 5,3 7,6
Net margin (%) 3,1 3,9 5,5
Sales growth (%) 13,7 3,7 5,9
EBITDA growth (%) 30,2 9,5 14,5
EBITA growth (%) 62,9 19,6 26,7
EBIT growth (%) N/A 22,2 20,1
Net profit growth (%) 397,9 30,9 50,9
EPS growth (%) N/A 24,6 47,7
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 15,5 11,2 11,5
ROE adj. (%) 18,3 12,8 13,9
ROCE (%) 8,5 8,4 8,7
ROCE adj. (%) 9,2 9 9,9
ROIC (%) 7,2 8,4 11,1
ROIC adj. (%) 7,2 8,4 11,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 371 406 466
EBITDA adj. margin (%) 15,6 16,5 17,8
EBITDA lease adj. 275 307 372
EBITDA lease adj. margin (%) 11,6 12,4 14,2
EBITA adj. 171 204 259
EBITA adj. margin (%) 7,2 8,3 9,9
EBIT adj. 156 190 229
EBIT adj. margin (%) 6,5 7,7 8,8
Pretax profit Adj. 112 144 228
Net profit Adj. 86 109 174
Net profit to shareholders adj. 91 111 174
Net adj. margin (%) 3,6 4,4 6,6
EURm 2025 2026e 2027e
EBITDA 371 406 466
Goodwill 655 612 612
Net financial items -59 -60 -31
Other intangible assets 158 164 178
Paid tax -26 -35 -54
Tangible fixed assets 528 452 473
Non-cash items 50 40 31
Right-of-use asset 521 377 370
Cash flow before change in WC 337 351 412
Other Fixed Assets All 62 67 67
Change in working capital 7 -22 -5
Fixed assets 1924 1673 1701
Operating cash flow 344 330 407
Inventories 67 76 81
Capex tangible fixed assets -47 -38 -44
Receivables 341 318 339
Capex intangible fixed assets -110 -89 -102
Other current assets 6 5 5
Acquisitions and Disposals -173 729 0
Cash and liquid assets 83 862 970
Free cash flow 14 932 260
Total assets 2421 2934 3097
Dividend paid -23 -31 -35
Shareholders equity 533 1198 1307
Share issues and buybacks -8 -4 0
Minority 12 6 6
Leasing liability amortisation -85 -87 -87
Total equity 545 1204 1313
Other changes in net debt -71 81 -63
Long-term debt 621 389 389
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 559 448 480
Total other long-term liabilities 73 57 57
Short-term debt 260 510 510
Accounts payable 311 269 287
Other current liabilities 52 57 61
Total liabilities and equity 2421 2934 3097
Net IB debt 1342 468 393
Net IB debt excl. pension debt 1342 468 393
Net IB debt excl. leasing 783 20 -87
Capital employed 1985 2551 2692
Capital invested 1887 1672 1706
Working capital 51 73 78
Market cap. diluted (m) 3744 3768 3768
Net IB debt adj. 1357 485 409
Market value of minority 12 6 6
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 5113 4259 4184
Total assets turnover (%) 104,3 92,1 86,6
Working capital/sales (%) 2,3 2,5 2,9
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 246,3 38,9 29,9
Net debt / market cap (%) 35,8 12,4 10,4
Equity ratio (%) 22,5 41 42,4
Net IB debt adj. / equity (%) 249,1 40,3 31,2
Current ratio 0,8 1,51 1,63
EBITDA/net interest 6,3 6,8 15
Net IB debt/EBITDA (x) 3,6 1,2 0,8
Net IB debt/EBITDA lease adj. (x) 2,9 0,1 -0,2
Interest coverage 2,9 3,4 8,3
EURm 2025 2026e 2027e
Shares outstanding adj. 151 152 152
Diluted shares adj. 151 152 152
EPS 0,51 0,64 0,94
Dividend per share 0,2 0,23 0,28
EPS adj. 0,58 0,71 1,09
BVPS 3,53 7,88 8,6
BVPS adj. -1,86 2,77 3,4
Net IB debt/share 8,99 3,19 2,69
Share price 276 276 276
Market cap. (m) 3744 3768 3768
P/E (x) 48,31 38,76 26,24
EV/sales (x) 2,15 1,73 1,6
EV/EBITDA (x) 13,8 10,5 9
EV/EBITA (x) 30 20,9 16,2
EV/EBIT (x) 32,8 22,4 18,3
Dividend yield (%) 0,8 0,9 1,1
FCF yield (%) 0,4 24,7 6,9
Le. adj. FCF yld. (%) -1,9 22,4 4,6
P/BVPS (x) 7,03 3,14 2,88
P/BVPS adj. (x) -30,66 6,43 5,43
P/E adj. (x) 42,9 35,1 22,8
EV/EBITDA adj. (x) 13,8 10,5 9
EV/EBITA adj. (x) 30 20,9 16,2
EV/EBIT adj. (x) 32,8 22,4 18,3
EV/CE (x) 2,6 1,7 1,6
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -6,6 -5,1 -5,6
Capex/depreciation 0,8 0,7 0,8
Capex tangibles / tangible fixed assets 8,9 8,4 9,3
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 37,95 41,34 36,96

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.

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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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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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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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