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Coverage

Medicover

Medicover

EURm 2024 2025e 2026e
Sales 2092 2457 2830
Sales growth (%) 19,8 17,5 15,2
EBITDA 285 370 431
EBITDA margin (%) 13,6 15,1 15,2
EBIT adj. 70 146 192
EBIT adj. margin (%) 3,4 5,9 6,8
Pretax profit 20 85 130
EPS 0,11 0,42 0,63
EPS growth (%) -5,4 N/A 52,3
EPS adj. 0,11 0,42 0,63
DPS 0,15 0,17 0,2
EV/EBITDA (x) 15,8 12,8 10,9
EV/EBIT adj. (x) 64,1 32,5 24,5
P/E (x) N/A 53,2 34,9
P/E adj. (x) N/A 53,2 34,9
EV/sales (x) 2,15 1,92 1,66
FCF yield (%) 3,7 -1,8 5
Le. adj. FCF yld. (%) 1,5 -4,2 2,4
Dividend yield (%) 0,7 0,7 0,9
Net IB debt/EBITDA (x) 4 3,6 3,1
Le. adj. ND/EBITDA (x) 3,2 2,9 2,2
EURm 2024 2025e 2026e
Sales 2092 2457 2830
COGS -1644 -1852 -2110
Gross profit 448 605 720
Other operating items -163 -234 -289
EBITDA 285 370 431
Depreciation and amortisation -264 -273 -264
of which leasing depreciation -84 -90 -86
EBITA 105 164 222
EO Items 0 0 0
Impairment and PPA amortisation -34 -18 -30
EBIT 70 146 192
Net financial items -51 -61 -62
Pretax profit 20 85 130
Tax -6 -23 -34
Net profit 15 62 96
Minority interest 2 1 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 63 96
EPS 0,11 0,42 0,63
EPS adj. 0,11 0,42 0,63
Total extraordinary items after tax 0 0 0
Leasing payments -84 -90 -86
Tax rate (%) 27,4 27,3 26,5
Gross margin (%) 21,4 24,6 25,4
EBITDA margin (%) 13,6 15,1 15,2
EBITA margin (%) 5 6,7 7,9
EBIT margin (%) 3,4 5,9 6,8
Pre-tax margin (%) 1 3,4 4,6
Net margin (%) 0,7 2,5 3,4
Sales growth (%) 19,8 17,5 15,2
EBITDA growth (%) 16,9 30 16,3
EBITA growth (%) 26,8 56,4 35,7
EBIT growth (%) 14,5 N/A 32,1
Net profit growth (%) -20,7 321,3 55,5
EPS growth (%) -5,4 N/A 52,3
Profitability N/A N/A N/A
ROE (%) 3,5 12,9 17,6
ROE adj. (%) 10,6 16,6 23,1
ROCE (%) 4,3 7,9 9,6
ROCE adj. (%) 6,4 8,9 11,1
ROIC (%) 4,9 6,8 8,6
ROIC adj. (%) 4,9 6,8 8,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 370 431
EBITDA adj. margin (%) 13,6 15,1 15,2
EBITDA lease adj. 201 280 345
EBITDA lease adj. margin (%) 9,6 11,4 12,2
EBITA adj. 105 164 222
EBITA adj. margin (%) 5 6,7 7,9
EBIT adj. 70 146 192
EBIT adj. margin (%) 3,4 5,9 6,8
Pretax profit Adj. 54 103 160
Net profit Adj. 49 80 126
Net profit to shareholders adj. 51 81 126
Net adj. margin (%) 2,3 3,2 4,4
EURm 2024 2025e 2026e
EBITDA 285 370 431
Goodwill 524 587 587
Net financial items -51 -61 -62
Other intangible assets 133 192 243
Paid tax -6 -23 -34
Tangible fixed assets 492 594 583
Non-cash items 42 19 0
Right-of-use asset 484 479 479
Cash flow before change in WC 271 305 334
Total other fixed assets 58 63 63
Change in working capital -8 -22 -6
Fixed assets 1692 1915 1955
Operating cash flow 262 283 328
Inventories 69 84 91
Capex tangible fixed assets -60 -67 -81
Receivables 295 341 368
Capex intangible fixed assets -60 -67 -81
Other current assets 2 5 6
Acquisitions and Disposals -18 -207 0
Cash and liquid assets 81 79 95
Free cash flow 124 -59 167
Total assets 2138 2424 2513
Dividend paid -21 -23 -25
Shareholders equity 465 508 579
Share issues and buybacks -83 -3 0
Minority 25 21 21
Leasing liability amortisation -74 -82 -86
Total equity 489 529 600
Other non-cash items -124 -39 -31
Long-term debt 543 732 692
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 517 541 572
Total other long-term liabilities 102 105 105
Short-term debt 179 168 168
Accounts payable 249 289 311
Other current liabilities 59 61 66
Total liabilities and equity 2138 2424 2513
Net IB debt 1141 1344 1319
Net IB debt excl. pension debt 1141 1344 1319
Net IB debt excl. leasing 624 803 748
Capital employed 1728 1970 2032
Capital invested 1630 1873 1919
Working capital 58 81 87
Market cap. diluted (m) 3323 3342 3342
Net IB debt adj. 1158 1362 1337
Market value of minority 25 21 21
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4506 4725 4700
Total assets turnover (%) 102,6 107,7 114,6
Working capital/sales (%) 2,6 2,8 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 253,9 219,9
Net debt / market cap (%) 34,3 40,2 39,5
Equity ratio (%) 22,9 21,8 23,9
Net IB debt adj. / equity (%) 236,7 257,3 222,9
Current ratio 0,92 0,98 1,02
EBITDA/net interest 5,6 6,1 6,9
Net IB debt/EBITDA (x) 4 3,6 3,1
Net IB debt/EBITDA lease adj. (x) 3,2 2,9 2,2
Interest coverage 2,1 2,7 3,6
EURm 2024 2025e 2026e
Shares outstanding adj. 150 151 151
Diluted shares adj. 150 151 151
EPS 0,11 0,42 0,63
Dividend per share 0,15 0,17 0,2
EPS adj. 0,11 0,42 0,63
BVPS 3,1 3,36 3,83
BVPS adj. -1,28 -1,8 -1,67
Net IB debt/share 7,72 9,02 8,86
Share price 241 241 241
Market cap. (m) 3323 3342 3342
P/E (x) N/A 53,2 34,9
EV/sales (x) 2,15 1,92 1,66
EV/EBITDA (x) 15,8 12,8 10,9
EV/EBITA (x) 43 28,9 21,2
EV/EBIT (x) 64,1 32,5 24,5
Dividend yield (%) 0,7 0,7 0,9
FCF yield (%) 3,7 -1,8 5
Le. adj. FCF yld. (%) 1,5 -4,2 2,4
P/BVPS (x) 7,15 6,58 5,78
P/BVPS adj. (x) -56,04 -42,03 -378,04
P/E adj. (x) N/A 53,2 34,9
EV/EBITDA adj. (x) 15,8 12,8 10,9
EV/EBITA adj. (x) 43 28,9 21,2
EV/EBIT adj. (x) 64,1 32,5 24,5
EV/CE (x) 2,6 2,4 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 5,5 5,7
Capex/depreciation 0,7 0,7 0,9
Capex tangibles / tangible fixed assets 12,2 11,3 13,8
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 36,62 30,87 30,43

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.

382,5

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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196,4

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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13,3

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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62,9