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Medicover

Medicover

Medicover is an international provider of healthcare and diagnostic services. Medicover's business is divided into two segments: Healthcare Services (69% of 2025 sales) and Diagnostic Services (31%). The company focuses on providing a wide range of high-quality healthcare solutions, from hospital care and specialist services to diagnostic testing and fitness centres. Key markets include Poland (52% of sales), Germany (16%), Romania (13%) and India (9%).

Sustainability information

Key risks include competition from local players, executing M&A transactions and integrating acquired businesses. Regulatory changes, particularly in healthcare reimbursement policies, pose additional challenges. Other risks include the operational scale-up of certain tests and dependence on skilled healthcare professionals in competitive labour markets.

EURm 2025 2026e 2027e
Sales 2378,1 2603,53 2900,97
Sales growth (%) 13,7 9,5 11,4
EBITDA 371 423 494
EBITDA margin (%) 15,6 16,2 17
EBIT adj. 156 191 238
EBIT adj. margin (%) 6,5 7,3 8,2
Pretax profit 98 129 176
EPS 0,51 0,63 0,86
EPS growth (%) N/A 22,6 36,2
EPS adj. 0,58 0,71 1
Dividend per share 0,2 0,23 0,28
EV/EBITDA (x) 10,7 9,4 7,9
EV/EBIT adj. (x) 25,5 20,7 16,4
P/E (x) 33,56 27,39 20,1
P/E adj. (x) 29,8 24,4 17,2
EV/sales (x) 1,67 1,52 1,35
FCF yield (%) 0,5 5,7 8,4
Le. adj. FCF yld. (%) -2,7 2,4 5
Dividend yield (%) 1,2 1,3 1,6
Net IB debt/EBITDA (x) 3,6 3,2 2,6
Le. adj. ND/EBITDA (x) 2,9 2,3 1,7
EURm 2025 2026e 2027e
Sales 2378,1 2603,53 2900,97
COGS -1827 -2110 -2420
Gross profit 551 494 481
Other operating items -180 -71 13
EBITDA 371 423 494
Depreciation and amortisation -296 -283 -288
Depreciation on leased assets -96 -98 -94
EBITA 170,6 207,22 268,05
Operating EO items 0 0 0
Impairment and amortisation charges -15 -16 -30
EBIT 155,7 191,22 238,05
Net financial items -59 -62 -62
Pretax profit 98 129 176
Tax -26 -34 -47
Net profit 73 95 129
Minority interest 5 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 95 129
EPS 0,51 0,63 0,86
EPS adj. 0,58 0,71 1
Total extraordinary items after tax 1 0 0
Leasing payments -96 -98 -94
Tax rate (%) 26,1 26,5 26,5
Gross margin (%) 23,2 19 16,6
EBITDA margin (%) 15,6 16,2 17
EBITA margin (%) 7,2 8 9,2
EBIT margin (%) 6,5 7,3 8,2
Pre-tax margin (%) 4,1 5 6,1
Net margin (%) 3,1 3,6 4,5
Sales growth (%) 13,7 9,5 11,4
EBITDA growth (%) 30,2 14 16,8
EBITA growth (%) 62,9 21,5 29,4
EBIT growth (%) N/A 22,8 24,5
Net profit growth (%) 397,9 30,6 36,2
EPS growth (%) N/A 22,6 36,2
Profitability N/A N/A N/A
ROE (%) 15,5 16,8 20
ROE adj. (%) 18,3 19,6 24,6
ROCE (%) 8,5 9,5 11,4
ROCE adj. (%) 9,2 10,3 12,8
ROIC (%) 7,2 7,9 10
ROIC adj. (%) 7,2 7,9 10
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 371 423 494
EBITDA adj. margin (%) 15,6 16,2 17
EBITDA lease adj. 275 325 400
EBITDA lease adj. margin (%) 11,6 12,5 13,8
EBITA adj. 171 207 268
EBITA adj. margin (%) 7,2 8 9,2
EBIT adj. 156 191 238
EBIT adj. margin (%) 6,5 7,3 8,2
Pretax profit Adj. 112 145 206
Net profit Adj. 86 111 159
Net profit to shareholders adj. 91 111 159
Net adj. margin (%) 3,6 4,3 5,5
EURm 2025 2026e 2027e
EBITDA 371 423 494
Goodwill 655 655 655
Net financial items -59 -62 -62
Other intangible assets 158 216 268
Paid tax -26 -34 -47
Tangible fixed assets 528 516 497
Non-cash items 50 0 0
Right-of-use asset 521 509 502
Cash flow before change in WC 337 327 385
Other Fixed Assets All 62 62 62
Change in working capital 7 -31 -5
Fixed assets 1924 1958 1984
Operating cash flow 344 296 381
Inventories 67 85 90
Capex tangible fixed assets -79 -74 -81
Receivables 341 357 377
Capex intangible fixed assets -79 -74 -81
Other current assets 6 5 6
Acquisitions and Disposals -173 0 0
Cash and liquid assets 83 77 134
Free cash flow 14 148 218
Total assets 2421 2483 2590
Dividend paid -23 -27 -35
Shareholders equity 533 601 695
Share issues and buybacks -8 0 0
Minority 12 12 12
Leasing liability amortisation -85 -86 -87
Total equity 545 613 707
Other changes in net debt -71 -31 -32
Long-term debt 621 581 541
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 559 590 622
Total other long-term liabilities 73 73 73
Short-term debt 260 260 260
Accounts payable 311 302 319
Other current liabilities 52 64 68
Total liabilities and equity 2421 2483 2590
Net IB debt 1342 1338 1274
Net IB debt excl. pension debt 1342 1338 1274
Net IB debt excl. leasing 783 748 652
Capital employed 1985 2044 2130
Capital invested 1887 1951 1981
Working capital 51 82 86
Market cap. diluted (m) 2601 2601 2601
Net IB debt adj. 1357 1353 1289
Market value of minority 12 12 12
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3970 3967 3902
Total assets turnover (%) 104,3 106,2 114,4
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 (%) 246,3 218,4 180,1
Net debt / market cap (%) 51,6 51,4 49
Equity ratio (%) 22,5 24,7 27,3
Net IB debt adj. / equity (%) 249,1 220,8 182,3
Current ratio 0,8 0,84 0,94
EBITDA/net interest 6,3 6,8 8
Net IB debt/EBITDA (x) 3,6 3,2 2,6
Net IB debt/EBITDA lease adj. (x) 2,9 2,3 1,7
Interest coverage 2,9 3,3 4,3
EURm 2025 2026e 2027e
Shares outstanding adj. 151 151 151
Diluted shares adj. 151 151 151
EPS 0,51 0,63 0,86
Dividend per share 0,2 0,23 0,28
EPS adj. 0,58 0,71 1
BVPS 3,53 3,98 4,6
BVPS adj. -1,86 -1,79 -1,51
Net IB debt/share 8,99 8,96 8,54
Share price 187,6 187,6 187,6
Market cap. (m) 2601 2601 2601
P/E (x) 33,56 27,39 20,1
EV/sales (x) 1,67 1,52 1,35
EV/EBITDA (x) 10,7 9,4 7,9
EV/EBITA (x) 23,3 19,1 14,6
EV/EBIT (x) 25,5 20,7 16,4
Dividend yield (%) 1,2 1,3 1,6
FCF yield (%) 0,5 5,7 8,4
Le. adj. FCF yld. (%) -2,7 2,4 5
P/BVPS (x) 4,88 4,33 3,74
P/BVPS adj. (x) -21,3 -48,06 64,59
P/E adj. (x) 29,8 24,4 17,2
EV/EBITDA adj. (x) 10,7 9,4 7,9
EV/EBITA adj. (x) 23,3 19,1 14,6
EV/EBIT adj. (x) 25,5 20,7 16,4
EV/CE (x) 2 1,9 1,8
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -6,6 -5,7 -5,6
Capex/depreciation 0,8 0,8 0,8
Capex tangibles / tangible fixed assets 14,9 14,4 16,4
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 35,84 39,05

Equity research

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Media

Medicover - Company presentation with CEO John Stubbington

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Celox Holding 30.7 % 56.0 % 25 Feb 2026
NG Invest Beta AB 6.0 % 10.5 % 25 Feb 2026
Fredrik Stenmo 4.3 % 7.6 % 12 Feb 2026
Patrik af Jochnick 2.6 % 4.6 % 25 Feb 2026
Anna af Jochnick 2.5 % 4.6 % 25 Feb 2026
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.7 % 1.6 % 25 Feb 2026
AMF Pension & Fonder 2.7 % 0.5 % 31 Mar 2026
Swedbank Robur Fonder 2.6 % 0.5 % 28 Feb 2026
SEB Funds 2.2 % 0.4 % 28 Feb 2026
Source: Holdings by Modular Finance AB