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Medicover

Medicover

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Medicover is an international provider of healthcare and diagnostic services. Medicover's business is divided into two segments: Healthcare Services (68% of 2023 sales) and Diagnostic Services (32%). 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 (48% of sales), Germany (18%), Romania (12%) and India (11%).

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.

Financials

EURm 2025 2026e 2027e
Sales 2392 2738 3135
Sales growth (%) 14,4 14,5 14,5
EBITDA 373 438 511
EBITDA margin (%) 15,6 16 16,3
EBIT adj. 157 200 248
EBIT adj. margin (%) 6,5 7,3 7,9
Pretax profit 96 138 186
EPS 0,48 0,67 0,9
EPS growth (%) N/A 39,9 34,2
EPS adj. 0,48 0,67 0,9
DPS 0,18 0,23 0,28
EV/EBITDA (x) 12,5 10,5 8,9
EV/EBIT adj. (x) 29,7 23,1 18,4
P/E (x) 45,3 32,4 24,1
P/E adj. (x) 45,3 32,4 24,1
EV/sales (x) 1,94 1,69 1,45
FCF yield (%) -0,1 5,4 6,4
Le. adj. FCF yld. (%) -2,7 2,8 3,8
Dividend yield (%) 0,8 1,1 1,3
Net IB debt/EBITDA (x) 3,6 3 2,4
Le. adj. ND/EBITDA (x) 2,9 2,1 1,5
EURm 2025 2026e 2027e
Sales 2392 2738 3135
COGS -1845 -2110 -2420
Gross profit 547 628 715
Other operating items -175 -190 -205
EBITDA 373 438 511
Depreciation and amortisation -285 -263 -288
of which leasing depreciation -94 -86 -87
EBITA 173 230 278
EO Items 0 0 0
Impairment and PPA amortisation -17 -30 -30
EBIT 157 200 248
Net financial items -62 -62 -62
Pretax profit 96 138 186
Tax -27 -37 -49
Net profit 69 102 136
Minority interest 3 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 102 136
EPS 0,48 0,67 0,9
EPS adj. 0,48 0,67 0,9
Total extraordinary items after tax 1 0 0
Leasing payments -94 -86 -87
Tax rate (%) 27,8 26,5 26,5
Gross margin (%) 22,9 22,9 22,8
EBITDA margin (%) 15,6 16 16,3
EBITA margin (%) 7,2 8,4 8,9
EBIT margin (%) 6,5 7,3 7,9
Pre-tax margin (%) 4 5,1 5,9
Net margin (%) 2,9 3,7 4,3
Sales growth (%) 14,4 14,5 14,5
EBITDA growth (%) 30,8 17,6 16,5
EBITA growth (%) 65,4 32,9 20,5
EBIT growth (%) N/A 27,9 23,6
Net profit growth (%) 375 46,5 34,2
EPS growth (%) N/A 39,9 34,2
Profitability N/A N/A N/A
ROE (%) 14,7 18,2 21,1
ROE adj. (%) 17,9 23,5 25,7
ROCE (%) 8,6 10 11,9
ROCE adj. (%) 9,4 11,6 13,4
ROIC (%) 7,2 9 10,6
ROIC adj. (%) 7,2 9 10,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 373 438 511
EBITDA adj. margin (%) 15,6 16 16,3
EBITDA lease adj. 279 352 424
EBITDA lease adj. margin (%) 11,7 12,9 13,5
EBITA adj. 173 230 278
EBITA adj. margin (%) 7,2 8,4 8,9
EBIT adj. 157 200 248
EBIT adj. margin (%) 6,5 7,3 7,9
Pretax profit Adj. 112 168 216
Net profit Adj. 85 132 166
Net profit to shareholders adj. 88 132 166
Net adj. margin (%) 3,6 4,8 5,3
EURm 2025 2026e 2027e
EBITDA 373 438 511
Goodwill 651 651 651
Net financial items -62 -62 -62
Other intangible assets 171 219 277
Paid tax -27 -37 -49
Tangible fixed assets 496 483 457
Non-cash items 48 0 0
Right-of-use asset 501 501 501
Cash flow before change in WC 332 340 399
Total other fixed assets 68 68 68
Change in working capital -16 -7 -12
Fixed assets 1887 1922 1954
Operating cash flow 316 333 387
Inventories 78 85 97
Capex tangible fixed assets -74 -78 -88
Receivables 325 356 408
Capex intangible fixed assets -74 -78 -88
Other current assets 5 5 6
Acquisitions and Disposals -172 0 0
Cash and liquid assets 78 101 152
Free cash flow -3 177 212
Total assets 2373 2470 2616
Dividend paid -23 -27 -35
Shareholders equity 522 597 698
Share issues and buybacks -8 0 0
Minority 13 13 13
Leasing liability amortisation -86 -86 -87
Total equity 535 610 712
Other non-cash items -47 -31 -32
Long-term debt 668 628 588
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 548 579 611
Total other long-term liabilities 79 79 79
Short-term debt 209 209 209
Accounts payable 275 301 345
Other current liabilities 58 64 73
Total liabilities and equity 2373 2470 2616
Net IB debt 1330 1297 1239
Net IB debt excl. pension debt 1330 1297 1239
Net IB debt excl. leasing 782 718 628
Capital employed 1960 2026 2120
Capital invested 1865 1907 1951
Working capital 74 81 93
Market cap. diluted (m) 3289 3289 3289
Net IB debt adj. 1347 1315 1256
Market value of minority 13 13 13
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4649 4617 4558
Total assets turnover (%) 106,1 113,1 123,3
Working capital/sales (%) 2,8 2,8 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 248,6 212,7 174,1
Net debt / market cap (%) 40,4 39,4 37,7
Equity ratio (%) 22,5 24,7 27,2
Net IB debt adj. / equity (%) 251,8 215,5 176,6
Current ratio 0,9 0,95 1,06
EBITDA/net interest 6 7,1 8,2
Net IB debt/EBITDA (x) 3,6 3 2,4
Net IB debt/EBITDA lease adj. (x) 2,9 2,1 1,5
Interest coverage 2,8 3,7 4,5
EURm 2025 2026e 2027e
Shares outstanding adj. 151 151 151
Diluted shares adj. 151 151 151
EPS 0,48 0,67 0,9
Dividend per share 0,18 0,23 0,28
EPS adj. 0,48 0,67 0,9
BVPS 3,46 3,95 4,62
BVPS adj. -1,99 -1,81 -1,52
Net IB debt/share 8,92 8,71 8,32
Share price 238 238 238
Market cap. (m) 3289 3289 3289
P/E (x) 45,3 32,4 24,1
EV/sales (x) 1,9 1,7 1,5
EV/EBITDA (x) 12,5 10,5 8,9
EV/EBITA (x) 26,8 20 16,4
EV/EBIT (x) 29,7 23,1 18,4
Dividend yield (%) 0,8 1,1 1,3
FCF yield (%) -0,1 5,4 6,4
Le. adj. FCF yld. (%) -2,7 2,8 3,8
P/BVPS (x) 6,3 5,51 4,71
P/BVPS adj. (x) -25,44 -60,55 69,46
P/E adj. (x) 45,3 32,4 24,1
EV/EBITDA adj. (x) 12,5 10,5 8,9
EV/EBITA adj. (x) 26,8 20 16,4
EV/EBIT adj. (x) 29,7 23,1 18,4
EV/CE (x) 2,4 2,3 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,2 5,7 5,6
Capex/depreciation 0,8 0,9 0,9
Capex tangibles / tangible fixed assets 14,8 16,1 19,2
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 38,6 36,6 44

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Media

Medicover - Company presentation with CEO John Stubbington

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Celox Holding 30.7 % 56.0 % 26 Nov 2025
NG Invest Beta AB 6.0 % 10.5 % 26 Nov 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 26 Nov 2025
Anna af Jochnick 2.5 % 4.6 % 26 Nov 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.6 % 1.6 % 26 Nov 2025
Swedbank Robur Fonder 2.8 % 0.5 % 30 Nov 2025
AMF Pension & Fonder 2.5 % 0.5 % 30 Nov 2025
SEB Funds 2.5 % 0.4 % 30 Nov 2025
Source: Holdings by Modular Finance AB