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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 2024 2025e 2026e
Sales 2092 2437 2808
Sales growth (%) 19,8 16,5 15,2
EBITDA 285 376 443
EBITDA margin (%) 13,6 15,4 15,8
EBIT adj. 70 158 205
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit 20 98 143
EPS 0,11 0,48 0,7
EPS growth (%) -5,4 N/A 44,1
EPS adj. 0,11 0,48 0,7
DPS 0,15 0,18 0,23
EV/EBITDA (x) 17,5 13,7 11,6
EV/EBIT adj. (x) 70,9 32,6 25
P/E (x) N/A 52,3 36,3
P/E adj. (x) N/A 52,3 36,3
EV/sales (x) 2,38 2,12 1,82
FCF yield (%) 3,3 0 4,6
Le. adj. FCF yld. (%) 1,3 -2,2 2,4
Dividend yield (%) 0,6 0,7 0,9
Net IB debt/EBITDA (x) 4 3,4 2,8
Le. adj. ND/EBITDA (x) 3,2 2,7 2
EURm 2024 2025e 2026e
Sales 2092 2437 2808
COGS -1644 -1857 -2110
Gross profit 448 580 698
Other operating items -163 -205 -254
EBITDA 285 376 443
Depreciation and amortisation -264 -276 -263
of which leasing depreciation -84 -91 -86
EBITA 105 175 235
EO Items 0 0 0
Impairment and PPA amortisation -34 -17 -30
EBIT 70 158 205
Net financial items -51 -63 -62
Pretax profit 20 98 143
Tax -6 -27 -38
Net profit 15 71 105
Minority interest 2 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 73 105
EPS 0,11 0,48 0,7
EPS adj. 0,11 0,48 0,7
Total extraordinary items after tax 0 1 0
Leasing payments -84 -91 -86
Tax rate (%) 27,4 27,5 26,5
Gross margin (%) 21,4 23,8 24,8
EBITDA margin (%) 13,6 15,4 15,8
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 3,8
Sales growth (%) 19,8 16,5 15,2
EBITDA growth (%) 16,9 31,8 18
EBITA growth (%) 26,8 67,5 34,2
EBIT growth (%) 14,5 N/A 29,8
Net profit growth (%) -20,7 384,2 49
EPS growth (%) -5,4 N/A 44,1
Profitability N/A N/A N/A
ROE (%) 3,5 15,1 19,5
ROE adj. (%) 10,6 18,4 25
ROCE (%) 4,3 8,7 10,4
ROCE adj. (%) 6,4 9,6 11,9
ROIC (%) 4,9 7,4 9,4
ROIC adj. (%) 4,9 7,4 9,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 376 443
EBITDA adj. margin (%) 13,6 15,4 15,8
EBITDA lease adj. 201 284 357
EBITDA lease adj. margin (%) 9,6 11,7 12,7
EBITA adj. 105 175 235
EBITA adj. margin (%) 5 7,2 8,4
EBIT adj. 70 158 205
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit Adj. 54 113 173
Net profit Adj. 49 87 135
Net profit to shareholders adj. 51 89 135
Net adj. margin (%) 2,3 3,6 4,8
EURm 2024 2025e 2026e
EBITDA 285 376 443
Goodwill 524 650 650
Net financial items -51 -63 -62
Other intangible assets 133 177 227
Paid tax -6 -27 -38
Tangible fixed assets 492 477 466
Non-cash items 42 28 0
Right-of-use asset 484 489 489
Cash flow before change in WC 271 314 343
Total other fixed assets 58 65 65
Change in working capital -8 -19 -6
Fixed assets 1692 1857 1896
Operating cash flow 262 295 337
Inventories 69 80 87
Capex tangible fixed assets -60 -63 -80
Receivables 295 337 365
Capex intangible fixed assets -60 -63 -80
Other current assets 2 5 6
Acquisitions and Disposals -18 -169 0
Cash and liquid assets 81 106 131
Free cash flow 124 1 177
Total assets 2138 2386 2485
Dividend paid -21 -23 -27
Shareholders equity 465 502 581
Share issues and buybacks -83 -7 0
Minority 25 18 18
Leasing liability amortisation -74 -84 -86
Total equity 489 519 599
Other non-cash items -124 -39 -30
Long-term debt 543 726 686
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 517 543 574
Total other long-term liabilities 102 101 101
Short-term debt 179 151 151
Accounts payable 249 285 309
Other current liabilities 59 60 65
Total liabilities and equity 2138 2386 2485
Net IB debt 1141 1293 1260
Net IB debt excl. pension debt 1141 1293 1260
Net IB debt excl. leasing 624 750 686
Capital employed 1728 1939 2009
Capital invested 1630 1813 1858
Working capital 58 77 83
Market cap. diluted (m) 3804 3825 3825
Net IB debt adj. 1158 1314 1280
Market value of minority 25 18 18
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4987 5157 5123
Total assets turnover (%) 102,6 107,8 115,3
Working capital/sales (%) 2,6 2,8 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 249 210,4
Net debt / market cap (%) 30 33,8 32,9
Equity ratio (%) 22,9 21,8 24,1
Net IB debt adj. / equity (%) 236,7 252,9 213,8
Current ratio 0,92 1,06 1,12
EBITDA/net interest 5,6 6 7,2
Net IB debt/EBITDA (x) 4 3,4 2,8
Net IB debt/EBITDA lease adj. (x) 3,2 2,7 2
Interest coverage 2,1 2,8 3,8
EURm 2024 2025e 2026e
Shares outstanding adj. 150 151 151
Diluted shares adj. 150 151 151
EPS 0,11 0,48 0,7
Dividend per share 0,15 0,18 0,23
EPS adj. 0,11 0,48 0,7
BVPS 3,1 3,32 3,85
BVPS adj. -1,28 -2,15 -1,96
Net IB debt/share 7,72 8,7 8,48
Share price 283 283 283
Market cap. (m) 3804 3825 3825
P/E (x) N/A 52,3 36,3
EV/sales (x) 2,4 2,1 1,8
EV/EBITDA (x) 17,5 13,7 11,6
EV/EBITA (x) 47,6 29,4 21,8
EV/EBIT (x) 70,9 32,6 25
Dividend yield (%) 0,6 0,7 0,9
FCF yield (%) 3,3 0 4,6
Le. adj. FCF yld. (%) 1,3 -2,2 2,4
P/BVPS (x) 8,18 7,62 6,58
P/BVPS adj. (x) -64,15 -25,88 -55,78
P/E adj. (x) N/A 52,3 36,3
EV/EBITDA adj. (x) 17,5 13,7 11,6
EV/EBITA adj. (x) 47,6 29,4 21,8
EV/EBIT adj. (x) 70,9 32,6 25
EV/CE (x) 2,9 2,7 2,5
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 5,1 5,7
Capex/depreciation 0,7 0,7 0,9
Capex tangibles / tangible fixed assets 12,2 13,1 17,2
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 36,6 38,7 38

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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 % 55.9 % 26 Jun 2025
NG Invest Beta AB 5.8 % 10.1 % 26 Jun 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 26 Jun 2025
Anna af Jochnick 2.5 % 4.6 % 26 Jun 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 9.1 % 1.7 % 26 Jun 2025
Swedbank Robur Fonder 2.6 % 0.5 % 30 Jun 2025
SEB Funds 2.4 % 0.4 % 30 Jun 2025
AMF Pension & Fonder 2.4 % 0.4 % 30 Jun 2025
Source: Holdings by Modular Finance AB