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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 2392 2738
Sales growth (%) 19,8 14,4 14,5
EBITDA 285 373 438
EBITDA margin (%) 13,6 15,6 16
EBIT adj. 70 157 200
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit 20 96 138
EPS 0,11 0,48 0,67
EPS growth (%) -5,4 N/A 39,9
EPS adj. 0,11 0,48 0,67
DPS 0,15 0,18 0,23
EV/EBITDA (x) 15,6 12,5 10,5
EV/EBIT adj. (x) 63,3 29,7 23,1
P/E (x) N/A 45,3 32,4
P/E adj. (x) N/A 45,3 32,4
EV/sales (x) 2,13 1,94 1,69
FCF yield (%) 3,8 -0,1 5,4
Le. adj. FCF yld. (%) 1,5 -2,7 2,8
Dividend yield (%) 0,7 0,8 1,1
Net IB debt/EBITDA (x) 4 3,6 3
Le. adj. ND/EBITDA (x) 3,2 2,9 2,1
EURm 2024 2025e 2026e
Sales 2092 2392 2738
COGS -1644 -1845 -2110
Gross profit 448 547 628
Other operating items -163 -175 -190
EBITDA 285 373 438
Depreciation and amortisation -264 -285 -263
of which leasing depreciation -84 -94 -86
EBITA 105 173 230
EO Items 0 0 0
Impairment and PPA amortisation -34 -17 -30
EBIT 70 157 200
Net financial items -51 -62 -62
Pretax profit 20 96 138
Tax -6 -27 -37
Net profit 15 69 102
Minority interest 2 3 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 73 102
EPS 0,11 0,48 0,67
EPS adj. 0,11 0,48 0,67
Total extraordinary items after tax 0 1 0
Leasing payments -84 -94 -86
Tax rate (%) 27,4 27,8 26,5
Gross margin (%) 21,4 22,9 22,9
EBITDA margin (%) 13,6 15,6 16
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 3,7
Sales growth (%) 19,8 14,4 14,5
EBITDA growth (%) 16,9 30,8 17,6
EBITA growth (%) 26,8 65,4 32,9
EBIT growth (%) 14,5 N/A 27,9
Net profit growth (%) -20,7 375 46,5
EPS growth (%) -5,4 N/A 39,9
Profitability N/A N/A N/A
ROE (%) 3,5 14,7 18,2
ROE adj. (%) 10,6 17,9 23,5
ROCE (%) 4,3 8,6 10
ROCE adj. (%) 6,4 9,4 11,6
ROIC (%) 4,9 7,2 9
ROIC adj. (%) 4,9 7,2 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 373 438
EBITDA adj. margin (%) 13,6 15,6 16
EBITDA lease adj. 201 279 352
EBITDA lease adj. margin (%) 9,6 11,7 12,9
EBITA adj. 105 173 230
EBITA adj. margin (%) 5 7,2 8,4
EBIT adj. 70 157 200
EBIT adj. margin (%) 3,4 6,5 7,3
Pretax profit Adj. 54 112 168
Net profit Adj. 49 85 132
Net profit to shareholders adj. 51 88 132
Net adj. margin (%) 2,3 3,6 4,8
EURm 2024 2025e 2026e
EBITDA 285 373 438
Goodwill 524 651 651
Net financial items -51 -62 -62
Other intangible assets 133 171 219
Paid tax -6 -27 -37
Tangible fixed assets 492 496 483
Non-cash items 42 48 0
Right-of-use asset 484 501 501
Cash flow before change in WC 271 332 340
Total other fixed assets 58 68 68
Change in working capital -8 -16 -7
Fixed assets 1692 1887 1922
Operating cash flow 262 316 333
Inventories 69 78 85
Capex tangible fixed assets -60 -74 -78
Receivables 295 325 356
Capex intangible fixed assets -60 -74 -78
Other current assets 2 5 5
Acquisitions and Disposals -18 -172 0
Cash and liquid assets 81 78 101
Free cash flow 124 -3 177
Total assets 2138 2373 2470
Dividend paid -21 -23 -27
Shareholders equity 465 522 597
Share issues and buybacks -83 -8 0
Minority 25 13 13
Leasing liability amortisation -74 -86 -86
Total equity 489 535 610
Other non-cash items -124 -47 -31
Long-term debt 543 668 628
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 517 548 579
Total other long-term liabilities 102 79 79
Short-term debt 179 209 209
Accounts payable 249 275 301
Other current liabilities 59 58 64
Total liabilities and equity 2138 2373 2470
Net IB debt 1141 1330 1297
Net IB debt excl. pension debt 1141 1330 1297
Net IB debt excl. leasing 624 782 718
Capital employed 1728 1960 2026
Capital invested 1630 1865 1907
Working capital 58 74 81
Market cap. diluted (m) 3270 3289 3289
Net IB debt adj. 1158 1347 1315
Market value of minority 25 13 13
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4453 4649 4617
Total assets turnover (%) 102,6 106,1 113,1
Working capital/sales (%) 2,6 2,8 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 248,6 212,7
Net debt / market cap (%) 34,9 40,4 39,4
Equity ratio (%) 22,9 22,5 24,7
Net IB debt adj. / equity (%) 236,7 251,8 215,5
Current ratio 0,92 0,9 0,95
EBITDA/net interest 5,6 6 7,1
Net IB debt/EBITDA (x) 4 3,6 3
Net IB debt/EBITDA lease adj. (x) 3,2 2,9 2,1
Interest coverage 2,1 2,8 3,7
EURm 2024 2025e 2026e
Shares outstanding adj. 150 151 151
Diluted shares adj. 150 151 151
EPS 0,11 0,48 0,67
Dividend per share 0,15 0,18 0,23
EPS adj. 0,11 0,48 0,67
BVPS 3,1 3,46 3,95
BVPS adj. -1,28 -1,99 -1,81
Net IB debt/share 7,72 8,92 8,71
Share price 238 238 238
Market cap. (m) 3270 3289 3289
P/E (x) N/A 45,3 32,4
EV/sales (x) 2,1 1,9 1,7
EV/EBITDA (x) 15,6 12,5 10,5
EV/EBITA (x) 42,5 26,8 20
EV/EBIT (x) 63,3 29,7 23,1
Dividend yield (%) 0,7 0,8 1,1
FCF yield (%) 3,8 -0,1 5,4
Le. adj. FCF yld. (%) 1,5 -2,7 2,8
P/BVPS (x) 7,04 6,3 5,51
P/BVPS adj. (x) -55,15 -25,44 -60,55
P/E adj. (x) N/A 45,3 32,4
EV/EBITDA adj. (x) 15,6 12,5 10,5
EV/EBITA adj. (x) 42,5 26,8 20
EV/EBIT adj. (x) 63,3 29,7 23,1
EV/CE (x) 2,6 2,4 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 6,2 5,7
Capex/depreciation 0,7 0,8 0,9
Capex tangibles / tangible fixed assets 12,2 14,8 16,1
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 38,6 36,6

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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 % 29 Oct 2025
NG Invest Beta AB 6.0 % 10.5 % 29 Oct 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 29 Oct 2025
Anna af Jochnick 2.5 % 4.6 % 29 Oct 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.6 % 1.6 % 29 Oct 2025
Swedbank Robur Fonder 2.8 % 0.5 % 31 Oct 2025
SEB Funds 2.4 % 0.4 % 29 Oct 2025
AMF Pension & Fonder 2.2 % 0.4 % 31 Oct 2025
Source: Holdings by Modular Finance AB