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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 2383 2688 3051
Sales growth (%) 13,9 12,8 13,5
EBITDA 373 432 500
EBITDA margin (%) 15,6 16,1 16,4
EBIT adj. 157 197 239
EBIT adj. margin (%) 6,6 7,3 7,9
Pretax profit 96 135 177
EPS 0,48 0,66 0,86
EPS growth (%) N/A 36,2 31,7
EPS adj. 0,48 0,66 0,86
DPS 0,18 0,23 0,28
EV/EBITDA (x) 11,6 10 8,5
EV/EBIT adj. (x) 27,7 21,9 17,8
P/E (x) 41 30,1 22,9
P/E adj. (x) 41 30,1 22,9
EV/sales (x) 1,82 1,61 1,39
FCF yield (%) 0 5,7 7,1
Le. adj. FCF yld. (%) -2,9 2,8 4,2
Dividend yield (%) 0,9 1,2 1,4
Net IB debt/EBITDA (x) 3,6 3 2,5
Le. adj. ND/EBITDA (x) 2,9 2,2 1,6
EURm 2025 2026e 2027e
Sales 2383 2688 3051
COGS -1845 -2110 -2420
Gross profit 538 578 631
Other operating items -165 -146 -130
EBITDA 373 432 500
Depreciation and amortisation -285 -286 -293
of which leasing depreciation -94 -98 -94
EBITA 173 213 269
EO Items 0 0 0
Impairment and PPA amortisation -17 -16 -30
EBIT 157 197 239
Net financial items -62 -62 -62
Pretax profit 96 135 177
Tax -27 -36 -47
Net profit 69 99 130
Minority interest 3 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 99 130
EPS 0,48 0,66 0,86
EPS adj. 0,48 0,66 0,86
Total extraordinary items after tax 1 0 0
Leasing payments -94 -98 -94
Tax rate (%) 27,8 26,5 26,5
Gross margin (%) 22,6 21,5 20,7
EBITDA margin (%) 15,6 16,1 16,4
EBITA margin (%) 7,3 7,9 8,8
EBIT margin (%) 6,6 7,3 7,9
Pre-tax margin (%) 4 5 5,8
Net margin (%) 2,9 3,7 4,3
Sales growth (%) 13,9 12,8 13,5
EBITDA growth (%) 30,9 15,8 15,9
EBITA growth (%) 65,5 22,8 26,6
EBIT growth (%) N/A 25,6 21,7
Net profit growth (%) 375,6 42,7 31,7
EPS growth (%) N/A 36,2 31,7
Profitability N/A N/A N/A
ROE (%) 14,7 17,8 20,3
ROE adj. (%) 17,9 20,6 25
ROCE (%) 8,6 9,9 11,6
ROCE adj. (%) 9,4 10,7 13
ROIC (%) 7,2 8,3 10,3
ROIC adj. (%) 7,2 8,3 10,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 373 432 500
EBITDA adj. margin (%) 15,6 16,1 16,4
EBITDA lease adj. 279 334 406
EBITDA lease adj. margin (%) 11,7 12,4 13,3
EBITA adj. 173 213 269
EBITA adj. margin (%) 7,3 7,9 8,8
EBIT adj. 157 197 239
EBIT adj. margin (%) 6,6 7,3 7,9
Pretax profit Adj. 112 151 207
Net profit Adj. 85 115 160
Net profit to shareholders adj. 89 115 160
Net adj. margin (%) 3,6 4,3 5,3
EURm 2025 2026e 2027e
EBITDA 373 432 500
Goodwill 651 651 651
Net financial items -62 -62 -62
Other intangible assets 170 231 286
Paid tax -27 -36 -47
Tangible fixed assets 496 483 463
Non-cash items 48 0 0
Right-of-use asset 501 489 482
Cash flow before change in WC 332 334 391
Total other fixed assets 68 68 68
Change in working capital -15 -10 -8
Fixed assets 1886 1922 1951
Operating cash flow 317 324 384
Inventories 76 87 95
Capex tangible fixed assets -73 -77 -85
Receivables 320 364 397
Capex intangible fixed assets -73 -77 -85
Other current assets 5 6 6
Acquisitions and Disposals -172 0 0
Cash and liquid assets 80 97 148
Free cash flow -1 171 213
Total assets 2368 2475 2596
Dividend paid -23 -27 -35
Shareholders equity 522 594 689
Share issues and buybacks -8 0 0
Minority 13 13 13
Leasing liability amortisation -86 -86 -87
Total equity 535 607 703
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 271 308 336
Other current liabilities 57 65 71
Total liabilities and equity 2368 2475 2596
Net IB debt 1328 1301 1242
Net IB debt excl. pension debt 1328 1301 1242
Net IB debt excl. leasing 780 722 631
Capital employed 1960 2023 2111
Capital invested 1863 1908 1945
Working capital 73 83 91
Market cap. diluted (m) 2982 2982 2982
Net IB debt adj. 1345 1319 1260
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 4341 4314 4255
Total assets turnover (%) 105,8 111 120,3
Working capital/sales (%) 2,8 2,9 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 248,2 214,3 176,8
Net debt / market cap (%) 44,5 43,6 41,7
Equity ratio (%) 22,6 24,5 27,1
Net IB debt adj. / equity (%) 251,4 217,1 179,2
Current ratio 0,9 0,95 1,05
EBITDA/net interest 6 7 8,1
Net IB debt/EBITDA (x) 3,6 3 2,5
Net IB debt/EBITDA lease adj. (x) 2,9 2,2 1,6
Interest coverage 2,8 3,4 4,3
EURm 2025 2026e 2027e
Shares outstanding adj. 151 151 151
Diluted shares adj. 151 151 151
EPS 0,48 0,66 0,86
Dividend per share 0,18 0,23 0,28
EPS adj. 0,48 0,66 0,86
BVPS 3,46 3,93 4,57
BVPS adj. -1,98 -1,91 -1,64
Net IB debt/share 8,91 8,73 8,34
Share price 211,5 211,5 211,5
Market cap. (m) 2982 2982 2982
P/E (x) 41 30,1 22,9
EV/sales (x) 1,8 1,6 1,4
EV/EBITDA (x) 11,6 10 8,5
EV/EBITA (x) 25 20,3 15,8
EV/EBIT (x) 27,7 21,9 17,8
Dividend yield (%) 0,9 1,2 1,4
FCF yield (%) 0 5,7 7,1
Le. adj. FCF yld. (%) -2,9 2,8 4,2
P/BVPS (x) 5,72 5,02 4,33
P/BVPS adj. (x) -23,09 -52,24 77,72
P/E adj. (x) 41 30,1 22,9
EV/EBITDA adj. (x) 11,6 10 8,5
EV/EBITA adj. (x) 25 20,3 15,8
EV/EBIT adj. (x) 27,7 21,9 17,8
EV/CE (x) 2,2 2,1 2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,2 5,7 5,6
Capex/depreciation 0,8 0,8 0,9
Capex tangibles / tangible fixed assets 14,8 15,9 18,4
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 38,6 38,9 43

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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 % 23 Dec 2025
NG Invest Beta AB 6.0 % 10.5 % 23 Dec 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 23 Dec 2025
Anna af Jochnick 2.5 % 4.6 % 23 Dec 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.7 % 1.6 % 23 Dec 2025
Swedbank Robur Fonder 2.8 % 0.5 % 31 Dec 2025
AMF Pension & Fonder 2.5 % 0.5 % 31 Dec 2025
SEB Funds 2.4 % 0.4 % 31 Dec 2025
Source: Holdings by Modular Finance AB