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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 2413 2769
Sales growth (%) 19,8 15,4 14,8
EBITDA 285 371 439
EBITDA margin (%) 13,6 15,4 15,8
EBIT adj. 70 155 201
EBIT adj. margin (%) 3,4 6,4 7,2
Pretax profit 20 95 139
EPS 0,11 0,47 0,68
EPS growth (%) -5,4 N/A 43,6
EPS adj. 0,11 0,47 0,68
DPS 0,15 0,18 0,23
EV/EBITDA (x) 16,3 13 10,9
EV/EBIT adj. (x) 66,3 31,1 23,9
P/E (x) N/A 49,2 34,3
P/E adj. (x) N/A 49,2 34,3
EV/sales (x) 2,23 2 1,73
FCF yield (%) 3,6 0 5
Le. adj. FCF yld. (%) 1,4 -2,4 2,6
Dividend yield (%) 0,6 0,8 1
Net IB debt/EBITDA (x) 4 3,5 2,9
Le. adj. ND/EBITDA (x) 3,2 2,8 2
EURm 2024 2025e 2026e
Sales 2092 2413 2769
COGS -1644 -1857 -2110
Gross profit 448 556 659
Other operating items -163 -185 -220
EBITDA 285 371 439
Depreciation and amortisation -264 -274 -263
of which leasing depreciation -84 -91 -86
EBITA 105 172 231
EO Items 0 0 0
Impairment and PPA amortisation -34 -17 -30
EBIT 70 155 201
Net financial items -51 -63 -62
Pretax profit 20 95 139
Tax -6 -26 -37
Net profit 15 69 102
Minority interest 2 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 71 102
EPS 0,11 0,47 0,68
EPS adj. 0,11 0,47 0,68
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 23,8
EBITDA margin (%) 13,6 15,4 15,8
EBITA margin (%) 5 7,1 8,3
EBIT margin (%) 3,4 6,4 7,2
Pre-tax margin (%) 1 3,9 5
Net margin (%) 0,7 2,8 3,7
Sales growth (%) 19,8 15,4 14,8
EBITDA growth (%) 16,9 30,1 18,4
EBITA growth (%) 26,8 64,7 33,8
EBIT growth (%) 14,5 N/A 29,3
Net profit growth (%) -20,7 369,8 48,6
EPS growth (%) -5,4 N/A 43,6
Profitability N/A N/A N/A
ROE (%) 3,5 14,7 19
ROE adj. (%) 10,6 18 24,5
ROCE (%) 4,3 8,6 10,2
ROCE adj. (%) 6,4 9,4 11,7
ROIC (%) 4,9 7,3 9,2
ROIC adj. (%) 4,9 7,3 9,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 371 439
EBITDA adj. margin (%) 13,6 15,4 15,8
EBITDA lease adj. 201 279 353
EBITDA lease adj. margin (%) 9,6 11,6 12,7
EBITA adj. 105 172 231
EBITA adj. margin (%) 5 7,1 8,3
EBIT adj. 70 155 201
EBIT adj. margin (%) 3,4 6,4 7,2
Pretax profit Adj. 54 110 169
Net profit Adj. 49 84 132
Net profit to shareholders adj. 51 87 132
Net adj. margin (%) 2,3 3,5 4,8
EURm 2024 2025e 2026e
EBITDA 285 371 439
Goodwill 524 650 650
Net financial items -51 -63 -62
Other intangible assets 133 176 225
Paid tax -6 -26 -37
Tangible fixed assets 492 478 466
Non-cash items 42 28 0
Right-of-use asset 484 489 489
Cash flow before change in WC 271 310 340
Total other fixed assets 58 65 65
Change in working capital -8 -17 -7
Fixed assets 1692 1858 1895
Operating cash flow 262 293 333
Inventories 69 79 86
Capex tangible fixed assets -60 -62 -79
Receivables 295 330 360
Capex intangible fixed assets -60 -62 -79
Other current assets 2 5 6
Acquisitions and Disposals -18 -169 0
Cash and liquid assets 81 105 128
Free cash flow 124 0 175
Total assets 2138 2377 2474
Dividend paid -21 -23 -27
Shareholders equity 465 500 576
Share issues and buybacks -83 -7 0
Minority 25 18 18
Leasing liability amortisation -74 -84 -86
Total equity 489 517 593
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 249 280 305
Other current liabilities 59 59 64
Total liabilities and equity 2138 2377 2474
Net IB debt 1141 1295 1262
Net IB debt excl. pension debt 1141 1295 1262
Net IB debt excl. leasing 624 752 688
Capital employed 1728 1937 2004
Capital invested 1630 1812 1856
Working capital 58 75 82
Market cap. diluted (m) 3475 3494 3494
Net IB debt adj. 1158 1315 1283
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 4658 4827 4794
Total assets turnover (%) 102,6 106,9 114,2
Working capital/sales (%) 2,6 2,8 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 250,2 212,8
Net debt / market cap (%) 32,8 37 36,1
Equity ratio (%) 22,9 21,8 24
Net IB debt adj. / equity (%) 236,7 254,1 216,2
Current ratio 0,92 1,06 1,11
EBITDA/net interest 5,6 5,9 7,1
Net IB debt/EBITDA (x) 4 3,5 2,9
Net IB debt/EBITDA lease adj. (x) 3,2 2,8 2
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 0,47 0,68
Dividend per share 0,15 0,18 0,23
EPS adj. 0,11 0,47 0,68
BVPS 3,1 3,31 3,81
BVPS adj. -1,28 -2,16 -1,98
Net IB debt/share 7,72 8,71 8,5
Share price 255,5 255,5 255,5
Market cap. (m) 3475 3494 3494
P/E (x) N/A 49,2 34,3
EV/sales (x) 2,2 2 1,7
EV/EBITDA (x) 16,3 13 10,9
EV/EBITA (x) 44,5 28 20,8
EV/EBIT (x) 66,3 31,1 23,9
Dividend yield (%) 0,6 0,8 1
FCF yield (%) 3,6 0 5
Le. adj. FCF yld. (%) 1,4 -2,4 2,6
P/BVPS (x) 7,48 6,99 6,07
P/BVPS adj. (x) -58,6 -23,31 -47,18
P/E adj. (x) N/A 49,2 34,3
EV/EBITDA adj. (x) 16,3 13 10,9
EV/EBITA adj. (x) 44,5 28 20,8
EV/EBIT adj. (x) 66,3 31,1 23,9
EV/CE (x) 2,7 2,5 2,4
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 12,9 16,9
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 38,2 38

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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 % 27 Aug 2025
NG Invest Beta AB 6.0 % 10.5 % 27 Aug 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 27 Aug 2025
Anna af Jochnick 2.5 % 4.6 % 27 Aug 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.7 % 1.6 % 27 Aug 2025
Swedbank Robur Fonder 2.8 % 0.5 % 31 Aug 2025
SEB Funds 2.5 % 0.5 % 31 Aug 2025
AMF Pension & Fonder 2.4 % 0.4 % 31 Aug 2025
Source: Holdings by Modular Finance AB