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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 2378 2645 2947
Sales growth (%) 13,7 11,2 11,4
EBITDA 371 433 505
EBITDA margin (%) 15,6 16,4 17,1
EBIT adj. 156 198 244
EBIT adj. margin (%) 6,5 7,5 8,3
Pretax profit 98 136 182
EPS 0,51 0,66 0,88
EPS growth (%) N/A 28,6 33,9
EPS adj. 0,51 0,66 0,88
DPS 0,2 0,23 0,28
EV/EBITDA (x) 12,1 10,3 8,7
EV/EBIT adj. (x) 28,8 22,6 18,1
P/E (x) 40,2 31,2 23,3
P/E adj. (x) 40,2 31,2 23,3
EV/sales (x) 1,88 1,69 1,49
FCF yield (%) 0,4 4,9 7,2
Le. adj. FCF yld. (%) -2,3 2,1 4,4
Dividend yield (%) 1 1,1 1,3
Net IB debt/EBITDA (x) 3,6 3,1 2,5
Le. adj. ND/EBITDA (x) 2,9 2,3 1,6
EURm 2025 2026e 2027e
Sales 2378 2645 2947
COGS -1827 -2110 -2420
Gross profit 551 535 527
Other operating items -180 -102 -22
EBITDA 371 433 505
Depreciation and amortisation -296 -286 -293
of which leasing depreciation -96 -98 -94
EBITA 171 214 274
EO Items 0 0 0
Impairment and PPA amortisation -15 -16 -30
EBIT 156 198 244
Net financial items -59 -62 -62
Pretax profit 98 136 182
Tax -26 -36 -48
Net profit 73 100 133
Minority interest 5 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 100 133
EPS 0,51 0,66 0,88
EPS adj. 0,51 0,66 0,88
Total extraordinary items after tax 1 0 0
Leasing payments -96 -98 -94
Tax rate (%) 26,1 26,5 26,5
Gross margin (%) 23,2 20,2 17,9
EBITDA margin (%) 15,6 16,4 17,1
EBITA margin (%) 7,2 8,1 9,3
EBIT margin (%) 6,5 7,5 8,3
Pre-tax margin (%) 4,1 5,1 6,2
Net margin (%) 3,1 3,8 4,5
Sales growth (%) 13,7 11,2 11,4
EBITDA growth (%) 30,2 16,6 16,7
EBITA growth (%) 62,9 25,2 28,1
EBIT growth (%) N/A 26,9 23,3
Net profit growth (%) 397,9 37,1 33,9
EPS growth (%) N/A 28,6 33,9
Profitability N/A N/A N/A
ROE (%) 15,5 17,5 20,4
ROE adj. (%) 18,3 20,3 25
ROCE (%) 8,5 9,8 11,6
ROCE adj. (%) 9,2 10,6 13,1
ROIC (%) 7,2 8,2 10,2
ROIC adj. (%) 7,2 8,2 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 371 433 505
EBITDA adj. margin (%) 15,6 16,4 17,1
EBITDA lease adj. 275 335 411
EBITDA lease adj. margin (%) 11,6 12,6 13,9
EBITA adj. 171 214 274
EBITA adj. margin (%) 7,2 8,1 9,3
EBIT adj. 156 198 244
EBIT adj. margin (%) 6,5 7,5 8,3
Pretax profit Adj. 112 152 212
Net profit Adj. 86 116 163
Net profit to shareholders adj. 91 116 163
Net adj. margin (%) 3,6 4,4 5,5
EURm 2025 2026e 2027e
EBITDA 371 433 505
Goodwill 655 655 655
Net financial items -59 -62 -62
Other intangible assets 158 218 270
Paid tax -26 -36 -48
Tangible fixed assets 528 514 491
Non-cash items 50 0 0
Right-of-use asset 521 509 502
Cash flow before change in WC 337 335 394
Total other fixed assets 62 62 62
Change in working capital 7 -31 -5
Fixed assets 1924 1957 1980
Operating cash flow 344 303 389
Inventories 67 86 91
Capex tangible fixed assets -79 -75 -83
Receivables 341 360 383
Capex intangible fixed assets -79 -75 -83
Other current assets 6 6 6
Acquisitions and Disposals -173 0 0
Cash and liquid assets 83 82 144
Free cash flow 14 153 224
Total assets 2421 2491 2605
Dividend paid -23 -27 -35
Shareholders equity 533 605 704
Share issues and buybacks -8 0 0
Minority 12 12 12
Leasing liability amortisation -85 -86 -87
Total equity 545 618 716
Other non-cash items -71 -31 -32
Long-term debt 621 581 541
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 559 590 622
Total other long-term liabilities 73 73 73
Short-term debt 260 260 260
Accounts payable 311 305 324
Other current liabilities 52 65 69
Total liabilities and equity 2421 2491 2605
Net IB debt 1342 1333 1263
Net IB debt excl. pension debt 1342 1333 1263
Net IB debt excl. leasing 783 743 641
Capital employed 1985 2048 2139
Capital invested 1887 1951 1979
Working capital 51 82 88
Market cap. diluted (m) 3112 3112 3112
Net IB debt adj. 1357 1349 1278
Market value of minority 12 12 12
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4481 4472 4402
Total assets turnover (%) 104,3 107,7 115,7
Working capital/sales (%) 2,3 2,5 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 246,3 215,9 176,4
Net debt / market cap (%) 43,1 42,9 40,6
Equity ratio (%) 22,5 24,8 27,5
Net IB debt adj. / equity (%) 249,1 218,4 178,5
Current ratio 0,8 0,85 0,96
EBITDA/net interest 6,3 7 8,1
Net IB debt/EBITDA (x) 3,6 3,1 2,5
Net IB debt/EBITDA lease adj. (x) 2,9 2,3 1,6
Interest coverage 2,9 3,4 4,4
EURm 2025 2026e 2027e
Shares outstanding adj. 151 151 151
Diluted shares adj. 151 151 151
EPS 0,51 0,66 0,88
Dividend per share 0,2 0,23 0,28
EPS adj. 0,51 0,66 0,88
BVPS 3,53 4,01 4,66
BVPS adj. -1,86 -1,77 -1,46
Net IB debt/share 8,99 8,93 8,47
Share price 219 219 219
Market cap. (m) 3112 3112 3112
P/E (x) 40,2 31,2 23,3
EV/sales (x) 1,9 1,7 1,5
EV/EBITDA (x) 12,1 10,3 8,7
EV/EBITA (x) 26,3 20,9 16,1
EV/EBIT (x) 28,8 22,6 18,1
Dividend yield (%) 1 1,1 1,3
FCF yield (%) 0,4 4,9 7,2
Le. adj. FCF yld. (%) -2,3 2,1 4,4
P/BVPS (x) 5,84 5,14 4,42
P/BVPS adj. (x) -25,48 -62,95 63,44
P/E adj. (x) 40,2 31,2 23,3
EV/EBITDA adj. (x) 12,1 10,3 8,7
EV/EBITA adj. (x) 26,3 20,9 16,1
EV/EBIT adj. (x) 28,8 22,6 18,1
EV/CE (x) 2,3 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 6,6 5,7 5,6
Capex/depreciation 0,8 0,8 0,8
Capex tangibles / tangible fixed assets 14,9 14,7 16,8
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 37,9 36,6 40,5

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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 % 28 Jan 2026
NG Invest Beta AB 6.0 % 10.5 % 28 Jan 2026
Fredrik Stenmo 4.3 % 7.6 % 12 Feb 2026
Patrik af Jochnick 2.6 % 4.6 % 28 Jan 2026
Anna af Jochnick 2.5 % 4.6 % 28 Jan 2026
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 8.7 % 1.6 % 28 Jan 2026
Swedbank Robur Fonder 2.7 % 0.5 % 31 Jan 2026
AMF Pension & Fonder 2.6 % 0.5 % 31 Jan 2026
SEB Funds 2.4 % 0.4 % 31 Jan 2026
Source: Holdings by Modular Finance AB