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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 2386 2728
Sales growth (%) 19,8 14 14,3
EBITDA 285 352 412
EBITDA margin (%) 13,6 14,8 15,1
EBIT adj. 70 135 179
EBIT adj. margin (%) 3,4 5,7 6,6
Pretax profit 20 80 123
EPS 0,11 0,39 0,6
EPS growth (%) -5,4 N/A 54,1
EPS adj. 0,11 0,39 0,6
DPS 0,15 0,17 0,2
EV/EBITDA (x) 13,4 10,9 9,2
EV/EBIT adj. (x) 54,3 28,4 21,3
P/E (x) N/A 45 29,2
P/E adj. (x) N/A 45 29,2
EV/sales (x) 1,83 1,61 1,4
FCF yield (%) 4,7 4,6 6,2
Le. adj. FCF yld. (%) 1,9 1,4 2,9
Dividend yield (%) 0,9 0,9 1,1
Net IB debt/EBITDA (x) 4 3,3 2,8
Le. adj. ND/EBITDA (x) 3,2 2,4 1,8
EURm 2024 2025e 2026e
Sales 2092 2386 2728
COGS -1644 -1855 -2115
Gross profit 448 531 613
Other operating items -163 -178 -200
EBITDA 285 352 412
Depreciation and amortisation -264 -253 -259
of which leasing depreciation -84 -86 -86
EBITA 105 155 209
EO Items 0 0 0
Impairment and PPA amortisation -34 -20 -30
EBIT 70 135 179
Net financial items -51 -55 -56
Pretax profit 20 80 123
Tax -6 -22 -33
Net profit 15 59 90
Minority interest 2 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 59 90
EPS 0,11 0,39 0,6
EPS adj. 0,11 0,39 0,6
Total extraordinary items after tax 0 0 0
Leasing payments -84 -86 -86
Tax rate (%) 27,4 27 26,5
Gross margin (%) 21,4 22,2 22,5
EBITDA margin (%) 13,6 14,8 15,1
EBITA margin (%) 5 6,5 7,7
EBIT margin (%) 3,4 5,7 6,6
Pre-tax margin (%) 1 3,4 4,5
Net margin (%) 0,7 2,5 3,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 19,8 14 14,3
EBITDA growth (%) 16,9 23,7 17,1
EBITA growth (%) 26,8 47,9 34,9
EBIT growth (%) 14,5 91,8 32,7
Net profit growth (%) -20,7 301,7 54,1
EPS growth (%) -5,4 N/A 54,1
Profitability N/A N/A N/A
ROE (%) 3,5 12,1 16,9
ROE adj. (%) 10,6 16,3 22,6
ROCE (%) 4,3 7,7 10
ROCE adj. (%) 6,4 8,9 11,7
ROIC (%) 4,9 6,8 9
ROIC adj. (%) 4,9 6,8 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 285 352 412
EBITDA adj. margin (%) 13,6 14,8 15,1
EBITDA lease adj. 201 266 326
EBITDA lease adj. margin (%) 9,6 11,2 12
EBITA adj. 105 155 209
EBITA adj. margin (%) 5 6,5 7,7
EBIT adj. 70 135 179
EBIT adj. margin (%) 3,4 5,7 6,6
Pretax profit Adj. 54 100 153
Net profit Adj. 49 79 120
Net profit to shareholders adj. 51 79 120
Net adj. margin (%) 2,3 3,3 4,4
EURm 2024 2025e 2026e
EBITDA 285 352 412
Goodwill 524 524 524
Net financial items -51 -55 -56
Other intangible assets 133 181 229
Paid tax -6 -22 -33
Tangible fixed assets 492 479 471
Non-cash items 42 0 0
Right-of-use asset 484 481 481
Cash flow before change in WC 271 276 324
Total other fixed assets 58 58 58
Change in working capital -8 -20 -6
Fixed assets 1692 1724 1763
Operating cash flow 262 256 318
Inventories 69 81 87
Capex tangible fixed assets -60 -68 -78
Receivables 295 331 355
Capex intangible fixed assets -60 -68 -78
Other current assets 2 5 5
Acquisitions and Disposals -18 0 0
Cash and liquid assets 81 55 67
Free cash flow 124 120 163
Total assets 2138 2196 2277
Dividend paid -21 -23 -25
Shareholders equity 465 501 566
Share issues and buybacks -83 0 0
Minority 25 25 25
Leasing liability amortisation -74 -83 -86
Total equity 489 525 591
Other non-cash items -124 -31 -31
Long-term debt 543 503 463
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 517 548 579
Total other long-term liabilities 102 102 102
Short-term debt 179 179 179
Accounts payable 249 280 300
Other current liabilities 59 59 63
Total liabilities and equity 2138 2196 2277
Net IB debt 1141 1157 1136
Net IB debt excl. pension debt 1141 1157 1136
Net IB debt excl. leasing 624 609 557
Capital employed 1728 1755 1812
Capital invested 1630 1682 1727
Working capital 58 78 84
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2637 2637 2637
Net IB debt adj. 1158 1174 1154
Market value of minority 25 25 25
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3820 3836 3815
Total assets turnover (%) 102,6 110,1 121,9
Working capital/sales (%) 2,6 2,9 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 233,2 220,2 192,3
Net debt / market cap (%) 43,3 43,9 43,1
Equity ratio (%) 22,9 23,9 25,9
Net IB debt adj. / equity (%) 236,7 223,5 195,3
Current ratio 0,92 0,91 0,95
EBITDA/net interest 5,6 6,5 7,4
Net IB debt/EBITDA (x) 4 3,3 2,8
Net IB debt/EBITDA lease adj. (x) 3,2 2,4 1,8
Interest coverage 2,1 2,8 3,7
EURm 2024 2025e 2026e
Shares outstanding adj. 150 150 150
Diluted shares adj. 150 150 150
EPS 0,11 0,39 0,6
Dividend per share 0,15 0,17 0,2
EPS adj. 0,11 0,39 0,6
BVPS 3,1 3,34 3,77
BVPS adj. -1,28 -1,36 -1,24
Net IB debt/share 7,72 7,82 7,68
Share price 190 190 190
Market cap. (m) 2637 2637 2637
Valuation N/A N/A N/A
P/E (x) N/A 45 29,2
EV/sales (x) 1,83 1,61 1,4
EV/EBITDA (x) 13,4 10,9 9,2
EV/EBITA (x) 36,5 24,8 18,3
EV/EBIT (x) 54,3 28,4 21,3
Dividend yield (%) 0,9 0,9 1,1
FCF yield (%) 4,7 4,6 6,2
Le. adj. FCF yld. (%) 1,9 1,4 2,9
P/BVPS (x) 5,67 5,26 4,66
P/BVPS adj. (x) -44,47 -113,82 62,47
P/E adj. (x) N/A 45 29,2
EV/EBITDA adj. (x) 13,4 10,9 9,2
EV/EBITA adj. (x) 36,5 24,8 18,3
EV/EBIT adj. (x) 54,3 28,4 21,3
EV/CE (x) 2,2 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 5,7 5,7
Capex/depreciation 0,7 0,8 0,9
Capex tangibles / tangible fixed assets 12,2 14,2 16,5
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 36,62 34,75 36,65

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Celox Holding 30.7 % 55.9 % 27 Mar 2025
NG Invest Beta AB 6.9 % 10.3 % 27 Mar 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2024
Patrik af Jochnick 2.6 % 4.6 % 27 Mar 2025
Anna af Jochnick 2.5 % 4.6 % 27 Mar 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2024
Fjärde AP-fonden 9.3 % 1.7 % 27 Mar 2025
SEB Funds 2.4 % 0.4 % 27 Mar 2025
AMF Pension & Fonder 2.4 % 0.4 % 31 Mar 2025
Swedbank Robur Fonder 2.3 % 0.4 % 27 Mar 2025
Source: Holdings by Modular Finance AB