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Medicover

Medicover

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.

EURm 2024 2025e 2026e
Sales 2073 2333 2667
Sales growth (%) 18,7 12,5 14,3
EBITDA 283 340 399
EBITDA margin (%) 13,7 14,6 15
EBIT adj. 68 128 171
EBIT adj. margin (%) 3,3 5,5 6,4
Pretax profit 16 76 117
EPS 0,09 0,37 0,58
EPS growth (%) -26,7 N/A 54,5
EPS adj. 0,09 0,37 0,58
DPS 0,12 0,14 0,17
EV/EBITDA (x) 13,2 11 9,4
EV/EBIT adj. (x) 55,5 29,3 21,8
P/E (x) N/A 47 30,4
P/E adj. (x) N/A 47 30,4
EV/sales (x) 1,81 1,61 1,4
FCF yield (%) 4,6 4,9 5,9
Le. adj. FCF yld. (%) 1,7 1,8 2,7
Dividend yield (%) 0,7 0,8 0,9
Net IB debt/EBITDA (x) 3,7 3,1 2,6
Le. adj. ND/EBITDA (x) 2,8 2,1 1,6
EURm 2024 2025e 2026e
Sales 2073 2333 2667
COGS -1638 -1833 -2100
Gross profit 435 500 567
Other operating items -152 -159 -168
EBITDA 283 340 399
Depreciation and amortisation -256 -246 -253
of which leasing depreciation -84 -84 -85
EBITA 103 148 201
EO Items 0 0 0
Impairment and PPA amortisation -36 -20 -30
EBIT 68 128 171
Net financial items -52 -52 -54
Pretax profit 16 76 117
Tax -4 -20 -30
Net profit 12 56 87
Minority interest 1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 13 56 87
EPS 0,09 0,37 0,58
EPS adj. 0,09 0,37 0,58
Total extraordinary items after tax 0 0 0
Leasing payments -84 -84 -85
Tax rate (%) 25,9 26 26
Gross margin (%) 21 21,4 21,3
EBITDA margin (%) 13,7 14,6 15
EBITA margin (%) 5 6,3 7,5
EBIT margin (%) 3,3 5,5 6,4
Pre-tax margin (%) 0,8 3,3 4,4
Net margin (%) 0,6 2,4 3,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 18,7 12,5 14,3
EBITDA growth (%) 16,2 20,2 17,4
EBITA growth (%) 24,9 43,4 36,1
EBIT growth (%) 10 89,4 33,9
Net profit growth (%) -34,5 366,5 54,5
EPS growth (%) -26,7 N/A 54,5
Profitability N/A N/A N/A
ROE (%) 2,6 10,8 15,2
ROE adj. (%) 9,7 14,6 20,5
ROCE (%) 4,2 7,6 9,9
ROCE adj. (%) 6,4 8,8 11,7
ROIC (%) 5 6,8 9
ROIC adj. (%) 5 6,8 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 283 340 399
EBITDA adj. margin (%) 13,7 14,6 15
EBITDA lease adj. 200 256 314
EBITDA lease adj. margin (%) 9,6 11 11,8
EBITA adj. 103 148 201
EBITA adj. margin (%) 5 6,3 7,5
EBIT adj. 68 128 171
EBIT adj. margin (%) 3,3 5,5 6,4
Pretax profit Adj. 52 96 147
Net profit Adj. 47 76 117
Net profit to shareholders adj. 48 76 117
Net adj. margin (%) 2,3 3,3 4,4
EURm 2024 2025e 2026e
EBITDA 283 340 399
Goodwill 515 515 515
Net financial items -52 -52 -54
Other intangible assets 136 182 228
Paid tax -4 -20 -30
Tangible fixed assets 469 458 451
Non-cash items 41 0 0
Right-of-use asset 471 470 470
Cash flow before change in WC 269 269 315
Total other fixed assets 50 50 50
Change in working capital -18 -6 -8
Fixed assets 1641 1676 1715
Operating cash flow 251 262 307
Inventories 69 77 85
Capex tangible fixed assets -55 -66 -76
Receivables 282 314 347
Capex intangible fixed assets -55 -66 -76
Other current assets 4 5 5
Acquisitions and Disposals -18 0 0
Cash and liquid assets 66 52 57
Free cash flow 122 130 155
Total assets 2061 2124 2209
Dividend paid -20 -21 -25
Shareholders equity 504 540 602
Share issues and buybacks -27 0 0
Minority 28 28 28
Leasing liability amortisation -76 -83 -85
Total equity 532 568 630
Other non-cash items -94 -30 -30
Long-term debt 429 389 349
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 509 540 570
Total other long-term liabilities 101 101 101
Short-term debt 204 204 204
Accounts payable 236 266 293
Other current liabilities 50 56 62
Total liabilities and equity 2061 2124 2209
Net IB debt 1059 1064 1048
Net IB debt excl. pension debt 1059 1064 1048
Net IB debt excl. leasing 550 524 478
Capital employed 1674 1701 1753
Capital invested 1591 1632 1678
Working capital 68 74 82
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2641 2641 2641
Net IB debt adj. 1076 1081 1065
Market value of minority 28 28 28
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3746 3751 3735
Total assets turnover (%) 103,6 111,5 123,1
Working capital/sales (%) 2,9 3,1 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 198,9 187,3 166,3
Net debt / market cap (%) 40,1 40,3 39,7
Equity ratio (%) 25,8 26,7 28,5
Net IB debt adj. / equity (%) 202,2 190,3 169,1
Current ratio 0,86 0,85 0,88
EBITDA/net interest 5,5 6,5 7,4
Net IB debt/EBITDA (x) 3,7 3,1 2,6
Net IB debt/EBITDA lease adj. (x) 2,8 2,1 1,6
Interest coverage 2 2,8 3,7
EURm 2024 2025e 2026e
Shares outstanding adj. 150 150 150
Diluted shares adj. 150 150 150
EPS 0,09 0,37 0,58
Dividend per share 0,12 0,14 0,17
EPS adj. 0,09 0,37 0,58
BVPS 3,36 3,59 4,01
BVPS adj. -0,98 -1,05 -0,94
Net IB debt/share 7,17 7,2 7,1
Share price 205 205 205
Market cap. (m) 2641 2641 2641
Valuation N/A N/A N/A
P/E (x) N/A 47 30,4
EV/sales (x) 1,81 1,61 1,4
EV/EBITDA (x) 13,2 11 9,4
EV/EBITA (x) 36,3 25,4 18,6
EV/EBIT (x) 55,5 29,3 21,8
Dividend yield (%) 0,7 0,8 0,9
FCF yield (%) 4,6 4,9 5,9
Le. adj. FCF yld. (%) 1,7 1,8 2,7
P/BVPS (x) 5,24 4,9 4,39
P/BVPS adj. (x) -238,89 107,65 30,45
P/E adj. (x) N/A 47 30,4
EV/EBITDA adj. (x) 13,2 11 9,4
EV/EBITA adj. (x) 36,3 25,4 18,6
EV/EBIT adj. (x) 55,5 29,3 21,8
EV/CE (x) 2,2 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 5,3 5,7 5,7
Capex/depreciation 0,6 0,8 0,9
Capex tangibles / tangible fixed assets 11,8 14,5 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 36,82 35,26 37,24

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Celox Holding 30.7 % 55.9 % 29 Jan 2025
NG Invest Beta AB 6.9 % 10.3 % 29 Jan 2025
Fredrik Stenmo 4.3 % 7.6 % 31 Dec 2023
Patrik af Jochnick 2.5 % 4.6 % 29 Jan 2025
Anna af Jochnick 2.5 % 4.6 % 29 Jan 2025
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2023
Fjärde AP-fonden 9.3 % 1.7 % 29 Jan 2025
SEB Investment Management 2.5 % 0.5 % 29 Jan 2025
AMF Pension & Fonder 2.4 % 0.4 % 31 Jan 2025
Medicover AB 2.2 % 0.4 % 29 Jan 2025
Source: Holdings by Modular Finance AB