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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 (69% of 2025 sales) and Diagnostic Services (31%). 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 (52% of sales), Germany (16%), Romania (13%) and India (9%).

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 2378,1 2625,85 2926,75
Sales growth (%) 13,7 10,4 11,5
EBITDA 371 428 497
EBITDA margin (%) 15,6 16,3 17
EBIT adj. 156 195 241
EBIT adj. margin (%) 6,5 7,4 8,2
Pretax profit 98 131 179
EPS 0,51 0,64 0,87
EPS growth (%) N/A 25,2 35,8
EPS adj. 0,58 0,71 1,02
Dividend per share 0,2 0,23 0,28
EV/EBITDA (x) 11,1 9,6 8,1
EV/EBIT adj. (x) 26,6 21,1 16,8
P/E (x) 35,7 28,51 21
P/E adj. (x) 31,7 25,6 18
EV/sales (x) 1,74 1,57 1,38
FCF yield (%) 0,5 6 7,9
Le. adj. FCF yld. (%) -2,6 2,9 4,8
Dividend yield (%) 1,1 1,3 1,5
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 2378,1 2625,85 2926,75
COGS -1827 -2060 -2420
Gross profit 551 566 507
Other operating items -180 -138 -10
EBITDA 371 428 497
Depreciation and amortisation -296 -293 -288
Depreciation on leased assets -96 -99 -94
EBITA 170,6 209,94 271,24
Operating EO items 0 0 0
Impairment and amortisation charges -15 -15 -30
EBIT 155,7 195,14 241,24
Net financial items -59 -65 -62
Pretax profit 98 131 179
Tax -26 -35 -47
Net profit 73 96 132
Minority interest 5 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 97 132
EPS 0,51 0,64 0,87
EPS adj. 0,58 0,71 1,02
Total extraordinary items after tax 1 0 0
Leasing payments -96 -99 -94
Tax rate (%) 26,1 26,8 26,5
Gross margin (%) 23,2 21,6 17,3
EBITDA margin (%) 15,6 16,3 17
EBITA margin (%) 7,2 8 9,3
EBIT margin (%) 6,5 7,4 8,2
Pre-tax margin (%) 4,1 5 6,1
Net margin (%) 3,1 3,6 4,5
Sales growth (%) 13,7 10,4 11,5
EBITDA growth (%) 30,2 15,3 16,2
EBITA growth (%) 62,9 23,1 29,2
EBIT growth (%) N/A 25,3 23,6
Net profit growth (%) 397,9 31,4 37,9
EPS growth (%) N/A 25,2 35,8
Profitability N/A N/A N/A
ROE (%) 15,5 17,2 20,5
ROE adj. (%) 18,3 19,8 25,1
ROCE (%) 8,5 9,7 11,6
ROCE adj. (%) 9,2 10,5 13,1
ROIC (%) 7,2 8,1 10,3
ROIC adj. (%) 7,2 8,1 10,3
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 371 428 497
EBITDA adj. margin (%) 15,6 16,3 17
EBITDA lease adj. 275 329 403
EBITDA lease adj. margin (%) 11,6 12,5 13,8
EBITA adj. 171 210 271
EBITA adj. margin (%) 7,2 8 9,3
EBIT adj. 156 195 241
EBIT adj. margin (%) 6,5 7,4 8,2
Pretax profit Adj. 112 145 209
Net profit Adj. 86 110 162
Net profit to shareholders adj. 91 112 162
Net adj. margin (%) 3,6 4,2 5,5
EURm 2025 2026e 2027e
EBITDA 371 428 497
Goodwill 655 661 661
Net financial items -59 -65 -62
Other intangible assets 158 202 254
Paid tax -26 -35 -47
Tangible fixed assets 528 499 481
Non-cash items 50 10 0
Right-of-use asset 521 503 496
Cash flow before change in WC 337 338 388
Other Fixed Assets All 62 70 70
Change in working capital 7 -31 -5
Fixed assets 1924 1936 1963
Operating cash flow 344 308 383
Inventories 67 85 91
Capex tangible fixed assets -79 -70 -82
Receivables 341 358 380
Capex intangible fixed assets -79 -70 -82
Other current assets 6 6 6
Acquisitions and Disposals -173 -1 0
Cash and liquid assets 83 83 140
Free cash flow 14 167 219
Total assets 2421 2468 2580
Dividend paid -23 -27 -35
Shareholders equity 533 595 692
Share issues and buybacks -8 0 0
Minority 12 19 19
Leasing liability amortisation -85 -87 -87
Total equity 545 614 710
Other changes in net debt -71 -25 -32
Long-term debt 621 598 558
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 559 579 611
Total other long-term liabilities 73 73 73
Short-term debt 260 237 237
Accounts payable 311 303 322
Other current liabilities 52 64 68
Total liabilities and equity 2421 2468 2580
Net IB debt 1342 1315 1250
Net IB debt excl. pension debt 1342 1315 1250
Net IB debt excl. leasing 783 736 639
Capital employed 1985 2028 2117
Capital invested 1887 1928 1961
Working capital 51 82 87
Market cap. diluted (m) 2767 2767 2767
Net IB debt adj. 1357 1331 1267
Market value of minority 12 19 19
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4136 4116 4052
Total assets turnover (%) 104,3 107,4 116
Working capital/sales (%) 2,3 2,5 2,9
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 246,3 214,2 175,9
Net debt / market cap (%) 48,5 47,5 45,2
Equity ratio (%) 22,5 24,9 27,5
Net IB debt adj. / equity (%) 249,1 216,9 178,3
Current ratio 0,8 0,88 0,98
EBITDA/net interest 6,3 6,6 8
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 3,2 4,4
EURm 2025 2026e 2027e
Shares outstanding adj. 151 151 151
Diluted shares adj. 151 151 151
EPS 0,51 0,64 0,87
Dividend per share 0,2 0,23 0,28
EPS adj. 0,58 0,71 1,02
BVPS 3,53 3,94 4,58
BVPS adj. -1,86 -1,78 -1,48
Net IB debt/share 8,99 8,82 8,39
Share price 200 200 200
Market cap. (m) 2767 2767 2767
P/E (x) 35,7 28,51 21
EV/sales (x) 1,74 1,57 1,38
EV/EBITDA (x) 11,1 9,6 8,1
EV/EBITA (x) 24,2 19,6 14,9
EV/EBIT (x) 26,6 21,1 16,8
Dividend yield (%) 1,1 1,3 1,5
FCF yield (%) 0,5 6 7,9
Le. adj. FCF yld. (%) -2,6 2,9 4,8
P/BVPS (x) 5,19 4,65 4
P/BVPS adj. (x) -22,66 -42,06 89,32
P/E adj. (x) 31,7 25,6 18
EV/EBITDA adj. (x) 11,1 9,6 8,1
EV/EBITA adj. (x) 24,2 19,6 14,9
EV/EBIT adj. (x) 26,6 21,1 16,8
EV/CE (x) 2,1 2 1,9
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -6,6 -5,3 -5,6
Capex/depreciation 0,8 0,7 0,8
Capex tangibles / tangible fixed assets 14,9 14 17
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 37,95 38,99 40,3

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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 Apr 2026
NG Invest Beta AB 6.0 % 10.5 % 28 Apr 2026
Fredrik Stenmo 4.3 % 7.6 % 12 Feb 2026
Patrik af Jochnick 2.6 % 4.6 % 28 Apr 2026
Anna af Jochnick 2.5 % 4.6 % 28 Apr 2026
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2025
Fjärde AP-fonden 8.7 % 1.6 % 28 Apr 2026
AMF Pension & Fonder 2.8 % 0.5 % 30 Apr 2026
Swedbank Robur Fonder 2.4 % 0.4 % 30 Apr 2026
Medicover AB 1.7 % 0.3 % 28 Apr 2026
Source: Holdings by Modular Finance AB