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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 2592,88 2886,99
Sales growth (%) 13,7 9 11,3
EBITDA 371 423 492
EBITDA margin (%) 15,6 16,3 17
EBIT adj. 156 193 236
EBIT adj. margin (%) 6,5 7,5 8,2
Pretax profit 98 126 174
EPS 0,51 0,62 0,84
EPS growth (%) N/A 20,3 36,3
EPS adj. 0,58 0,68 0,99
Dividend per share 0,2 0,23 0,28
EV/EBITDA (x) 12 10,6 9
EV/EBIT adj. (x) 28,7 23,1 18,7
P/E (x) 39,9 33,16 24,32
P/E adj. (x) 35,4 30 20,7
EV/sales (x) 1,88 1,72 1,53
FCF yield (%) 0,4 5,6 7
Le. adj. FCF yld. (%) -2,3 2,8 4,2
Dividend yield (%) 1 1,1 1,3
Net IB debt/EBITDA (x) 3,6 3,1 2,6
Le. adj. ND/EBITDA (x) 2,9 2,4 1,7
EURm 2025 2026e 2027e
Sales 2378,1 2592,88 2886,99
COGS -1827 -2019 -2420
Gross profit 551 574 467
Other operating items -180 -151 25
EBITDA 371 423 492
Depreciation and amortisation -296 -300 -288
Depreciation on leased assets -96 -100 -94
EBITA 170,6 206,9 266,11
Operating EO items 0 0 0
Impairment and amortisation charges -15 -14 -30
EBIT 155,7 193,2 236,11
Net financial items -59 -67 -62
Pretax profit 98 126 174
Tax -26 -34 -46
Net profit 73 92 128
Minority interest 5 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 78 94 128
EPS 0,51 0,62 0,84
EPS adj. 0,58 0,68 0,99
Total extraordinary items after tax 1 0 0
Leasing payments -96 -100 -94
Tax rate (%) 26,1 27,2 26,5
Gross margin (%) 23,2 22,1 16,2
EBITDA margin (%) 15,6 16,3 17
EBITA margin (%) 7,2 8 9,2
EBIT margin (%) 6,5 7,5 8,2
Pre-tax margin (%) 4,1 4,9 6
Net margin (%) 3,1 3,5 4,4
Sales growth (%) 13,7 9 11,3
EBITDA growth (%) 30,2 14 16,3
EBITA growth (%) 62,9 21,3 28,6
EBIT growth (%) N/A 24,1 22,2
Net profit growth (%) 397,9 26,2 39,5
EPS growth (%) N/A 20,3 36,3
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 15,5 16,8 20,3
ROE adj. (%) 18,3 19,3 25,1
ROCE (%) 8,5 9,6 11,2
ROCE adj. (%) 9,2 10,2 12,7
ROIC (%) 7,2 7,9 10,1
ROIC adj. (%) 7,2 7,9 10,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 371 423 492
EBITDA adj. margin (%) 15,6 16,3 17
EBITDA lease adj. 275 323 398
EBITDA lease adj. margin (%) 11,6 12,5 13,8
EBITA adj. 171 207 266
EBITA adj. margin (%) 7,2 8 9,2
EBIT adj. 156 193 236
EBIT adj. margin (%) 6,5 7,5 8,2
Pretax profit Adj. 112 140 204
Net profit Adj. 86 106 158
Net profit to shareholders adj. 91 108 158
Net adj. margin (%) 3,6 4,1 5,5
EURm 2025 2026e 2027e
EBITDA 371 423 492
Goodwill 655 660 660
Net financial items -59 -67 -62
Other intangible assets 158 187 237
Paid tax -26 -34 -46
Tangible fixed assets 528 500 481
Non-cash items 50 16 0
Right-of-use asset 521 507 500
Cash flow before change in WC 337 338 384
Other Fixed Assets All 62 67 67
Change in working capital 7 -29 -5
Fixed assets 1924 1920 1945
Operating cash flow 344 308 379
Inventories 67 84 89
Capex tangible fixed assets -79 -65 -81
Receivables 341 352 375
Capex intangible fixed assets -79 -65 -81
Other current assets 6 5 6
Acquisitions and Disposals -173 -2 0
Cash and liquid assets 83 114 168
Free cash flow 14 176 217
Total assets 2421 2475 2584
Dividend paid -23 -31 -35
Shareholders equity 533 584 677
Share issues and buybacks -8 -4 0
Minority 12 16 16
Leasing liability amortisation -85 -87 -87
Total equity 545 600 693
Other changes in net debt -71 -22 -32
Long-term debt 621 369 329
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 559 578 610
Total other long-term liabilities 73 57 57
Short-term debt 260 510 510
Accounts payable 311 298 318
Other current liabilities 52 63 67
Total liabilities and equity 2421 2475 2584
Net IB debt 1342 1327 1264
Net IB debt excl. pension debt 1342 1327 1264
Net IB debt excl. leasing 783 749 654
Capital employed 1985 2058 2143
Capital invested 1887 1927 1958
Working capital 51 80 86
Market cap. diluted (m) 3092 3112 3112
Net IB debt adj. 1357 1344 1281
Market value of minority 12 16 16
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4461 4472 4410
Total assets turnover (%) 104,3 105,9 114,1
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 (%) 246,3 221 182,3
Net debt / market cap (%) 43,4 42,6 40,6
Equity ratio (%) 22,5 24,3 26,8
Net IB debt adj. / equity (%) 249,1 223,8 184,7
Current ratio 0,8 0,64 0,71
EBITDA/net interest 6,3 6,3 7,9
Net IB debt/EBITDA (x) 3,6 3,1 2,6
Net IB debt/EBITDA lease adj. (x) 2,9 2,4 1,7
Interest coverage 2,9 3,1 4,3
EURm 2025 2026e 2027e
Shares outstanding adj. 151 152 152
Diluted shares adj. 151 152 152
EPS 0,51 0,62 0,84
Dividend per share 0,2 0,23 0,28
EPS adj. 0,58 0,68 0,99
BVPS 3,53 3,84 4,45
BVPS adj. -1,86 -1,72 -1,45
Net IB debt/share 8,99 8,84 8,43
Share price 226,5 226,5 226,5
Market cap. (m) 3092 3112 3112
P/E (x) 39,9 33,16 24,32
EV/sales (x) 1,88 1,72 1,53
EV/EBITDA (x) 12 10,6 9
EV/EBITA (x) 26,2 21,6 16,6
EV/EBIT (x) 28,7 23,1 18,7
Dividend yield (%) 1 1,1 1,3
FCF yield (%) 0,4 5,6 7
Le. adj. FCF yld. (%) -2,3 2,8 4,2
P/BVPS (x) 5,8 5,33 4,6
P/BVPS adj. (x) -25,32 -41,2 178,58
P/E adj. (x) 35,4 30 20,7
EV/EBITDA adj. (x) 12 10,6 9
EV/EBITA adj. (x) 26,2 21,6 16,6
EV/EBIT adj. (x) 28,7 23,1 18,7
EV/CE (x) 2,2 2,2 2,1
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -6,6 -5 -5,6
Capex/depreciation 0,8 0,7 0,8
Capex tangibles / tangible fixed assets 14,9 13,1 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 37,95 40,12 40,35

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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 % 26 Jun 2026
NG Invest Beta AB 6.0 % 10.5 % 26 Jun 2026
Fredrik Stenmo 4.3 % 7.6 % 12 Feb 2026
Patrik af Jochnick 2.6 % 4.6 % 26 Jun 2026
Anna af Jochnick 2.5 % 4.6 % 26 Jun 2026
Peder af Jochnick 2.5 % 4.5 % 31 Dec 2025
Fjärde AP-fonden 8.6 % 1.6 % 26 Jun 2026
AMF Pension & Fonder 2.9 % 0.5 % 30 Jun 2026
Swedbank Robur Fonder 2.3 % 0.4 % 30 Jun 2026
Vanguard 1.4 % 0.3 % 30 Jun 2026
Source: Holdings by Modular Finance AB