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DocMorris AG (CH:DOCM)
:DOCM
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DocMorris
(DOCM)
Rating:46Neutral
Price Target:
CHF6.50
▲(2.20%Upside)
Positive Factors
Revenue Growth
DocMorris released prelims with revenues increasing by 13.4% on a group level, showing strong performance.
Telemedicine Expansion
TeleClinic continues to grow by over 100%, confirming the goal to increase EBITDA margins, highlighting the potential in telemedicine.
Negative Factors
Capital Pressure
The balance sheet is under pressure, impacting potential for recovery.
Financial Outlook
For FY25, DOCM expects sales growth of over 10% and adjusted EBITDA of minus CHF 35 to minus CHF 55m, which appears cautious compared to consensus expectations.
DocMorris (DOCM) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF305.04M
Dividend YieldN/A
Average Volume (3M)581.08K
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth4.91%
EPS Growth14.99%
CountryCH
Employees1,454
SectorHealthcare
Sector Strength46
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-2.47
Shares Outstanding51,017,883
10 Day Avg. Volume629,102
30 Day Avg. Volume581,075
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.79
Price to Sales (P/S)0.00
P/FCF Ratio-1.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF18.69Price Target Upside193.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
DocMorris Business Overview & Revenue Model
Company DescriptionDocMorris is a leading European online pharmacy, primarily based in the Netherlands. It operates within the healthcare and pharmaceutical sectors, offering a wide range of products including prescription medications, over-the-counter medicines, vitamins, and wellness products. As a digital pharmacy, DocMorris focuses on providing convenient access to healthcare products with the support of digital services and efficient delivery mechanisms.
How the Company Makes MoneyDocMorris generates revenue primarily through the sale of prescription and non-prescription medications, as well as various health and wellness products. The company operates an e-commerce platform that facilitates online transactions, allowing customers to order medications and health products directly from its website. A significant portion of its revenue comes from the sale of prescription drugs, which require a valid prescription from a healthcare provider. Additionally, DocMorris benefits from partnerships with pharmaceutical manufacturers and healthcare providers, which can include agreements for exclusive product offerings or favorable purchasing terms. The company may also generate income from ancillary services, such as telemedicine consultations or subscription models for regular deliveries of health and wellness products.
DocMorris Earnings Call Summary
Earnings Call Date:Mar 13, 2025
(Q4-2024)
| % Change Since: -38.85%|
Next Earnings Date:Aug 19, 2025
Earnings Call Sentiment Positive
The earnings call presented several positive developments, such as a significant increase in Rx customers, profitability in the non-Rx business, and strategic growth plans. However, challenges remain with lower than expected EBITDA and limited short-term guidance due to the capital raise. Overall, the sentiment is cautiously optimistic with a strong focus on future growth.Q4-2024 Updates
Positive Updates
Significant Increase in Rx Customers
Since the introduction of CardLink in April 2024, there has been a fivefold increase in new Rx customers.
Profitability Achieved in Non-Rx Business
DocMorris AG reached profitability in its non-Rx business, attributed to strategic efforts and successful execution of a breakeven program.
Revenue Growth Across All Segments
Overall, there was a 7% increase in revenue with contributions from all business segments.
Teleclinic Revenue Doubled
Teleclinic achieved a milestone by doubling its revenues in 2024, demonstrating strong performance and attractive profitability metrics.
Strategic Capital Raise for Growth
DocMorris plans to raise about CHF200 million to support Rx growth and refinancing of the convertible bond 2026.
Sustainability Targets Met
DocMorris successfully reached its sustainability targets for 2024 and is aligned with the European Sustainability Reporting Standard.
Negative Updates
Lower Than Expected EBITDA
Adjusted EBITDA came in lower than last year, reflecting additional marketing expenses for the eRx business.
Challenges with Rx Growth in Early 2025
For Q1 2025, a further decreasing Rx growth in absolute value is expected, at a rate of about 50%.
Limited Guidance Due to Capital Raise
DocMorris is unable to provide a detailed short and midterm guidance due to restrictions related to the upcoming capital raise.
Company Guidance
In the recent conference call, DocMorris AG provided guidance for the upcoming fiscal year, highlighting several key metrics and strategic initiatives. The company reported a 7% increase in overall revenue for 2024, with a notable fivefold increase in new Rx customers since the introduction of CardLink. The non-Rx business reached profitability, contributing to an end-of-year cash balance of CHF95 million. For 2025, DocMorris aims to further expand Rx growth and plans to raise CHF200 million in capital to support this initiative and refinance a convertible bond due in 2026. Additionally, the Teleclinic segment doubled its revenues to CHF11 million, with a positive EBITDA of over CHF3 million, and is expected to continue its growth trajectory. The average order value for eRx customers reached €110, while over 85% of these customers utilized the app for prescriptions, resulting in a next-day home delivery rate exceeding 95%. The company also emphasized its commitment to sustainability, aligning its activities with the European Sustainability Reporting Standard. Despite a temporary lack of detailed guidance due to ongoing capital raising efforts, DocMorris expressed confidence in its strategic direction and market opportunities.DocMorris Financial Statement Overview
Summary
DocMorris is experiencing severe financial challenges with declining revenues, negative profitability, and significant cash flow issues. The balance sheet provides some stability, but overall financial health is weak, necessitating strategic improvements.Income Statement
DocMorris has shown a decline in total revenue over the recent periods, with a negative net profit margin indicating significant losses. The gross profit margin remains relatively low, and the absence of EBIT suggests operational challenges. Overall, the income statement reflects a struggling financial performance with a concerning trend in revenue and profitability.40
Negative
Balance Sheet
The company's balance sheet indicates a moderate debt-to-equity ratio, suggesting manageable leverage. However, the equity ratio is not particularly strong, and stockholders' equity has decreased over time. Despite these challenges, the company's assets still exceed its liabilities, providing some financial stability.55
Neutral
Cash Flow
DocMorris has experienced negative operating cash flow, indicating cash flow difficulties. The free cash flow is also negative, and the free cash flow growth rate is concerning. The company needs to improve its cash generation to support its operations and growth.45
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.02B | 969.46M | 1.61B | 1.73B | 1.48B |
| Gross Profit | 216.54M | 203.35M | 245.63M | 260.05M | 241.33M |
| EBITDA | -37.02M | -54.57M | -109.79M | -159.35M | -76.13M |
| Net Income | -97.25M | 82.28M | -171.12M | -225.74M | -135.69M |
Balance Sheet | |||||
| Total Assets | 778.13M | 866.42M | 1.10B | 1.27B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 95.37M | 104.03M | 156.40M | 278.20M | 300.97M |
| Total Debt | 312.21M | 330.81M | 528.64M | 525.15M | 526.43M |
| Total Liabilities | 438.02M | 435.89M | 748.67M | 784.29M | 746.74M |
| Stockholders Equity | 340.11M | 430.53M | 350.78M | 484.92M | 531.74M |
Cash Flow | |||||
| Free Cash Flow | -55.21M | -115.12M | -156.58M | -194.11M | -127.34M |
| Operating Cash Flow | -26.60M | -87.42M | -97.29M | -130.63M | -67.51M |
| Investing Cash Flow | 93.88M | 219.82M | -89.77M | -67.33M | -199.86M |
| Financing Cash Flow | -26.00M | -202.63M | 39.11M | 179.72M | 363.25M |
DocMorris Technical Analysis
Negative
6.36
Price Trends
9.01
Negative
9.19
Negative
11.66
Negative
Market Momentum
-0.77
Negative
33.89
Neutral
36.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DOCM, the sentiment is Negative. The current price of 6.36 is below the 20-day moving average (MA) of 7.33, below the 50-day MA of 9.01, and below the 200-day MA of 11.66, indicating a bearish trend. The MACD of -0.77 indicates Negative momentum. The RSI at 33.89 is Neutral, neither overbought nor oversold. The STOCH value of 36.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:DOCM.
DocMorris Peers Comparison
Overall Rating
UnderperformOutperform
Sector (46)
Financial Indicators
Performance Comparison
CH:DOCM
DocMorris
6.43
-19.52
-75.22%
CH:KURN
Kuros Biosciences
28.40
16.18
132.41%
DocMorris Corporate Events
DocMorris AG Completes Successful Rights Offering
May 21, 2025
DocMorris AG successfully completed its rights offering, with 98.7% of subscription rights exercised, generating approximately CHF 200 million in gross proceeds. This capital increase aims to support the company’s growth in prescription drugs, marketing expenses, and potential bond repayment. The new shares will be listed on the SIX Swiss Exchange, enhancing DocMorris’s financial position and strategic growth plans.
The most recent analyst rating on (CH:DOCM) stock is a Sell with a CHF19.00 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.
Pelion Acquires Significant Stake in DocMorris
May 20, 2025
Pelion S.A., the largest healthcare company in Poland, has acquired a 9.68% stake in DocMorris AG, marking a significant strategic investment in the Swiss-based online pharmacy and healthcare marketplace. This participation by Pelion, which is active in multiple European countries, is expected to bolster DocMorris’s industry positioning and expand its market influence, particularly given Pelion’s extensive experience in the pharmacy business.
The most recent analyst rating on (CH:DOCM) stock is a Sell with a CHF19.00 price target. To see the full list of analyst forecasts on DocMorris stock, see the CH:DOCM Stock Forecast page.
DocMorris AG Shareholders Approve CHF 200 Million Capital Increase
May 8, 2025
DocMorris AG’s shareholders have approved a capital increase through a rights issue to raise approximately CHF 200 million, aimed at financing growth in prescription drugs and achieving positive cash flow by 2027. The capital increase will also support marketing expenses and potentially repay a CHF 95 million convertible bond. The rights issue involves offering new shares to existing shareholders and eligible investors, with trading and settlement scheduled for May 2025.
DocMorris Announces CHF 200 Million Capital Increase to Boost Growth
May 8, 2025
DocMorris AG announced the final details of its planned capital increase, amounting to approximately CHF 200 million, during its General Meeting. The capital is intended to finance growth in prescription drugs and potentially repay a convertible bond. The company reported a 13.4% increase in external sales in the first quarter of 2025, despite a negative EBITDA, and continues to see growth in its Rx business and telemedicine services. The capital increase is expected to strengthen DocMorris’s market position and support its medium-term financial goals.
DocMorris Secures CHF 200 Million for Strategic Growth
Apr 10, 2025
DocMorris AG has announced a significant capital increase of CHF 200 million to support its growth strategy, particularly in the prescription drug segment, which saw a 52.3% increase in sales in the first quarter of 2025. The company aims to achieve sustainable growth with a focus on profitability, targeting an EBITDA breakeven by 2026 and positive free cash flow by 2027, while continuing to expand its TeleClinic services and marketplace offerings.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.