Medicover AB (SE:MCOV.B)
:MCOV.B
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Medicover AB
(MCOV.B)
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Rating:56Neutral
Price Target:
kr193.00
▼(-10.65% Downside)
Action:ReiteratedDate:02/18/26
The score is primarily held back by balance-sheet leverage and a high valuation (P/E ~36.7, low yield). Offsetting factors include improving fundamentals (2025 profitability and free-cash-flow rebound) and a positive earnings-call outlook with multi-year growth and margin targets. Technically, the stock’s trend remains weak-to-neutral with negative MACD and price below longer-term moving averages.
Positive Factors
Revenue growth & organic momentum
Sustained double-digit organic growth across Healthcare and Diagnostics indicates durable demand and scalable market penetration. Consistent organic expansion supports predictable revenue ramps from existing clinics, corporate contracts and test volumes, underpinning multi-year targets and capacity investments.
Negative Factors
Elevated leverage
Significantly higher leverage versus prior years reduces financial flexibility and increases interest and refinancing risk. Elevated debt constrains capacity for opportunistic M&A, raises sensitivity to cyclical or reimbursement shocks, and makes the company more dependent on sustained cash generation to meet deleveraging goals.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & organic momentum
Sustained double-digit organic growth across Healthcare and Diagnostics indicates durable demand and scalable market penetration. Consistent organic expansion supports predictable revenue ramps from existing clinics, corporate contracts and test volumes, underpinning multi-year targets and capacity investments.
Read all positive factors
Medicover AB (MCOV.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr29.26B
Dividend Yield0.66%
Average Volume (3M)56.76K
Price to Earnings (P/E)39.5
Beta (1Y)0.64
Revenue Growth13.89%
EPS Growth231.42%
CountrySE
Employees47,000
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)1.41
Shares Outstanding74,428,720
10 Day Avg. Volume49,170
30 Day Avg. Volume56,757
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)5.74
Price to Sales (P/S)1.29
P/FCF Ratio16.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.72
Revenue Forecast (FY)kr2.67B
Medicover AB Business Overview & Revenue Model
Company Description
Medicover AB (publ) provides healthcare and diagnostic services in Germany, Sweden, Poland, Turkey, Belarus, Bulgaria, Georgia, Hungary, Serbia, Moldova, Ukraine, and India. It operates through two segment, Healthcare Services and Diagnostic Servi...
How the Company Makes Money
Medicover makes money mainly by selling healthcare delivery services and diagnostic testing. Its core revenue streams typically include: (1) Healthcare Services: revenue from patient care delivered in its clinics and hospitals (e.g., consultations...
Medicover AB Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call emphasized multiple substantial operational and financial improvements—double-digit organic growth, stronger margins, large EBITDAaL expansion, improved cash generation, higher ROIC, deleveraging and a recommended dividend increase. These positive outcomes were balanced against a set of manageable near-term headwinds: Germany pricing reform, a strike-related disruption in India, losses from newly opened hospitals, seasonal softness and incomplete realization of some acquisition synergies. Management reiterated confidence with ambitious 3-year targets and detailed integration progress. On balance, the positives (broad revenue and profit growth, cash and return metrics, successful execution vs targets) outweigh the near-term challenges.Positive Updates
Strong top-line growth (Q4 and FY '25)
Q4 revenue EUR 611m with organic growth of 10.6%. Full year revenue grew 13.7% (organic 12.7%), delivering a revenue base just under EUR 2.4bn.
Negative Updates
Near-term softness and seasonal disruption
Management flagged predicted softness persisting into Q1; Q4 experienced unusual holiday-season effects and weather-driven slowdowns that constrained margin and activity in some markets.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong top-line growth (Q4 and FY '25)
Q4 revenue EUR 611m with organic growth of 10.6%. Full year revenue grew 13.7% (organic 12.7%), delivering a revenue base just under EUR 2.4bn.
Read all positive updates
Company Guidance
Management issued 3‑year targets to 2028 aiming for organic revenues > €3.25bn, adjusted organic EBITDA > €600m, adjusted EBITDAaL > €430m and illustrative EBIT > €290m, with leverage at or below 3.0x (versus ~3.1x today) and a dividend policy of up to 50% of net profit. As a baseline they closed FY25 with ~€2.4bn revenue (+13.7% y/y), EBITDAaL €243.1m (+40%, +190bps), EBIT €155.7m (6.5%, +310bps), EPS €0.514, ROIC ~13% (from 6.7%), net operating cash €343.7m (+31%) and Q4 revenue €611m / Q4 EBITDAaL €57m (9.3%, +140bps). Management expects continued organic growth and margin expansion (Q4 organic +10.6%; FY25 organic +12.7%; Healthcare organic +11% with Healthcare EBITDAaL €72.5m, +200bps; Diagnostics revenue +13.5% with Diagnostics EBIT €33.3m, margin 17.3%), similar ongoing CapEx intensity (~6–7% of revenue; Q4 CapEx ≈€57m) with growth skewed to Healthcare, and sustained strong cash generation to support the plan.Medicover AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
44
Neutral
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.38B | 2.09B | 1.75B | 1.51B | 1.38B |
| Gross Profit | 550.70M | 448.30M | 359.40M | 335.60M | 395.00M |
| EBITDA | 377.70M | 171.20M | 257.40M | 215.90M | 274.90M |
| Net Income | 77.50M | 16.70M | 17.60M | 11.80M | 101.80M |
Balance Sheet | |||||
| Total Assets | 2.42B | 2.14B | 1.94B | 1.83B | 1.68B |
| Cash, Cash Equivalents and Short-Term Investments | 88.20M | 82.80M | 64.40M | 49.10M | 277.90M |
| Total Debt | 1.44B | 1.24B | 1.00B | 940.00M | 764.60M |
| Total Liabilities | 1.88B | 1.65B | 1.41B | 1.32B | 1.12B |
| Stockholders Equity | 532.80M | 464.80M | 496.50M | 474.70M | 517.60M |
Cash Flow | |||||
| Free Cash Flow | 185.60M | 139.60M | 94.50M | 29.60M | 114.50M |
| Operating Cash Flow | 343.70M | 261.90M | 205.00M | 170.20M | 216.70M |
| Investing Cash Flow | -322.10M | -134.70M | -119.80M | -184.80M | -333.60M |
| Financing Cash Flow | -5.80M | -108.00M | -73.70M | -24.30M | 164.10M |
Medicover AB Technical Analysis
Neutral
216.00
Price Trends
202.67
Negative
211.66
Negative
236.81
Negative
Market Momentum
-4.03
Negative
48.23
Neutral
74.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MCOV.B, the sentiment is Neutral. The current price of 216 is above the 20-day moving average (MA) of 191.66, above the 50-day MA of 202.67, and below the 200-day MA of 236.81, indicating a neutral trend. The MACD of -4.03 indicates Negative momentum. The RSI at 48.23 is Neutral, neither overbought nor oversold. The STOCH value of 74.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:MCOV.B.
Medicover AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | kr16.05B | 11.62 | ― | 1.47% | 2.96% | 73.50% | |
63 Neutral | kr10.87B | 17.78 | 12.96% | 1.56% | 10.83% | 16.24% | |
63 Neutral | kr15.57B | 46.90 | 4.54% | ― | 17.13% | ― | |
56 Neutral | kr29.26B | 39.46 | ― | 0.66% | 13.89% | 231.42% | |
54 Neutral | kr27.59B | 63.17 | ― | ― | ― | ― | |
52 Neutral | kr2.45B | 10.62 | 7.53% | 2.01% | 2.11% | 92.69% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Medicover AB Corporate Events
Medicover Details €109m Social Finance Investments in 2025 Healthcare Projects
Mar 31, 2026
Medicover has released its 2025 Social Finance Investor Report, detailing how it uses debt instruments under a dedicated social finance framework to fund healthcare infrastructure that supports universal health coverage. The framework, originally ...
Medicover publishes comprehensive 2025 Annual Report
Mar 30, 2026
Medicover has released its 2025 Annual Report, produced in Swedish in the European Single Electronic Format and available via the company’s website. The document provides a comprehensive overview of the group’s performance, strategic d...
Medicover Sets 29 April Date for 2026 AGM With In-Person and Advance Voting Options
Mar 26, 2026
Medicover AB has called its annual general meeting for 29 April 2026 in Stockholm, giving shareholders the option to attend in person or to participate via advance postal or electronic voting. The detailed procedures reflect Sweden’s evolvin...
Medicover Delivers Strong 2025 Growth With Sharply Higher Profit and Dividend Hike
Feb 10, 2026
Medicover AB reported strong full-year 2025 results, with revenue rising 13.7% to €2.38 billion and organic growth of 12.7%, while operating profit more than doubled and net profit nearly quintupled, lifting margins across the board. The boa...
Medicover sets new 2026–2028 growth and margin targets
Feb 9, 2026
Medicover has set new financial targets for 2026–2028, aiming to grow organic revenue to more than €3.25 billion and organic adjusted EBITDA to above €600 million by 2028. The company plans to maintain net debt at or below three ...
Medicover Sets Date for Q4 and Year-End 2025 Results Presentation
Jan 22, 2026
Medicover AB has scheduled the publication of its year-end and fourth-quarter 2025 results for 10 February, with the report to be released ahead of trading and followed by an English-language conference call for media, analysts and investors later...
Medicover Schedules February 2026 Investor Update in Stockholm
Jan 7, 2026
Medicover AB will host an Investor Update in Stockholm on 11 February 2026, where its CEO and CFO will brief investors, analysts and media on the group’s strategy, business performance and key priorities. The English-language event, which wi...
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.