Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Morning Review
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Insider Transactions
  • inderesTV
  • Portfolio
  • Forum
  • Premium
  • Femme
  • Learn
    • Investing School
    • Q&A
    • Analysis School
  • About Us
    • Our Coverage
    • Team
Third party research

Medicover: Full steam ahead - ABG

Medicover

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Q2'25 numbers due on 24 July at 07:45 CET
Adj. EBITDA flat, EBIT up 2% for '25e-'27e
Unchanged story, fair value range up to SEK 190-270 (180-260)


Q2'25 expectations

Ahead of Q2, Medicover’s strong growth trajectory and expanding margins are expected to continue, supported by positive momentum across key regions. While we do not expect the full extent of the Q1 margin expansion to reoccur, we anticipate further improvements across both segments. We expect India to return to growth following short-term softness in Q1 and pencil in organic growth of 16% for HS, with an EBITDAaL margin of 11.4%, as units mature and scale improves. For DS, we see slightly softer development in Germany, where the full impact of reimbursement changes has yet to play out, and forecast organic growth of 16% and an EBITDAaL margin of 13.1%, helped by improved operational leverage. At the Group level, we expect sales of EUR 597m, driven by 16% organic growth, with EBITDAaL of EUR 60m and adj. EBITDA of EUR 94m, for a margin of 15.7%.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.