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Medicover

OM:MCOV B
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MCOV B
OM
SEK12B
Market Cap
  1. Home
  2. SE
  3. Healthcare
Company description

Medicover AB (publ) provides diagnostic and healthcare services in Germany, Romania, Ukraine, Poland, Belarus, Moldova, Serbia, Turkey, Georgia, Bulgaria, India, and Hungary. The last earnings update was 43 days ago. More info.


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MCOV B Share Price and Events
7 Day Returns
4.2%
OM:MCOV B
-0.2%
SE Healthcare
1.6%
SE Market
1 Year Returns
17.4%
OM:MCOV B
-2.6%
SE Healthcare
4%
SE Market
MCOV B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Medicover (MCOV B) 4.2% 7.5% 8.9% 17.4% - -
SE Healthcare -0.2% 1% -5.8% -2.6% -18.4% 41.6%
SE Market 1.6% 1.9% 2.1% 4% 20.3% 19.2%
1 Year Return vs Industry and Market
  • MCOV B outperformed the Healthcare industry which returned -2.6% over the past year.
  • MCOV B outperformed the Market in Sweden which returned 4% over the past year.
Price Volatility
MCOV B
Industry
5yr Volatility vs Market

MCOV B Value

 Is Medicover undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Medicover to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Medicover.

OM:MCOV B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.5%
Perpetual Growth Rate 10-Year SE Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OM:MCOV B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SE Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.638 (1 + (1- 22%) (26.52%))
0.846
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.43% + (0.846 * 5.96%)
5.47%

Discounted Cash Flow Calculation for OM:MCOV B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Medicover is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OM:MCOV B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.47%)
2019 39.00 Analyst x1 36.98
2020 35.80 Analyst x2 32.18
2021 48.55 Analyst x2 41.38
2022 58.89 Est @ 21.31% 47.59
2023 67.75 Est @ 15.04% 51.90
2024 74.98 Est @ 10.66% 54.45
2025 80.67 Est @ 7.59% 55.55
2026 85.06 Est @ 5.45% 55.53
2027 88.42 Est @ 3.94% 54.73
2028 90.97 Est @ 2.89% 53.38
Present value of next 10 years cash flows €483.67
OM:MCOV B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €90.97 × (1 + 0.43%) ÷ (5.47% – 0.43%)
€1,812.61
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,812.61 ÷ (1 + 5.47%)10
€1,063.68
OM:MCOV B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €483.67 + €1,063.68
€1,547.34
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,547.34 / 133.34
€11.6
OM:MCOV B Discount to Share Price
Calculation Result
Exchange Rate EUR/SEK
(Reporting currency to currency of OM:MCOV B)
10.635
Value per Share
(SEK)
= Value per Share in EUR x Exchange Rate (EUR/SEK)
= €11.6 x 10.635
SEK123.42
Value per share (SEK) From above. SEK123.42
Current discount Discount to share price of SEK86.50
= -1 x (SEK86.50 - SEK123.42) / SEK123.42
29.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Medicover is available for.
Intrinsic value
30%
Share price is SEK86.5 vs Future cash flow value of SEK123.42
Current Discount Checks
For Medicover to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Medicover's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Medicover's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Medicover's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Medicover's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OM:MCOV B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.17
OM:MCOV B Share Price ** OM (2019-06-14) in SEK SEK86.5
OM:MCOV B Share Price converted to EUR reporting currency Exchange rate (SEK/ EUR) 0.094 €8.13
Sweden Healthcare Industry PE Ratio Median Figure of 10 Publicly-Listed Healthcare Companies 15.36x
Sweden Market PE Ratio Median Figure of 325 Publicly-Listed Companies 16.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Medicover.

OM:MCOV B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:MCOV B Share Price ÷ EPS (both in EUR)

= 8.13 ÷ 0.17

47.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Medicover is overvalued based on earnings compared to the SE Healthcare industry average.
  • Medicover is overvalued based on earnings compared to the Sweden market.
Price based on expected Growth
Does Medicover's expected growth come at a high price?
Raw Data
OM:MCOV B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 47.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
23.8%per year
Sweden Healthcare Industry PEG Ratio Median Figure of 6 Publicly-Listed Healthcare Companies 1.09x
Sweden Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

OM:MCOV B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 47.62x ÷ 23.8%

2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Medicover is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Medicover's assets?
Raw Data
OM:MCOV B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €2.38
OM:MCOV B Share Price * OM (2019-06-14) in SEK SEK86.5
OM:MCOV B Share Price converted to EUR reporting currency Exchange rate (SEK/ EUR) 0.094 €8.13
Sweden Healthcare Industry PB Ratio Median Figure of 10 Publicly-Listed Healthcare Companies 1.5x
Sweden Market PB Ratio Median Figure of 568 Publicly-Listed Companies 2.49x
OM:MCOV B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:MCOV B Share Price ÷ Book Value per Share (both in EUR)

= 8.13 ÷ 2.38

3.42x

* Primary Listing of Medicover.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Medicover is overvalued based on assets compared to the SE Healthcare industry average.
X
Value checks
We assess Medicover's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Healthcare industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Healthcare industry average (and greater than 0)? (1 check)
  5. Medicover has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MCOV B Future Performance

 How is Medicover expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
23.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Medicover expected to grow at an attractive rate?
  • Medicover's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Medicover's earnings growth is expected to exceed the Sweden market average.
  • Medicover's revenue growth is expected to exceed the Sweden market average.
Annual Growth Rates Comparison
Raw Data
OM:MCOV B Future Growth Rates Data Sources
Data Point Source Value (per year)
OM:MCOV B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 23.8%
OM:MCOV B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 9.5%
Sweden Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 24.3%
Sweden Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 8.4%
Sweden Market Earnings Growth Rate Market Cap Weighted Average 8.5%
Sweden Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OM:MCOV B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OM:MCOV B Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 992 1
2021-12-31 1,030 106 41 3
2020-12-31 931 91 33 3
2019-12-31 831 93 25 2
OM:MCOV B Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 709 55 23
2018-12-31 672 44 25
2018-09-30 643 60 29
2018-06-30 620 54 28
2018-03-31 600 55 23
2017-12-31 580 50 19
2017-09-30 560 40 10
2017-06-30 540 36 9
2017-03-31 522 31 6
2016-12-31 497 26 4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Medicover's earnings are expected to grow significantly at over 20% yearly.
  • Medicover's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OM:MCOV B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Medicover Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:MCOV B Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.31 0.31 0.30 2.00
2020-12-31 0.25 0.25 0.24 2.00
2019-12-31 0.18 0.18 0.18 2.00
OM:MCOV B Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.17
2018-12-31 0.18
2018-09-30 0.22
2018-06-30 0.21
2018-03-31 0.18
2017-12-31 0.16
2017-09-30 0.09
2017-06-30 0.10
2017-03-31 0.06
2016-12-31 0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Medicover is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Medicover's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Sweden market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Sweden market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Medicover has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MCOV B Past Performance

  How has Medicover performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Medicover's growth in the last year to its industry (Healthcare).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Medicover has delivered over 20% year on year earnings growth in the past 5 years.
  • Medicover's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Medicover's 1-year earnings growth is negative, it can't be compared to the SE Healthcare industry average.
Earnings and Revenue History
Medicover's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Medicover Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:MCOV B Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 709.40 22.70 139.80
2018-12-31 671.60 24.60 131.30
2018-09-30 643.10 29.30 124.10
2018-06-30 619.70 27.70 120.00
2018-03-31 600.20 22.90 116.50
2017-12-31 580.20 18.70 113.20
2017-09-30 560.00 10.40 109.90
2017-06-30 540.10 9.30 105.70
2017-03-31 522.10 6.10 104.20
2016-12-31 497.30 4.30 98.90
2015-12-31 415.60 7.50 79.20
2014-12-31 365.30 4.30 70.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Medicover has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Medicover used its assets less efficiently than the SE Healthcare industry average last year based on Return on Assets.
  • Medicover's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Medicover's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Healthcare industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Medicover has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MCOV B Health

 How is Medicover's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Medicover's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Medicover is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Medicover's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Medicover's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Medicover Company Filings, last reported 2 months ago.

OM:MCOV B Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 321.50 287.60 48.80
2018-12-31 323.90 131.80 63.10
2018-09-30 316.50 129.40 74.20
2018-06-30 313.20 75.70 36.60
2018-03-31 311.20 57.80 30.40
2017-12-31 304.00 57.20 45.40
2017-09-30 303.90 61.30 54.40
2017-06-30 305.60 59.80 53.40
2017-03-31 105.40 227.40 20.60
2016-12-31 98.80 210.70 18.40
2015-12-31 93.20 141.20 17.20
2014-12-31 90.50 111.00 11.80
  • Medicover's level of debt (45.6%) compared to net worth is high (greater than 40%).
  • Unable to establish if Medicover's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (37.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.7x coverage).
X
Financial health checks
We assess Medicover's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Medicover has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MCOV B Dividends

 What is Medicover's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Medicover dividends. Estimated to be 0.74% next year.
If you bought SEK2,000 of Medicover shares you are expected to receive SEK0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Medicover's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Medicover's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OM:MCOV B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Sweden Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 1.6%
Sweden Market Average Dividend Yield Market Cap Weighted Average of 244 Stocks 3.2%
Sweden Minimum Threshold Dividend Yield 10th Percentile 1.1%
Sweden Bottom 25% Dividend Yield 25th Percentile 1.8%
Sweden Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OM:MCOV B Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31 0.08 2.00
2020-12-31 0.06 2.00
2019-12-31 0.05 2.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Medicover has not reported any payouts.
  • Unable to verify if Medicover's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Medicover's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Medicover has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Medicover's dividends in 3 years as they are not expected to pay a notable one for Sweden.
X
Income/ dividend checks
We assess Medicover's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Medicover afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Medicover has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MCOV B Management

 What is the CEO of Medicover's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Fredrik Rågmark
COMPENSATION €3,351,000
AGE 55
CEO Bio

Mr. Fredrik Rågmark serves as the Group Chief Executive Officer of Medicover AB (publ). Mr. Rågmark has been employed with Medicover since 1996. He serves as Managing Director and Board Member of Kalvskär AB. From 1995 to 2001, Mr. Rågmark served as the Chief Executive Officer and Managing Director at Oresa (Oresa Ventures) from 1995 to 2001. He served as a Business Development Manager at Oriflame Eastern Europe. Mr. Rågmark has been a Director of Medicover AB (publ) since 1997. He served as a Member of Advisory Board of Oresa. He served as a Director of Oresa. Mr. Rågmark holds B.A. in Economics from Stockholm School of Economics and a Master of Law from University of Stockholm.

CEO Compensation
  • Fredrik's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Fredrik's remuneration is higher than average for companies of similar size in Sweden.
Management Team

Fredrik Rågmark

TITLE
CEO & Director
COMPENSATION
€3M
AGE
55

Joe Ryan

TITLE
Chief Financial Officer
AGE
53

Anthony Cameron

TITLE
Chief Information Officer
AGE
59

Hanna Bjellquist

TITLE
Head of Investor Relations

Jenny Brandt

TITLE
General Legal Counsel
AGE
44

Andrew Vallance-Owen

TITLE
Chief Marketing Officer
AGE
67

Liselotte Bergmark

TITLE
Group Human Resource Director
AGE
52
TENURE
1.4 yrs

John Stubbington

TITLE
Chief Operating Officer of Healthcare Services
AGE
50
TENURE
3.3 yrs

Benedikt Von Braunmühl

TITLE
Chief Operating Officer of Diagnostic Services
AGE
50

Marcin Radziwill

TITLE
Chief Executive Officer of Medicover Foundation
Board of Directors Tenure

Average tenure and age of the Medicover board of directors in years:

9.9
Average Tenure
58
Average Age
  • The tenure for the Medicover board of directors is about average.
Board of Directors

Fredrik Stenmo

TITLE
Chairman
COMPENSATION
€75K
AGE
47
TENURE
2.4 yrs

Fredrik Rågmark

TITLE
CEO & Director
COMPENSATION
€3M
AGE
55
TENURE
22.4 yrs

Michael Flemming

TITLE
Director
COMPENSATION
€55K
AGE
61
TENURE
4.4 yrs

Margareta Nordenvall

TITLE
Director
COMPENSATION
€48K
AGE
64
TENURE
18.4 yrs

Arno Bohn

TITLE
Director
COMPENSATION
€40K
AGE
71
TENURE
18.4 yrs

Robert Jochnick

TITLE
Director
COMPENSATION
€40K
AGE
78
TENURE
12.4 yrs

Peder Jochnick

TITLE
Director
COMPENSATION
€40K
AGE
47
TENURE
7.4 yrs

Sonali Chandmal

TITLE
Director
COMPENSATION
€48K
AGE
50
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
21. Feb 19 Buy Robert Jochnick Individual 20. Feb 19 20. Feb 19 100,000 SEK77.90 SEK7,790,000
19. Feb 19 Buy Fredrik Stenmo Individual 19. Feb 19 19. Feb 19 16,000 SEK80.22 SEK1,283,520
19. Feb 19 Buy Robert Jochnick Individual 15. Feb 19 18. Feb 19 44,228 SEK76.57 SEK3,326,561
06. Aug 18 Buy Robert Jochnick Individual 03. Aug 18 03. Aug 18 150,000 SEK80.23 SEK12,034,995
X
Management checks
We assess Medicover's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Medicover has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MCOV B News

Simply Wall St News

Read This Before Selling Medicover AB (publ) (STO:MCOV B) Shares

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Medicover Medicover Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Director Robert Jochnick bought kr12m worth of shares at a price of kr80.23 per share. … OM:MCOV B Recent Insider Trading, June 13th 2019 Medicover is not the only stock that insiders are buying. … Judging from their transactions, and high insider ownership, Medicover insiders feel good about the company's future.

Simply Wall St -

Is Medicover AB (publ) (STO:MCOV B) Undervalued After Accounting For Its Future Growth?

Medicover is trading at price-to-earnings (PE) ratio of 44.78x, this tells us the stock is overvalued compared to the SE market average ratio of 16.58x , and overvalued based on current earnings compared to the Healthcare industry average of 14.6x. … However, since Medicover is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … This means that, when we account for Medicover's growth, the stock can be viewed as a bit overvalued , based on the fundamentals.

Simply Wall St -

Are Medicover AB (publ)'s (STO:MCOV B) Interest Costs Too High?

MCOV B’s Debt (And Cash Flows) MCOV B's debt levels surged from €58m to €288m over the last 12 months , which accounts for long term debt. … Additionally, MCOV B has generated €55m in operating cash flow over the same time period, resulting in an operating cash to total debt ratio of 19%, meaning that MCOV B’s operating cash is less than its debt. … Looking at MCOV B’s €137m in current liabilities, it seems that the business has been able to meet these obligations given the level of current assets of €182m, with a current ratio of 1.33x.

Simply Wall St -

Medicover AB (publ) (STO:MCOV B) Delivered A Weaker ROE Than Its Industry

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every SEK1 worth of equity in the company, it was able to earn SEK0.082. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Medicover AB (publ)’s (STO:MCOV B) Investment Returns Are Lagging Its Industry

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Medicover AB (publ) (STO:MCOV B): What We Can Expect From This Growth Stock

Based on Medicover AB (publ)'s (STO:MCOV B) earnings update on 31 December 2018, … analyst forecasts seem fairly subdued, … the higher past 5-year average growth rate of 45%.

Simply Wall St -

The Medicover (STO:MCOV B) Share Price Is Up 29% And Shareholders Are Holding On

To wit, the Medicover AB (publ) (STO:MCOV B) share price is 29% higher than it was a year ago, much better than the market return of around 4.4% (not including dividends) in the same period. … We'll need to follow Medicover for a while to get a better sense of its share price trend, since it hasn't been listed for particularly long. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Simply Wall St -

Medicover AB (publ) (STO:MCOV B): Poised For Long-Term Success?

Medicover AB (publ)'s (STO:MCOV B) latest earnings update in December 2018a … confirmed … business

Simply Wall St -

Does Medicover AB (publ) (STO:MCOV B) Generate Enough Cash?

I’ve analysed below, the health and outlook of Medicover’s cash flow, which will help you understand the stock from a cash standpoint. … Medicover’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … I will be analysing Medicover’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

MCOV B Company Info

Description

Medicover AB (publ) provides diagnostic and healthcare services in Germany, Romania, Ukraine, Poland, Belarus, Moldova, Serbia, Turkey, Georgia, Bulgaria, India, and Hungary. The company operates in two divisions, Diagnostic Services and Healthcare Services. Its diagnostic services consist of various tests, including allergy and autoimmune diagnostics, bacteriology, parasitology, biochemistry and immunochemistry, blood group diagnostics/transfusion medicine, tumour markers, clinical chemistry, cytology, haematology, histopathology, human genetics, hygiene, immunology and immunochemistry, infectious diseases, microbiology, molecular biology, and pharmacology/toxicology. The company offers outpatient and inpatient healthcare services, including fertility treatment, dental, elderly care, eye care, and skin and wellness services, as well as fitness and pharmacy solutions. It operates a network 95 clinical laboratories and 570 blood-drawing points in 10 countries; and 108 medical clinics, 23 fertility clinics, 17 hospitals, and 26 dental clinics. The company serves corporate and private customers, and patients. Medicover AB (publ) was founded in 1995 and is headquartered in Stockholm, Sweden.

Details
Name: Medicover AB (publ)
MCOV B
Exchange: OM
Founded: 1995
SEK11,533,494,367
133,335,195
Website: http://www.medicover.com
Address: Medicover AB (publ)
Riddargatan 12A,
PO Box 55720,
Stockholm,
Stockholm County, 114 83,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM MCOV B Class B Shares OMX Nordic Exchange Stockholm SE SEK 23. May 2017
DB 5M0B Class B Shares Deutsche Boerse AG DE EUR 23. May 2017
LSE 0RPS Class B Shares London Stock Exchange GB SEK 23. May 2017
OTCPK MCVE.Y UNSPONSRED ADS Pink Sheets LLC US USD 05. Oct 2018
Number of employees
Current staff
Staff numbers
20,970
Medicover employees.
Industry
Health Care Services
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 21:54
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/05
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.