OM:MCOV B

Stock Analysis Report

Executive Summary

Medicover AB (publ) provides diagnostic and healthcare services in Germany, Romania, Ukraine, Poland, Belarus, Moldova, Serbia, Turkey, Georgia, Bulgaria, India, and Hungary.

Snowflake

Fundamentals

Reasonable growth potential with imperfect balance sheet.


Similar Companies

Share Price & News

How has Medicover's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.4%

MCOV B

2.4%

SE Healthcare

2.7%

SE Market


1 Year Return

8.9%

MCOV B

-10.3%

SE Healthcare

9.4%

SE Market

Return vs Industry: MCOV B exceeded the Swedish Healthcare industry which returned -10.3% over the past year.

Return vs Market: MCOV B matched the Swedish Market which returned 9.4% over the past year.


Shareholder returns

MCOV BIndustryMarket
7 Day2.4%2.4%2.7%
30 Day5.6%1.8%1.4%
90 Day2.4%6.5%4.1%
1 Year8.9%8.9%-9.1%-10.3%14.0%9.4%
3 Yearn/a-17.4%-21.4%31.3%11.7%
5 Yearn/a166.2%128.1%63.0%28.3%

Price Volatility Vs. Market

How volatile is Medicover's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Medicover undervalued compared to its fair value and its price relative to the market?

49.39x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: MCOV B (SEK87.1) is trading above our estimate of fair value (SEK71.64)

Significantly Undervalued: MCOV B is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MCOV B is poor value based on its PE Ratio (49.4x) compared to the Healthcare industry average (26.8x).

PE vs Market: MCOV B is poor value based on its PE Ratio (49.4x) compared to the Swedish market (16.8x).


Price to Earnings Growth Ratio

Low PEG Ratio: MCOV B is poor value based on its PEG Ratio (2.2x)


Price to Book Ratio

PB vs Industry: MCOV B is overvalued based on its PB Ratio (3.3x) compared to the SE Healthcare industry average (1.4x).


Next Steps

Future Growth

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

22.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MCOV B's forecast earnings growth (22.7% per year) is above the savings rate (0.4%).

Earnings vs Market: MCOV B's earnings (22.7% per year) are forecast to grow faster than the Swedish market (9.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MCOV B's revenue (9.9% per year) is forecast to grow faster than the Swedish market (4.5% per year).

High Growth Revenue: MCOV B's revenue (9.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: MCOV B's Return on Equity is forecast to be low in 3 years time (9.9%).


Next Steps

Past Performance

How has Medicover performed over the past 5 years?

36.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MCOV B's earnings have grown significantly by 36.5% per year over the past 5 years.

Accelerating Growth: MCOV B's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MCOV B had negative earnings growth (-17.2%) over the past year, making it difficult to compare to the Healthcare industry average (-15.7%).


Return on Equity

High ROE: MCOV B's Return on Equity (7.4%) is considered low.


Return on Assets

ROA vs Industry: MCOV B's Return on Assets is below or equal to the Healthcare industry average last year.


Return on Capital Employed

ROCE Improving: MCOV B's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Medicover's financial position?


Financial Position Analysis

Short Term Liabilities: MCOV B's short term assets (€199.2M) do not cover its short term liabilities (€230.1M)

Long Term Liabilities: MCOV B's short term assets (199.2M) do not cover its long term liabilities (320.6M)


Debt to Equity History and Analysis

Debt Level: MCOV B's debt to equity ratio (72.4%) is considered high

Reducing Debt: Insufficient data to determine if MCOV B's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: MCOV B's debt is well covered by operating cash flow (23.4%).

Interest Coverage: MCOV B's interest payments on its debt are well covered by EBIT (9.5x coverage).


Balance Sheet

Inventory Level: MCOV B has a high level of physical assets or inventory.

Debt Coverage by Assets: MCOV B's debt is not covered by short term assets (assets are 0.8x debt).


Next Steps

Dividend

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

0.83%

Forecast Dividend Yield


Dividend Yield vs Market

companyn/amarketbottom25%1.8%markettop25%4.8%industryaverage1.7%forecastin3Years0.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate MCOV B's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate MCOV B's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if MCOV B's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MCOV B's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MCOV B's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.


Next Steps

Management

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

10.3yrs

Average board tenure


CEO

Fredrik Rågmark (56yo)

0yrs

Tenure

€1,117,000

Compensation

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  ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Fredrik's total compensation is reasonable compared to companies of similar size in the Swedish market.

Compensation vs Earnings: Fredrik's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Board Age and Tenure

10.3yrs

Average Tenure

59yo

Average Age

Experienced Board: MCOV B's board of directors are seasoned and experienced ( 10.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€7,790,00021 Feb 19
Robert Jochnick
EntityIndividual
Role
Member of the Board of Directors
Director
Shares100,000
Max Price€77.90
Buy€3,326,56119 Feb 19
Robert Jochnick
EntityIndividual
Role
Member of the Board of Directors
Director
Shares44,228
Max Price€76.57
Buy€1,283,52019 Feb 19
Fredrik Stenmo
EntityIndividual
Role
Chairman of the Board
Chairman
Shares16,000
Max Price€80.22

Ownership Breakdown


Management Team

  • Joe Ryan (54yo)

    Chief Financial Officer

    • Tenure: 0yrs
  • Fredrik Rågmark (56yo)

    CEO & Director

    • Tenure: 0yrs
    • Compensation: €1.12m
  • Andrew Vallance-Owen (68yo)

    Chief Marketing Officer

    • Tenure: 0yrs
  • John Stubbington (51yo)

    Chief Operating Officer of Healthcare Services

    • Tenure: 3.7yrs
  • Jenny Brandt (45yo)

    General Legal Counsel

    • Tenure: 0yrs
  • Marcin Radziwill

    Chief Executive Officer of Medicover Foundation

    • Tenure: 0yrs
  • Liselotte Bergmark (53yo)

    Group Human Resource Director

    • Tenure: 1.8yrs
  • Benedikt Von Braunmühl (51yo)

    Chief Operating Officer of Diagnostic Services

    • Tenure: 0yrs
  • Hanna Bjellquist

    Head of Investor Relations

    • Tenure: 0yrs
  • Jarek Urbanczyk

    Chief Information Officer

    • Tenure: 0yrs

Board Members

  • Robert Jochnick (79yo)

    Director

    • Tenure: 12.8yrs
    • Compensation: €40.00k
  • Fredrik Stenmo (48yo)

    Chairman

    • Tenure: 2.8yrs
    • Compensation: €75.00k
  • Margareta Nordenvall (65yo)

    Director

    • Tenure: 18.8yrs
    • Compensation: €47.50k
  • Arno Bohn (72yo)

    Director

    • Tenure: 18.8yrs
    • Compensation: €40.00k
  • Fredrik Rågmark (56yo)

    CEO & Director

    • Tenure: 0yrs
    • Compensation: €1.12m
  • Michael Flemming (62yo)

    Director

    • Tenure: 4.8yrs
    • Compensation: €55.00k
  • Peder Jochnick (48yo)

    Director

    • Tenure: 7.8yrs
    • Compensation: €40.00k
  • Sonali Chandmal (51yo)

    Director

    • Tenure: 2.8yrs
    • Compensation: €47.50k

Company Information

Medicover AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Medicover AB (publ)
  • Ticker: MCOV B
  • Exchange: OM
  • Founded: 1995
  • Industry: Health Care Services
  • Sector: Healthcare
  • Market Cap: kr11.613b
  • Shares outstanding: 133.34m
  • Website: https://www.medicover.com

Number of Employees


Location

  • Medicover AB (publ)
  • Riddargatan 12A
  • PO Box 55720
  • Stockholm
  • Stockholm County
  • 114 83
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
5M0BDB (Deutsche Boerse AG)YesClass B SharesDEEURMay 2017
0RPSLSE (London Stock Exchange)YesClass B SharesGBSEKMay 2017
MCOV BOM (OMX Nordic Exchange Stockholm)YesClass B SharesSESEKMay 2017
MCOVBSBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBSEKMay 2017
MCVE.FOTCPK (Pink Sheets LLC)YesClass B SharesUSUSDMay 2017
MCVE.YOTCPK (Pink Sheets LLC)UNSPONSRED ADSUSUSDOct 2018

Biography

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 di ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/16 21:52
End of Day Share Price2019/10/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.