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 Analysis

Reasonable growth potential with mediocre 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

Stable Share Price: MCOV B's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

6.8%

MCOV B

9.8%

SE Healthcare

5.3%

SE Market


1 Year Return

2.4%

MCOV B

-20.0%

SE Healthcare

-10.3%

SE Market

Return vs Industry: MCOV B exceeded the Swedish Healthcare industry which returned -20% over the past year.

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


Shareholder returns

MCOV BIndustryMarket
7 Day6.8%9.8%5.3%
30 Day-24.4%-22.4%-18.2%
90 Day-21.4%-28.8%-22.8%
1 Year2.4%2.4%-19.2%-20.0%-7.8%-10.3%
3 Yearn/a-48.0%-50.4%-0.6%-15.4%
5 Yearn/a73.8%46.5%8.0%-14.7%

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?

45.92x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MCOV B (SEK85.4) is trading above our estimate of fair value (SEK43.96)

Significantly Below Fair Value: 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 (45.9x) compared to the Healthcare industry average (16.9x).

PE vs Market: MCOV B is poor value based on its PE Ratio (45.9x) compared to the Swedish market (14.1x).


Price to Earnings Growth Ratio

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 (1.2x).


Next Steps

Future Growth

How is Medicover forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

21.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MCOV B's forecast earnings growth (21.2% per year) is above the savings rate (-0.4%).

Earnings vs Market: MCOV B's earnings (21.2% per year) are forecast to grow faster than the Swedish market (7.8% per year).

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

Revenue vs Market: MCOV B's revenue (11.6% per year) is forecast to grow faster than the Swedish market (4.1% per year).

High Growth Revenue: MCOV B's revenue (11.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MCOV B's Return on Equity is forecast to be low in 3 years time (14.7%).


Next Steps

Past Performance

How has Medicover performed over the past 5 years?

30.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MCOV B has high quality earnings.

Growing Profit Margin: MCOV B's current net profit margins (2.7%) are lower than last year (3.7%).


Past Earnings Growth Analysis

Earnings Trend: MCOV B's earnings have grown significantly by 30.2% 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 (-8.5%) over the past year, making it difficult to compare to the Healthcare industry average (-25.3%).


Return on Equity

High ROE: MCOV B's Return on Equity (6.9%) is considered low.


Next Steps

Financial Health

How is Medicover's financial position?


Financial Position Analysis

Short Term Liabilities: MCOV B's short term assets (€215.8M) do not cover its short term liabilities (€281.7M).

Long Term Liabilities: MCOV B's short term assets (€215.8M) do not cover its long term liabilities (€378.1M).


Debt to Equity History and Analysis

Debt Level: MCOV B's debt to equity ratio (76.5%) is considered high.

Reducing Debt: MCOV B's debt to equity ratio has reduced from 122.1% to 76.5% over the past 5 years.

Debt Coverage: MCOV B's debt is well covered by operating cash flow (31.7%).

Interest Coverage: MCOV B's interest payments on its debt are well covered by EBIT (3.9x 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?

0.65%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MCOV B's dividend (0.65%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (2.14%).

High Dividend: MCOV B's dividend (0.65%) is low compared to the top 25% of dividend payers in the Swedish market (6.55%).


Stability and Growth of Payments

Stable Dividend: MCOV B is not paying a notable dividend for the Swedish market, therefore no need to check if payments are stable.

Growing Dividend: MCOV B is not paying a notable dividend for the Swedish market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: MCOV B is not paying a notable dividend for the Swedish market.


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

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

Fredrik Rågmark (56yo)

no data

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: Fredrik's total compensation ($USD1.24M) is above average for companies of similar size in the Swedish market ($USD643.03K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Fredrik Rågmark
CEO & Directorno data€1.12m1.47% 166.9m
Joe Ryan
Chief Financial Officerno datano data0.87% 99.0m
Jaroslaw Urbanczyk
Chief Information Officer0.42yrno datano data
Hanna Bjellquist
Head of Investor Relationsno datano datano data
Jenny Brandt
General Legal Counselno datano data0.0086% 981.5k
Andrew Vallance-Owen
Chief Marketing Officerno datano datano data
Liselotte Bergmark
Group Human Resource Director2.17yrsno data0.0020% 226.6k
John Stubbington
Chief Operating Officer of Healthcare Services4.08yrsno data0.39% 44.7m
Benedikt Von Braunmühl
Chief Operating Officer of Diagnostic Servicesno datano data0.015% 1.7m
Marcin Radziwill
Chief Executive Officer of Medicover Foundationno datano datano data

2.2yrs

Average Tenure

53yo

Average Age

Experienced Management: MCOV B's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Fredrik Rågmark
CEO & Directorno data€1.12m1.47% 166.9m
Robert Jochnick
Independent Director13.17yrs€40.00k1.32% 150.4m
Fredrik Stenmo
Chairman3.17yrs€75.00k4.14% 471.4m
Margareta Nordenvall
Independent Director19.17yrs€47.50k0.059% 6.7m
Arno Bohn
Independent Director19.17yrs€40.00k0.21% 24.1m
CMD Flemming
Independent Director5.17yrs€55.00kno data
Peder Jochnick
Independent Director8.17yrs€40.00k2.19% 249.5m
Sonali Chandmal
Independent Director3.17yrs€47.50k0.019% 2.1m

10.7yrs

Average Tenure

59yo

Average Age

Experienced Board: MCOV B's board of directors are seasoned and experienced ( 10.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MCOV B insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

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: kr11.387b
  • 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 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 23:45
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.