MedCap AB (publ) (MCAP.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+105.9%

SEK 1,131.53

vs SEK 549.50 price

Levered DCF

SEK 1,345.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.07

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.42×	42.96×	29.02×	27.27×	27.3×	54.25×	34.84×	1,825.5×
P/B	5.67×	6.95×	4.89×	3.74×	3.79×	5.54×	5.7×	4.04×
P/S	3.9×	4.93×	3.15×	2.88×	2.88×	4.04×	2.47×	1.55×
EV / EBITDA	17.6×	22.46×	14.83×	12.92×	13.63×	21.54×	15.72×	15.99×
Gross margin	15.2%	58.5%	58.4%	41.6%	40.4%	40.0%	38.3%	35.1%
Operating margin	14.2%	15.1%	14.3%	15.4%	13.9%	10.9%	11.0%	-0.6%
Net margin	10.4%	11.5%	10.8%	10.6%	10.5%	7.5%	7.1%	0.1%
Current ratio	2.01×	2.77×	2.23×	2.46×	1.96×	1.64×	0.93×	1.06×
Debt / equity	0.33×	0.28×	0.26×	0.4×	0.37×	0.44×	0.99×	0.74×
Interest coverage	9.53×	14.33×	14.58×	10.42×	13.51×	9.79×	8.95×	-1.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	16.2%	16.8%	13.7%	13.9%	10.2%	16.4%	0.2%
Return on invested capital	10.4%	12.7%	12.7%	10.7%	10.4%	7.6%	9.4%	-0.6%
Return on assets	8.4%	10.4%	10.4%	8.2%	8.3%	5.6%	6.4%	0.1%
Free cash flow yield	3.4%	3.3%	3.8%	1.3%	2.1%	2.8%	2.2%	5.1%
Earnings yield	2.7%	2.3%	3.4%	3.7%	3.7%	1.8%	2.9%	0.1%
Enterprise value	SEK 8.3B	SEK 8.9B	SEK 5.1B	SEK 3.3B	SEK 2.8B	SEK 3.4B	SEK 2.2B	SEK 1.2B
Net debt / EBITDA	0.24×	-0.03×	0.21×	0.41×	0.58×	0.74×	2.2×	1.87×
Cash conversion cycle (days)	33	144	157	114	133	117	112	90