Medicover AB (publ) (MCOV-B.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

-51.7%

SEK 134.11

vs SEK 277.50 price

Levered DCF

SEK 145.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

B-

Overall 2 / 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	39.79×	151.59×	111.97×	153.88×	51.87×	90.28×	60.56×	38.92×
P/B	5.74×	5.39×	4.04×	3.9×	10.26×	5.14×	4.32×	2.92×
P/S	1.29×	1.2×	1.15×	1.23×	3.85×	2.31×	1.63×	1.39×
EV / EBITDA	11.69×	13.53×	11.5×	12.75×	21.8×	17.31×	14.76×	16.63×
Gross margin	23.2%	21.4%	20.6%	22.2%	28.7%	26.4%	24.5%	23.9%
Operating margin	6.5%	3.4%	3.5%	3.7%	11.6%	6.1%	5.5%	4.4%
Net margin	3.3%	0.8%	1.0%	0.8%	7.4%	2.6%	2.7%	3.7%
Current ratio	0.7×	0.79×	0.76×	0.95×	1.7×	1.27×	0.77×	1.85×
Debt / equity	2.7×	2.67×	2.02×	1.98×	1.48×	0.82×	1.42×	0.41×
Interest coverage	2.43×	1.2×	1.19×	1.61×	7.93×	3.39×	3.39×	7.35×
Dividend yield	0.7%	0.7%	0.9%	1.0%	0.2%	0.0%	0.0%	0.0%
Payout ratio	29.0%	107.8%	101.7%	150.8%	10.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	3.6%	3.5%	2.5%	19.7%	5.8%	7.1%	7.7%
Return on invested capital	5.6%	2.8%	2.9%	2.5%	8.2%	4.8%	3.9%	4.2%
Return on assets	3.2%	0.8%	0.9%	0.6%	6.0%	2.3%	2.2%	4.0%
Free cash flow yield	6.1%	5.6%	4.7%	1.6%	2.2%	3.6%	1.8%	0.4%
Earnings yield	2.5%	0.7%	0.9%	0.6%	1.9%	1.1%	1.6%	2.6%
Enterprise value	SEK 4.4B	SEK 3.7B	SEK 3B	SEK 2.8B	SEK 6B	SEK 2.6B	SEK 1.8B	SEK 1B
Net debt / EBITDA	3.59×	4.31×	3.7×	4.17×	2.48×	2.12×	3.44×	1.51×
Cash conversion cycle (days)	4	-3	35	39	44	43	42	41