Medicover: Improving lives from Warsaw to Mumbai - ABG

Healthcare services in Central and Eastern Europe and India
19% sales CAGR and 21% adj. EBITDAaL CAGR during '18-'26e
Fair value range SEK 180-260 per share


Strong track record with a 20% sales CAGR between '06-'23

Medicover is an international provider of healthcare and diagnostic services, primarily in developing countries. The business is divided into two segments: Healthcare Services, 68% of sales in '23, and Diagnostic Services, with 32% of sales. Key markets include Poland (48% of sales), Germany (18%), Romania (12%) and India (11%). Benefiting from strong underlying growth, an established business model and selective M&A, Medicover has achieved a sales CAGR of 20% for '06-'23 and an EBITDA CAGR of 19% for '15-'23.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/medicover/Equity-research/2025/1/medicover---improving-lives-from-warsaw-to-mumbai-/