Medicover: Story continues, but without Mr Rågmark - ABG

Small beat in Q4 and news of CEO leaving
Adj. EBITDA up 2.4-2.6% for '25e-'26e
We keep our fair value range of SEK 180-260


Driving growth through strong pricing and volumes

Medicover reported a Q4 with a small beat on adj. EBITDA (5%/3% vs. ABGSCe/Infront cons), with overall confirmation of the long-term growth story. Q4 sales were EUR 556m (3% vs. ABGSCe 537m, 2% vs. cons 544m) with organic sales growth of +18.6% (ABGSCe +15.3%), driven by better than expected pricing in Healthcare Services and volumes in Diagnostic Services. With improved scalability and good cost control, adj. EBITDA was EUR 78m (5% vs. 75m ABGSCe, 3% vs. 76m cons), with a margin of 14.1% (13.9% ABGSCe, 14.0% cons). It was announced that Mr Rågmark will be succeeded as CEO by the current COO of Healthcare Services, Mr Stubbington. While we believe that Mr Rågmark has been instrumental in the progress of Medicover over the past 25 years and that some entrepreneurial spirit will be lost, Mr Stubbington seems to be a suitable successor, as he has been with Medicover for the past 15 years.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/medicover/Equity-research/2025/2/medicover---story-continues-but-without-mr-ragmark/