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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.
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