Q4 results
Medicover reported a small beat (5%/3% vs ABGSCe/cons) on adj EBITDA in Q4, with the underlying business moving in the right direction. Q4 sales of EUR 556m (3% vs. ABGSCe 537m, 2% vs. cons 544m). Total organic sales growth in Q4 was +18.6% (ABGSCe +15.3%). Adj. EBITDA in Q4 was 78m (5% vs. ABGSCe 75m, 3% vs. cons 76m), for a margin of 14.1% (ABGSCe 13.9%, cons 14.0%). The beat in Q4 on adj. EBITDA was mainly driven by strength in both segment with stronger margins from improved scale, together with good cost and price control. Total NRI in Q4 was EUR -5m (ABGSCe -4.0m, cons -3.7m). In conjunction with the report, it was also announced that the CEO Fredrik Rågmark will step down by end of April and be succeeded by John Stubbington the current COO of Medicover's Healthcare Services division. Mr Stubbington has been with Medicover since 2010 and seem to be a good successor. Nonetheless, as Mr Rågmark has been instrumental to the development of Medicover for the past 25y, this is a clear negative for the sentiment.
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