Medicover AB (publ) (MCOV-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Medicover AB (publ) stock SEK 147, price SEK 264, upside -44.3%, quality 58 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range kr 108.83 – kr 355.04 · fair‑value band kr 102.72 – kr 190.76 · the kr 263.50 price screens above the kr 146.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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Medicover AB (publ) provides healthcare and diagnostic services in Poland, Sweden, and internationally. The company operates through two segments: Healthcare Services and Diagnostic Services.
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Its Healthcare Services include outpatient and inpatient care; dental care, mental health care, orthopedics, preventive plans and sports, and wellness; other services, including non-medical related services, such as sports memberships, benefit cards, and optics, as well as wellness; hospital care; and preventive care services.
The company's Diagnostic Services comprise various tests, including allergy and autoimmune diagnostics, bacteriology, parasitology, biochemistry and immunochemistry, blood group diagnostics/transfusion medicine, tumour markers, clinical chemistry, cytology, haematology, histopathology, human genetics, hygiene, immunology and immunochemistry, infectious diseases, microbiology, molecular biology, and pharmacology/toxicology.
It serves corporate, individuals, and public sector clients. Medicover AB (publ) was founded in 1995 and is headquartered in Stockholm, Sweden.
Stock analysis
Medicover AB (publ) (MCOV-B) currently trades at kr 263.50, while our model-based Fair Value estimate is kr 146.74, 44.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 237.88 per share, and 6 of the 22 models we run sit above the kr 263.50 price.
Bear case: the Economic Profit group reads lowest at kr 44.70, and 16 of the 22 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 102.72 (bear) to kr 190.76 (bull), the price of kr 263.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Medicover AB (publ) reported revenue of €2.4B in FY2025 versus €1.4B in FY2021, a compound +14.6%/yr. Reported net income was €77.5M in FY2025, compounding −6.6%/yr from FY2021.
Key figures
Market cap 40.0B SEK (≈ $4.0B) Mid · P/E ratio 40.8 · P/S ratio 1.33 · EPS (TTM) kr 6.32 · Dividend yield 0.8% · Net margin 3.3% · Return on equity 15.5% · Return on assets (EBIT) 5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 20% fair-value upside, at −44%, MCOV-B screens richer than that median.
Fair Value models
Bearkr 102.72Fair Value kr 146.74Bullkr 190.76
Price kr 263.50 · Upside -44.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 3.29 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Start year 2020 (pandemic). Over 10 years: +19.1% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−4.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.5%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.0% vs 27.7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 7%
2025 sits 362% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +12.6% a year for the price and +6.7% for the forecasts.
AI conclusion: The business shows moderate returns from its focused European medical facilities after the India divestiture, yet lacks evidence of a durable competitive moat.
Main risk: The narrower geographic base after the India divestiture risks exposing the company's European hospital operations to regional pressures that could affect revenue stability.
Medicover is divesting its India hospital business to KKR for about 1.2 billion euros, freeing resources to sharpen focus on its core European operations in Poland, Germany and Romania. The India segment has shown improving profitability prospects, yet it accounted for a meaningful share of overall revenue. Will the proceeds fuel faster growth through targeted acquisitions in Europe, or will the narrower geographic base expose the company more to regional pressures?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 242 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−44.3% · Bottom 25%
Profitability
Return on equity (12 months)15.5% · Top 25%
Return on assets3.2% · Below median
Net margin (12 months)3.4% · Below median
Operating margin (12 months)8.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)7.3% · Above median
Dividend yield (12 months)0.8% · Below median
Balance sheet
Debt / equity1.17× · Highest 25%
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (12 months)40.8× · Priciest 25%
P/B6.76× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.46× · Cheaper than median
Price / free cash flow19.4× · Pricier than median
EV/EBITDA14.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)37· sector 29
PAST (return on equity)62· sector 32
HEALTH (low debt)42· sector 90
DIVIDEND (yield)17· sector 39
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Medicover AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/MCOV-B
Frequently asked questions
Is Medicover AB (publ) (MCOV-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 146.74 versus a price of kr 263.50, about −44% upside (overvalued).
What is the fair value of MCOV-B?
Our model-based fair value for Medicover AB (publ) is kr 146.74 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 263.50.
What is the quality score of MCOV-B?
Medicover AB (publ) has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Medicover AB (publ) (MCOV-B)?
Our model-based price target is the fair value of kr 146.74 (as of Oct 13, 2026) from 22 valuation models. Cautious scenario kr 102.72, optimistic scenario kr 190.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Medicover AB (publ) stock forecast for 2026?
Our models put fair value at kr 146.74, about −44% upside versus a price of kr 263.50 (overvalued). Cautious scenario kr 102.72, optimistic scenario kr 190.76. The calculation is refreshed regularly with new filings.
What is the revenue of Medicover AB (publ) (MCOV-B)?
Medicover AB (publ) reported trailing-twelve-month revenue of about €2.5B (latest available figure, as of Oct 13, 2026).
Does Medicover AB (publ) pay a dividend?
Medicover AB (publ) currently shows a dividend yield of 0.84% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Medicover AB (publ) (MCOV-B)?
For today's price to be fair in a discounted-cash-flow model, Medicover AB (publ) would have to grow free cash flow by +15.1 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.0 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of MCOV-B use?
Our models discount Medicover AB (publ) at 10.7 %: a base by market capitalisation (mid), damped by beta 1.50, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Medicover AB (publ) that is +15.1 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Medicover AB (publ) (MCOV-B) delivered so far?
Over the past 5 years revenue at Medicover AB (publ) grew +19.0 % a year. The price currently implies +15.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Medicover AB (publ) (MCOV-B) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into Medicover AB (publ) (+15.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Medicover AB (publ) (MCOV-B)?
The free-cash-flow yield on the price is 5.18 %: that much free cash flow Medicover AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Medicover AB (publ) (MCOV-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Medicover AB (publ) it is kr 146.74 per share (as of Oct 13, 2026), against a price of kr 263.50. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Medicover AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, MCOV-B trades above its calculated fair value: price kr 263.50, fair value kr 146.74, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MCOV-B?
No. The price is what the market pays today (kr 263.50); the fair value is what the company's own numbers justify (kr 146.74). For Medicover AB (publ) the two are kr 116.76 per share apart. That gap is exactly why we show both numbers side by side.
How much is Medicover AB (publ) worth?
The market values Medicover AB (publ) at about 40.0B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 263.50; our models calculate a fair value of kr 146.74 per share.
What do the bullish and bearish scenarios say about MCOV-B?
Our models span a range for Medicover AB (publ): cautious scenario kr 102.72, base kr 146.74, optimistic kr 190.76 per share (as of Oct 13, 2026, price kr 263.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MCOV-B?
Medicover AB (publ) trades at a price-to-earnings ratio of 40.8 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 146.74 is built from several models across several years. Other multiples: P/B 6.8, P/S 1.5, EV/EBITDA 14.8.
How solid is the balance sheet of Medicover AB (publ) (MCOV-B)?
Balance-sheet figures for Medicover AB (publ) (as of Oct 13, 2026): return on equity 15.5%, debt of 1.17 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MCOV-B from its 52-week high?
Medicover AB (publ) trades at kr 263.50, about 2% below its 52-week high of kr 268.00 and 46% above the low of kr 180.33 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 146.74 is for.
Which stocks are comparable to Medicover AB (publ)?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, Tenet Healthcare Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Medicover AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 263.50, calculated fair value kr 146.74 (−44%), Quality Score 58/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MCOV-B calculated?
We run Medicover AB (publ) through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 146.74, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Medicover AB (publ) itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Medicover AB (publ) (MCOV-B)?
The closing price on Oct 19, 2026 was kr 263.50. Our model-based fair value is kr 146.74, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Medicover AB (publ) right now?
The price sits above even our optimistic bull case (kr 190.76). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 102.72 to kr 190.76) leaves room in how you read the outcome.
Where does the earnings growth of Medicover AB (publ) (MCOV-B) come from?
Earnings per share at Medicover AB (publ) grew +21.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.4 %, EBIT margin +0.6 %, tax rate +6.6 %, residual (interest, one-offs) −3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Medicover AB (publ)
How large is the market capitalisation of Medicover AB (publ) (MCOV-B)?
The market capitalisation of Medicover AB (publ) is 40.0B SEK (≈ $4.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Medicover AB (publ) (MCOV-B)?
The price-to-sales ratio of Medicover AB (publ) is 1.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Medicover AB (publ) (MCOV-B)?
Earnings per share at Medicover AB (publ) are kr 6.32 (price ÷ EPS = P/E 40.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Medicover AB (publ) (MCOV-B)?
The dividend yield of Medicover AB (publ) is 0.8% (payout 35.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Medicover AB (publ) (MCOV-B)?
The net margin of Medicover AB (publ) is 3.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Medicover AB (publ) (MCOV-B)?
The return on equity (ROE) of Medicover AB (publ) is 15.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Medicover AB (publ) (MCOV-B)?
On an EBIT basis the return on assets of Medicover AB (publ) is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Medicover AB (publ) (MCOV-B)?
The operating margin of Medicover AB (publ) is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Medicover AB (publ) (MCOV-B)?
Revenue at Medicover AB (publ) is growing +7.3% versus a year earlier (3y avg +16.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Medicover AB (publ) (MCOV-B)?
Earnings per share at Medicover AB (publ) are growing +27.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Medicover AB (publ) (MCOV-B) carry?
The net debt of Medicover AB (publ) is €1.4B (fiscal year 2025, ≈ 7.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 13, 2026