Dedicare AB (publ) (DEDI.ST) : juste valeur

Thèse ACCE

Dedicare is a Swedish staffing and recruitment business, placing workers across healthcare, care and other public-sector and industrial roles, with a market capitalisation of about 535M SEK. The attraction is the earnings profile: revenue grew 10.0% while the trailing P/E sits at 13.2 and the forward P/E at 4.7, a gap that implies the market expects a sharp earnings step-up that the trailing numbers do not yet show. Thin margins are the reason to be careful, with a 15.7% gross margin and only a 3.8% operating margin leaving little room for pricing pressure or a slowdown in placements. A 13.1% ROE on that base is a function of the balance sheet as much as operations, so the first question for the analyst is whether the forward estimates are credible given the margin structure. The name is small, unindexed and thinly covered, which means the gap between trailing and forward valuation could be real mispricing or simply a forecast that has not been tested, and it merits a deeper look at the earnings bridge and customer concentration before anything else.