3 models fit Medicover AB (publ) and they disagree: 1 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver64
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionMedicover AB (publ) (MCOV-B.ST)
Fair value (3 models)
kr 176
ACCE price target
kr 275
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 276 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
57.1% above
-36.4% to fair value
ACCE score
54
out of 100
P/E
45.2x
forward 600.0x
1-year return
+6.4%
Dividend yield
0.81%
Medicover AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Medicover runs a vertically integrated healthcare network across Central and Eastern Europe, combining outpatient clinics, diagnostics, dental and a private hospital footprint with an insurance business that sells coverage to corporate and individual clients. Its edge is that it owns both the insurance contract and the care delivery, which keeps patients inside its network and gives it visibility on utilisation that pure-play providers lack. Revenue grew 7.3% in the latest reported year, with an operating margin of 8.0% and a return on equity of 15.5%. The forward P/E of 587 against a trailing 44.2 reflects depressed near-term earnings rather than a cheap stock, so the question for a PM is whether the margin recovery in the insurance and hospital segments is visible in the next two reporting periods, not whether the multiple looks low.