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olivLaw · European equity research

Dedicare AB (publ) DEDI.ST

Sweden · Nasdaq Stockholm · ISIN SE0003909282 · Vertical: Listed companies from Sweden

63.00SEK−0.63% · 1 dayClose 05 Nov 2026

Dedicare is a Nordic provider of healthcare and social staffing, active in Sweden, Norway and Denmark, operating in a market that was under severe pressure in 2025. The company reported an EBITA margin of 3.5 percent, below its long-term target, while continuing to diversify into life science and social work.

At the close of 05 Nov 2026, Dedicare AB (publ) (DEDI.ST) stock was 63.00 SEK (−0.63% on the day), with market capitalisation 285.2 m SEK, P/E 18.2 on diluted EPS of 3.46 SEK over the last 12 months, beta 0.36, 52-week range 39.50–63.80 SEK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
285.2 m SEK
shares as of 31 Dec 2025
P/E (TTM)
18.2
Diluted EPS TTM 3.46 · TTM to 31 Dec 2025
E/P (TTM)
5.49%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.36
Volatility (1y) 32%
52-week range
39.5063.80

Price history

Loading chart…

Technical reading

RSI (14)
69.4
strong (55–70)
Bollinger (20, 2)
49.09 – 65.80
in the upper half of the band · %B 0.83 · band width 29.1%
SMA 50 / 200
56.36 / 48.35
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
2.19 / 1.45
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+16.5%−0.6%+17.1 pp—
3 months+7.7%−4.2%+11.9 pp—
6 months+38.0%+4.3%+33.7 pp—
Year to date+48.2%+7.5%+40.7 pp—
1 year+41.1%+9.9%+31.2 pp−8.5%
3 years−34.0%+49.8%−83.8 pp+12.3%
5 years−13.2%+42.8%−56.0 pp—
Max drawdown (1y)
−12.9%
08 Jan 2026 → 25 Feb 2026
Max drawdown (5y)
−74.4%
13 Apr 2023 → 25 Feb 2026
Compound annual growth (5y)
−2.8%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 2-quarter history (min 11.6, median 11.9, max 12.3; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue2.0 bn1.7 bnunavailable
Revenue YoYunavailable−12.8%unavailable
Net income104.8 m51.5 m15.7 m
Net income YoYunavailable−50.8%−69.6%
Diluted EPSunavailable4.893.46
Diluted EPS YoYunavailableunavailable−29.2%
net %5.3%3.0%unavailable
Free cash flow143.3 m81.1 m64.4 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
116.0 m SEK
Financial debt
unavailable SEK
Net debt
unavailable SEK
Equity
291.1 m SEK
Total assets
596.2 m SEK
Debt / equity
unavailable
Current ratio
1.40x
ROE
5.3%
ROA
2.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (SEK)

Margins

Income statement · SEK

Revenue
2023
2.0 bn
2024
1.7 bn
2025
—

esef· 08 May 2025verified

Operating income
2023
148.4 m
2024
60.2 m
2025
41.4 m

esef· 26 Oct 2026verified

Depreciation & amortisation
2023
24.4 m
2024
24.6 m
2025
21.3 m

esef· 26 Oct 2026verified

EBITDA
2023
172.8 m ≈
2024
84.8 m ≈
2025
62.7 m ≈

esef· 26 Oct 2026derived

Interest expense
2023
21.4 m
2024
12.9 m
2025
6.2 m

esef· 26 Oct 2026verified

Pre-tax income
2023
139.9 m
2024
59.7 m
2025
42.8 m

esef· 26 Oct 2026verified

Income tax
2023
29.5 m
2024
12.6 m
2025
9.7 m

esef· 26 Oct 2026verified

Net income
2023
104.8 m
2024
51.5 m
2025
15.7 m

esef· 26 Oct 2026verified

Diluted EPS
2023
—
2024
4.89
2025
3.46

esef· 26 Oct 2026verified

Balance sheet · SEK

Cash
2023
187.1 m
2024
138.6 m
2025
116.0 m

esef· 26 Oct 2026verified

Current assets
2023
532.6 m
2024
425.9 m
2025
356.2 m

esef· 26 Oct 2026verified

Property, plant & equipment, net
2023
—
2024
1.6 m
2025
630.0 k

esef· 26 Oct 2026verified

Total assets
2023
727.3 m
2024
628.8 m
2025
596.2 m

esef· 26 Oct 2026verified

Current liabilities
2023
371.7 m
2024
304.9 m
2025
253.8 m

esef· 26 Oct 2026verified

Equity
2023
309.9 m
2024
299.3 m
2025
291.1 m

esef· 26 Oct 2026verified

Shares outstanding at year end
2023
—
2024
10.5 m
2025
4.5 m

esef· 26 Oct 2026derived

Cash flow · SEK

Operating cash flow
2023
145.4 m
2024
81.3 m
2025
64.4 m

esef· 26 Oct 2026verified

Capex
2023
2.1 m
2024
191.0 k
2025
0

esef· 26 Oct 2026verified

Free cash flow
2023
143.3 m ≈
2024
81.1 m ≈
2025
64.4 m ≈

esef· 26 Oct 2026derived

Investing cash flow
2023
-9.7 m
2024
-39.5 m
2025
-26.9 m

esef· 26 Oct 2026verified

Financing cash flow
2023
-81.8 m
2024
-88.1 m
2025
-48.9 m

esef· 26 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-12.8%
computed by olivLawFY 2024
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-59.4%
computed by olivLawFY 2024
Net income growth (YoY)
-50.8%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-43.4%
computed by olivLawFY 2024

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
3.6%
computed by olivLawFY 2024
EBIT margin
2.4%
computed by olivLawFY 2024
Net margin
0.9%
computed by olivLawFY 2024
FCF margin
3.7%
computed by olivLawFY 2024

Returns

ROE
5.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
ROA
2.6%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
12.1%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
6.7x
computed by olivLawFY 2024

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
64.4 m SEK
computed by olivLawFY 2025
Capital expenditure
0 SEK
computed by olivLawFY 2025
Free cash flow
64.4 m SEK
computed by olivLawFY 2024
FCF conversion
411.2%
computed by olivLawFY 2024
Cash conversion
102.7%
computed by olivLawFY 2024

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
285.2 m SEK
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
18.2x
computed by olivLawFY 2025
P/E (TTM)
18.2x
computed by olivLawFY 2025
Earnings yield
5.5%
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.2x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
4.4x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
FCF yield
22.6%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

63.00 SEK

05 Nov 2026Source: olivLaw, closing series

Market cap: 285.2 m SEK

Key indicators

Market capitalisation
285.2 m SEK
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
18.2x
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
5.3%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2025
Net margin
0.9%
computed by olivLawFY 2024
Revenue growth (YoY)
-12.8%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 26 Oct 2026
verified 58derived 2

Score by group

42% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 41.7% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality0.9%22 (vs peers)15%
    FCF conversion · Quality411.2%100 (on a fixed band)15%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet6.7x80 (on a fixed band)15%
    Current ratio · Balance sheet1.4x50 (on a fixed band)10%
    P/E (TTM) · Valuation18.2x65 (vs peers)25%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation22.6%100 (on a fixed band)20%
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet68/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality61/100 · 2/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation81/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    Dedicare AB (publ) (DEDI.ST). Latest full fiscal year: 2024; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 1.7 bn SEK in 2024; YoY growth -12.8%; net margin 0.9%; ROE 5.3%.

    The estimated value range is 53.70–116.90 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 73.61 SEK, the price of 63.00 SEK leaves a potential of 16.8% (value / price − 1) and a margin of safety of 14.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • FCF conversion: 411.2%
    • Interest coverage: 6.7x
    • FCF yield: 22.6%

    What contradicts it

    • Net margin: 0.9%

    Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Sweden · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    18.2x
    vertical median 22.9x
    below median (−20.4%)
    EV/EBITDA
    —
    vertical median 5.3x
    P/S
    0.2x
    vertical median 1.1x
    below median (−85.3%)
    P/B
    1.0x
    vertical median 1.4x
    below median (−28.6%)
    ROE
    5.3%
    vertical median 7.4%
    below median (−28.2%)
    Net margin
    0.9%
    vertical median 4.3%
    below median (−79.0%)
    EBIT margin
    2.4%
    vertical median 6.0%
    below median (−60.4%)
    Revenue YoY
    -12.8%
    vertical median 1.3%
    below median (−1,059.1%)
    Net debt/EBITDA
    —
    vertical median 1.5x
    Dividend yield
    —
    vertical median 2.5%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    ALFA.STAlfa Laval AB223.0 bn27.019.4%11.9%+4.1%+21% / +38%
    BOL.STBoliden Ab143.0 bn15.213.3%10.1%+4.8%+12% / +81%
    CAST.STCastellum Aktiebolag66.6 bn71.01.2%9.8%−2.6%+27% / +6%
    AAK.STAak Ab (publ)47.5 bn13.917.2%7.5%+2.2%−31% / −14%
    CAMX.STCamurus AB42.5 bn58.519.5%32.5%+21.3%+16% / +55%
    BRAV.STBravida Holding AB30.1 bn24.513.7%4.4%−4.9%+84% / +123%
    ASKER.STAsker Healthcare Group AB29.8 bn60.59.8%2.9%+11.7%−18% / unavailable
    ALLEI.STAlleima AB22.7 bn33.84.1%3.6%−5.4%+11% / +19%
    BURE.STBure Equity AB22.6 bn—-21.0%—unavailable+20% / +19%
    AQ.STAQ Group AB19.7 bn29.214.9%7.5%+6.0%+14% / +119%
    ALTRA.STAltra Fastigheter AB18.4 bn33.93.0%15.1%−2.2%+9% / +19%
    ATT.STAttendo AB (publ)16.8 bn20.715.1%4.3%+0.1%+34% / +223%
    AFRY.STAfry Ab14.9 bn18.76.2%3.1%−5.2%−17% / +4%
    ATRLJ-B.STAtrium Ljungberg AB14.0 bn17.12.9%23.9%−2.0%−33% / −44%
    ALIG.STAlimak Group AB (publ)12.7 bn21.38.2%8.8%−3.2%−18% / +50%
    ACAD.STAcadeMedia AB12.7 bn15.512.7%4.3%+9.7%+22% / +138%
    APOTEA.STApotea AB (publ)10.7 bn46.831.3%3.2%+10.1%+15% / unavailable
    BOOZT.STBoozt AB10.6 bn37.910.4%3.6%+0.5%+58% / +44%
    BUFAB.STBufab AB (publ)5.0 bn9.215.1%6.9%−7.4%+36% / +110%
    ACTI.STActive Biotech AB (publ)4.9 bn—-84.5%—unavailable−32% / −77%
    CEVI.STCellaVision AB4.7 bn30.818.0%20.2%+4.9%+20% / +12%
    COOR.STCoor Service Management Holding AB4.7 bn18.213.0%2.2%+16.7%+1% / +25%
    BHG.STBHG Group AB4.5 bn31.12.5%1.4%+6.2%−18% / +113%
    CARA.STCarasent AB (publ)1.8 bn51.74.1%10.1%+24.9%−8% / +87%
    BICO.STBICO Group AB1.7 bn—-46.0%-72.7%−13.3%+16% / −51%

    1- and 3-year price returns: for DEDI.ST from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (SEK)

    Estimated priceBearBaseBull
    1 years
    33.68
    Total return -47% · Per year -47%
    59.85
    Total return -5% · Per year -5%
    90.56
    Total return 44% · Per year 44%
    3 years
    26.75
    Total return -58% · Per year -25%
    54.01
    Total return -14% · Per year -5%
    90.56
    Total return 44% · Per year 13%
    5 years
    21.24
    Total return -66% · Per year -20%
    48.75
    Total return -23% · Per year -5%
    90.56
    Total return 44% · Per year 8%
    What moves the 3-year price the most
    • Exit P/E± 13.50
    • Net margin± 9.45
    • Annual revenue growth± 8.54
    • Annual dilution± 0.79

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Dedicare is a Nordic provider of healthcare and social staffing, active in Sweden, Norway and Denmark, operating in a market that was under severe pressure in 2025. The company reported an EBITA margin of 3.5 percent, below its long-term target, while continuing to diversify into life science and social work.

    SWOT

    Strengths

    • Strong financial position, above the target equity ratio, giving flexibility in difficult periods.
    • High client satisfaction and ISO-certified processes, supported by specialists in each field.
    • Leading position in Norway and in social worker staffing in Sweden, with consolidated framework agreements.

    Weaknesses

    • The EBITA margin fell below the long-term target, and price pressure limits profitability.
    • Reliance on a small number of public clients procuring under strict rules can affect revenue.
    • Currency exposure to the Norwegian krone, Danish krone, euro and pound sterling is not hedged.

    Opportunities

    • Expansion into life science and social work could reduce dependence on the traditional healthcare market.
    • Acquisitions of smaller firms, such as WeCare, could open new segments and geographies.
    • A recovery in public demand could bring growth, especially if digital solutions lower costs.

    Threats

    • Rules restricting temporary staffing in Scandinavia could significantly reduce business volume.
    • Intense competition and price pressure could erode margins in all countries of operation.
    • Strained public budgets could reduce service purchasing, and the risk of cyberattacks remains.

    Risks

    • Regulation and political riskhigh

      The sector is heavily regulated, and political decisions restricting temporary staffing could directly affect the group's activity.

    • Competition and pricinghigh

      Easy entry by new players and price pressure could reduce profitability.

    • Dependence on public clientsmedium

      Losing procurement awards or priority positions could have a temporary negative effect.

    • Currency exposuremedium

      Fluctuations in the Norwegian krone, Danish krone, euro and pound sterling can affect results reported in Swedish kronor.

    • Staff shortages and IT securitymedium

      A shortage of qualified consultants and cybersecurity risks could slow growth.

    Investment thesis

    What would need to be true (bull case)

    • The strong balance sheet and equity ratio above target give resilience through the market downturn.
    • Diversification into life science and social work could accelerate growth if demand firms up.
    • The leading position in Norway and new framework agreements could support market share.

    What would break the thesis

    • The Scandinavian markets contracted sharply, and political restrictions could persist.
    • The EBITA margin below the long-term target could stay under pressure if prices do not stabilise.
    • Dependence on public clients and procurement under strict rules can create revenue volatility.

    What to watch

    • Development of the EBITA margin against the 6.0 percent target2026
    • Number of consultants on assignment in Norway and DenmarkQ1 2027
    • Contribution of life science and social work to net sales2027
    • Dividend decision for fiscal year 2026next 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Dedicare AB (publ) is a recruitment and staffing group that aims to become one of Europe's five largest players in healthcare, life science and social work 1. Its clients are mostly in the public sector, such as regions, municipalities and authorities, though a growing share comes from private companies, especially in life science 1. The company says its quality is secured through ISO-certified processes and specialists in each area 1.

    The group's strategy rests on three pillars: diversification into new customer segments, geographies and service categories, operational efficiency through automation and digitalisation, and profitable growth including acquisitions 1. In 2025 it broadened its offer with occupational therapists and physiotherapists and launched WeCare, to reduce reliance on the traditional healthcare staffing market 1. It also cut costs in the organisation given increased competition 1.

    The financial position is solid: the equity ratio reached 48.8 percent at year-end 2025, above the 30 percent target 1. For 2026 the board proposes a dividend of SEK 1.75 per share, equal to 50.6 percent of the year's net profit, in line with the dividend policy 1.

    Segments

    Norway

    Norway is the group's largest segment, with net sales of SEK 922.1 million in 2025 and about 1 138 consultants on assignment per month 1. The Norwegian market fell by more than 20 percent in 2025, and Dedicare declined 13.9 percent in local currency, supported by new framework agreements 1.

    Denmark

    In Denmark Dedicare focuses on long-term staffing of doctors and nurses and on socio-pedagogical services, with net sales of SEK 208.4 million in 2025 1. The acquisition of WeCare ApS and the launch of Dedicare Social opened new revenue streams to offset the shrinking medical market 1.

    Sweden

    In Sweden healthcare staffing remains central but is hit by weak demand due to regional limits on temporary staffing 1. Social work, where the company holds a leading position in social worker staffing, brings a stable client base, and life science is a growing activity 1.

    Market context

    The Swedish healthcare staffing market is worth SEK 5.6 billion, and in 2025 volumes fell in every country where the group operates 1. The Norwegian healthcare staffing market is worth SEK 3.3 billion and is marked by tougher competition and smaller public procurement 1.

    The company describes 2025 as the most difficult year for the healthcare staffing industry, in which price pressure, weak demand and political rules on temporary staffing pushed margins to unsustainable levels 1. Dedicare says it gained market share in this context, but demand could only recover if public finances improve 1.

    Trends

    • Rules on temporary staffingheadwind

      Policies limiting temporary staff in Sweden, Norway and Denmark reduce demand for healthcare staffing services 1.

    • Price pressure and competitionmixed

      Competition has intensified and some competitors have left the market, which could create openings for remaining players if price pressure eases 1.

    • Diversification into life science and social worktailwind

      Growing demand in life science and social work could offset declines in traditional healthcare 1.

    • Automation and digitalisationtailwind

      Automating sales and staffing processes could support efficiency and margins if costs stay under control 1.

    Competitive position

    The market is competitive, with prices under pressure, and the investment needed to start staffing operations is relatively small, so new players can enter easily 1. The company notes that some competitors ceased operations in 2025, but competition remains intense in all segments 1.

    The analysed sources do not name the group's direct competitors, so detailed market share comparisons cannot be made 1.

    • Unnamed Scandinavian competitors

      The source only says several players stopped operating in 2025 and does not name them.

    • Local healthcare staffing firms

      Local competition in each country of operation is described as intense, with no names given in the source.

    • Life science and social service providers

      Demand in these segments attracts specialised providers, not named in the source.

    • Public-sector staffing suppliers

      Public procurement awards framework agreements to priority suppliers, and competitors are only identified generically.

    News & filings

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.