olivLaw · European equity research
Dedicare AB (publ) DEDI.ST
Sweden · Nasdaq Stockholm · ISIN SE0003909282 · Vertical: Listed companies from Sweden
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.
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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical 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 | — |
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 year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | unavailable |
| Revenue YoY | unavailable | −12.8% | unavailable |
| Net income | 104.8 m | 51.5 m | 15.7 m |
| Net income YoY | unavailable | −50.8% | −69.6% |
| Diluted EPS | unavailable | 4.89 | 3.46 |
| Diluted EPS YoY | unavailable | unavailable | −29.2% |
| net % | 5.3% | 3.0% | unavailable |
| Free cash flow | 143.3 m | 81.1 m | 64.4 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
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | — | esef· 08 May 2025verified |
| Operating income | 148.4 m | 60.2 m | 41.4 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 24.4 m | 24.6 m | 21.3 m | esef· 26 Oct 2026verified |
| EBITDA | 172.8 m ≈ | 84.8 m ≈ | 62.7 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 21.4 m | 12.9 m | 6.2 m | esef· 26 Oct 2026verified |
| Pre-tax income | 139.9 m | 59.7 m | 42.8 m | esef· 26 Oct 2026verified |
| Income tax | 29.5 m | 12.6 m | 9.7 m | esef· 26 Oct 2026verified |
| Net income | 104.8 m | 51.5 m | 15.7 m | esef· 26 Oct 2026verified |
| Diluted EPS | — | 4.89 | 3.46 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 187.1 m | 138.6 m | 116.0 m | esef· 26 Oct 2026verified |
| Current assets | 532.6 m | 425.9 m | 356.2 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 1.6 m | 630.0 k | esef· 26 Oct 2026verified |
| Total assets | 727.3 m | 628.8 m | 596.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 371.7 m | 304.9 m | 253.8 m | esef· 26 Oct 2026verified |
| Equity | 309.9 m | 299.3 m | 291.1 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | — | 10.5 m | 4.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 145.4 m | 81.3 m | 64.4 m | esef· 26 Oct 2026verified |
| Capex | 2.1 m | 191.0 k | 0 | esef· 26 Oct 2026verified |
| Free cash flow | 143.3 m ≈ | 81.1 m ≈ | 64.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -9.7 m | -39.5 m | -26.9 m | esef· 26 Oct 2026verified |
| Financing cash flow | -81.8 m | -88.1 m | -48.9 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 285.2 m SEK
Key indicators
Coverage and freshness
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.9% | 22 (vs peers) | 15% |
| FCF conversion · Quality | 411.2% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.7x | 80 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 18.2x | 65 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 22.6% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 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.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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.
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
In the press
- La mulți ani, Cristi Chivu! Tehnicianul român, copleșit de mesajele italienilor la 46 de ani: „Dedicare, curaj și un puternic simț al apartenenței!”Adevărul · 26 Oct 2026 · RO
- Cristian Chivu împlinește 46 de ani / Inter îl laudă: „Dedicare, curaj – valorile antrenorului”G4Media · 26 Oct 2026 · RO
- Cristian Chivu împlinește 46 de ani. Inter îl laudă: „Dedicare, curaj – valorile antrenorului”Mediafax · 26 Oct 2026 · RO
- Mirabela Grădinaru - vizită la Secția de Terapie Intensivă nou-născuți de la 'Marie Curie'; a mulțumit medicilor pentru dedicareAgerpres · 08 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Dedicare AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.