olivLaw · European equity research
MedCap AB (publ) MCAP.ST
Sweden · Nasdaq Stockholm · ISIN SE0009160872 · Vertical: Listed companies from Sweden
MedCap is a Swedish group in medical technology and health that develops assistive technology, medical devices and specialist pharmaceuticals, with a focus on Scandinavia. Revenue grew substantially in 2025, supported by acquisitions and growth in the medical technology segment, and the group extended its epilepsy offering through the acquisition of LivAssured. Net sales reached 981.8 MSEK.
At the close of 05 Nov 2026, MedCap AB (publ) (MCAP.ST) stock was 561.00 SEK (+0.00% on the day), with market capitalisation 8.4 bn SEK, P/E 38.2 on diluted EPS of 14.70 SEK over the last 12 months, dividend yield 0.00%, beta 0.79, 52-week range 453.00–600.50 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)
- 56.8
- strong (55–70)
- Bollinger (20, 2)
- 510.14 – 581.06
- in the upper half of the band · %B 0.72 · band width 13.0%
- SMA 50 / 200
- 538.49 / 516.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.08 / 5.75
- 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 | +9.6% | −0.6% | +10.2 pp | — |
| 3 months | +6.3% | −4.2% | +10.4 pp | — |
| 6 months | +10.2% | +4.3% | +5.9 pp | — |
| Year to date | +2.2% | +7.5% | −5.3 pp | — |
| 1 year | −0.5% | +9.9% | −10.5 pp | −8.5% |
| 3 years | +93.4% | +49.8% | +43.6 pp | +12.3% |
| 5 years | +184.8% | +42.8% | +141.9 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 67 percentile of its own 3-quarter history (min 29.1, median 37.3, max 42.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.8 bn | 2.1 bn |
| Revenue YoY | unavailable | +13.8% | +16.7% |
| Net income | 172.2 m | 207.4 m | 219.8 m |
| Net income YoY | unavailable | +20.4% | +6.0% |
| Diluted EPS | 11.60 | 14.00 | 14.70 |
| Diluted EPS YoY | unavailable | +20.7% | +5.0% |
| net % | 10.8% | 11.5% | 10.4% |
| Free cash flow | 205.9 m | 318.3 m | 317.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 370.4 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.5 bn SEK
- Total assets
- 2.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 2.01x
- ROE
- 16.0%
- ROA
- 9.6%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.8 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Operating income | 227.5 m | 272.3 m | 302.9 m | esef· 26 Oct 2026verified |
| Interest expense | 15.6 m | 19.0 m | 31.5 m | esef· 26 Oct 2026verified |
| Pre-tax income | 222.3 m | 261.6 m | 289.0 m | esef· 26 Oct 2026verified |
| Income tax | 49.8 m | 52.3 m | 68.3 m | esef· 26 Oct 2026verified |
| Net income | 172.2 m | 207.4 m | 219.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | 11.60 | 14.00 | 14.70 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 14.9 m | 14.8 m | 15.0 m | esef· 26 Oct 2026verified |
| Dividend per share | — | 0.00 | — | esef· 08 May 2025verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 188.2 m | 370.1 m | 370.4 m | esef· 26 Oct 2026verified |
| Inventories | 276.7 m | 268.9 m | 271.4 m | esef· 26 Oct 2026verified |
| Current assets | 765.2 m | 917.4 m | 991.4 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 243.9 m | 402.7 m | 379.2 m | esef· 26 Oct 2026verified |
| Goodwill | 339.9 m | 362.2 m | 662.7 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 309.3 m | 304.8 m | 566.3 m | esef· 26 Oct 2026verified |
| Total assets | 1.7 bn | 2.0 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Current liabilities | 343.0 m | 331.5 m | 494.3 m | esef· 26 Oct 2026verified |
| Equity | 1.0 bn | 1.3 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 14.8 m | 14.8 m | 15.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 228.0 m | 360.0 m | 342.7 m | esef· 26 Oct 2026verified |
| Capex | 22.1 m | 41.7 m | 25.7 m | esef· 26 Oct 2026verified |
| Free cash flow | 205.9 m ≈ | 318.3 m ≈ | 317.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -152.3 m | -128.8 m | -391.3 m | esef· 26 Oct 2026verified |
| Financing cash flow | -119.7 m | -46.1 m | 52.2 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 0 | 26.1 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.4 bn SEK
Key indicators
Coverage and freshness
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.4% | 86 (vs peers) | 13% |
| FCF conversion · Quality | 144.2% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.6x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 38.2x | 19 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns· partial4/100 · 1/2 factors with a value
- Valuation32/100 · 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
MedCap AB (publ) (MCAP.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.1 bn SEK in 2025; YoY growth 16.7%; net margin 10.4%; ROE 16.1%.
The estimated value range is 228.13–496.67 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 312.73 SEK, the price of 561.00 SEK leaves a potential of -44.3% (value / price − 1) and a margin of safety of -79.4% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.4%
- FCF conversion: 144.2%
- Interest coverage: 9.6x
- Current ratio: 2.0x
What contradicts it
- P/E (TTM): 38.2x
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| MCAP.STMedCap AB (publ) | 8.4 bn | 38.2 | 16.1% | 10.4% | +16.7% | +2% / +86% |
| 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% |
1- and 3-year price returns: for MCAP.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 | 366.59 Total return -35% · Per year -35% | 645.15 Total return 15% · Per year 15% | 967.72 Total return 72% · Per year 72% |
| 3 years | 434.84 Total return -22% · Per year -8% | 853.21 Total return 52% · Per year 15% | 1,393.52 Total return 148% · Per year 35% |
| 5 years | 515.79 Total return -8% · Per year -2% | 1,128.37 Total return 101% · Per year 15% | 2,006.67 Total return 258% · Per year 29% |
- Exit P/E± 213.30
- Net margin± 149.31
- Annual revenue growth± 111.36
- Annual dilution± 12.55
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
MedCap is a Swedish group in medical technology and health that develops assistive technology, medical devices and specialist pharmaceuticals, with a focus on Scandinavia. Revenue grew substantially in 2025, supported by acquisitions and growth in the medical technology segment, and the group extended its epilepsy offering through the acquisition of LivAssured. Net sales reached 981.8 MSEK 1.
SWOT
Strengths
- Diversified portfolio across three business areas, with rising adjusted margins in medical technology.
- Solid installed base and clinical evidence for Toul Meditech products.
- Strong local presence in Sweden and Norway, with stable relationships with public customers.
Weaknesses
- Dependence on public procurement and budgets that may be slow or constrained.
- Weak results in some units, such as Multi-ply, affected by the loss of a large order.
- Pharmaceutical margins are small and under pressure from competition.
Opportunities
- Integrating NightWatch into Abilia's sales network could extend sales in Europe.
- Rising demand for infection control in surgery could support Toul Meditech.
- The XGX Pharma portfolio could be extended with new niche products and partnerships.
Threats
- An adverse macroeconomic or geopolitical environment could affect demand and supply chains.
- Rapid technological progress could make some products less competitive.
- Falling prices for licensed medicines could further reduce margins.
Risks
- Dependence on the public sectorhigh
Part of sales depends on public budgets and procurement, which can be delayed or reduced.
- Technological competitionmedium
Technological change and competition could reduce volumes and prices if the group does not adapt in time.
- Macroeconomic and geopolitical factorsmedium
External events could affect demand and access to components or services needed to deliver products.
- Prices of licensed medicinesmedium
Pressure on pharmaceutical prices could continue to reduce the result of Unimedic Pharma.
- Integration of acquisitionslow
Integrating LivAssured and XGX Pharma could face operational or organisational culture difficulties.
Investment thesis
What would need to be true (bull case)
- Higher revenue and adjusted margin in 2025 show that the medical businesses can support expansion if demand stays stable 1.
- Recent acquisitions could open new markets, particularly in epilepsy and Central Europe, if integration succeeds 1.
- Diversification across three areas may reduce dependence on a single market or customer type 1.
What would break the thesis
- Dependence on public budgets could slow orders if funding tightens.
- Margins in the pharmaceutical segment are under pressure from competition and lower prices.
- Acquisitions carry integration risks and unmet expectations, especially if new markets develop slowly.
What to watch
- Development of margins in the Specialistläkemedel segment after the XGX Pharma acquisition2026
- Recovery of orders from Multi-ply's largest customer2026
- NightWatch sales growth in new markets, including DACH2026
- Quarterly reports on demand from the public sectorQ1 2027
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
MedCap AB (publ) is a holding company grouping businesses in three areas: Abilia (assistive technology for people with special needs, including mobility, alarms and communication), Medicinteknik (EKG equipment, packaging for nutrition and pharmaceuticals, carbon fibre components and ultra-clean air systems) and Specialistläkemedel through Unimedic Pharma. Group net sales were 981.8 MSEK in 2025, with an adjusted EBITA margin of 26.5 % 1. The group operates in Sweden, Norway, Denmark, the United Kingdom, the Netherlands and Germany 1.
The group combines organic growth with acquisitions. In 2025, LivAssured, with its NightWatch product, was acquired by Abilia, and XGX Pharma was integrated into Unimedic Pharma in July 2025 1. Management says it continues to pursue both organic development of its businesses and the search for companies that complement the portfolio 1.
Customers include regions, municipalities, hospitals, specialist clinics, pharmacies, distributors and pharmaceutical companies, and part of sales comes from public funding of health care and social services 1. This means demand partly depends on public budgets and procurement procedures 1.
Segments
Specialistläkemedel
The Specialistläkemedel segment, through Unimedic Pharma, had sales of 436.6 MSEK in 2025, almost flat year on year, but adjusted EBITA declined due to competition and lower prices for licensed medicines 1. The XGX Pharma acquisition is intended to strengthen the niche portfolio and pipeline 1.
Market context
The group's core markets are Sweden and Norway, with expansion into Germany and other European countries 1. Demand for assistive technology is supported by an ageing population and the need for safety and independence, but pressure on public budgets may affect the pace of procurement 1. For Toul Meditech, demand grows with awareness of infection risks and bacterial resistance 1.
In Specialistläkemedel, the Nordic licensed-medicines market faces rising competition and lower prices, while the weak construction sector affecting Trident and Swedelift remains a challenge 1.
Trends
- Ageing populationtailwind
A growing number of elderly and people with special needs supports demand for assistive, alarm and mobility products 1.
- Hospital infections and bacterial resistancetailwind
Rising infection risk and multi-resistant bacteria could increase interest in ultra-clean air solutions in surgery 1.
- Public budgets and procurementheadwind
Reliance on public funding and procurement could delay orders if budgets tighten 1.
- Pressure on medicine pricesmixed
Competition and lower prices for licensed medicines reduced the pharmaceutical segment's result, which could continue if the trend persists 1.
Competitive position
The group operates in specialised niches where competition comes from producers of assistive technology, cardiology equipment, packaging and licensed medicines. The sources do not name the main competitors, but they cite intense competition as a risk in all business areas 1.
The group's stated advantage lies in its local commercial presence, relationships with public customers and its ability to integrate acquisitions such as LivAssured and XGX Pharma 1.
- Assistive technology and alarm producers
Competition in assistive, mobility and alarm products, mentioned generically in the source.
- EKG equipment makers
Competition for Cardiolex in EKG systems and hospital software.
- Ultra-clean air system makers
Competition for Toul Meditech in surgery and infection control.
- Nordic licensed-medicine companies
Competition for Unimedic Pharma, which reported lower prices and rising competition.
News & filings
In the press
No news in our archive over the last 180 days.
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 / MedCap 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.