Company Overview
Nightingale Health is a Finnish health technology company that has revolutionized the way healthcare is delivered and accessed. With its cutting-edge blood analysis technology, the company aims to make healthcare more sustainable and equitable worldwide.
The primary mission of Nightingale Health is to build a sustainable healthcare system that reduces health inequalities and improves population health outcomes. The core values of the company include innovation, collaboration, and customer-centricity.
Key Products/Services
Nightingale Health offers a range of innovative products and services that utilize its proprietary blood analysis technology. These include:
- Nightingale's Health Check: A single-blood sample test that detects multiple chronic diseases, providing early risk detection and personalized health recommendations.
- Blood Analysis Technology: A comprehensive platform for analyzing blood samples, identifying biomarkers, and detecting diseases at an early stage.
- Occupational Healthcare Solutions: Customized healthcare services for workplaces, enhancing employee well-being and productivity.
The benefits of Nightingale Health's products and services include:
- Early disease detection and prevention
- Personalized health recommendations and risk assessment
- Improved workplace health and productivity
- Enhanced customer experience through innovative technology
Business Model and Strategy
Nightingale Health operates globally, with a parent company in Finland and seven subsidiaries in the United Kingdom, Japan, Sweden, Germany, Singapore, Estonia, and the United States. The company's business model is based on expanding its customer base and capacity for blood testing and delivery of test results.
The company has signed long-term framework agreements with key partners to ensure the availability of laboratory equipment and supplies, mitigating risks associated with expansion.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 |
| Target Valuation (MEur) | 286.0 | 190.8 | 124.1 | 79.1 | 54.9 | 34.0 | 34.0 |
| Target Price | 4.7 | 3.13 | 2.04 | 1.3 | 0.9 | 0.56 | 0.56 |
| Potential, % | 362.0 | 180.6 | -29.2 | -36.7 | -24.9 | -53.5 | -53.5 |
| Recommendation | Buy | Buy | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 61.9 | 68.0 | 175.4 | 124.9 | 73.1 | 73.1 | 73.1 |
| Price | 1.02 | 1.12 | 2.88 | 2.05 | 1.2 | 1.2 | 1.2 |
| EV | -20.0 | 5.0 | 117.0 | 87.0 | 61.0 | 101.0 | 141.0 |
| P/S | 19.79 | 18.61 | 35.44 | 26.05 | 13.49 | 12.7 | 12.61 |
| EV/S | -6.29 | 1.25 | 23.72 | 18.14 | 11.17 | 17.45 | 24.3 |
| EV/EBIT | 1.31 | -0.24 | -6.38 | -4.56 | -3.04 | -4.85 | -6.83 |
| P/E | -3.28 | -3.76 | -10.24 | -6.55 | -4.16 | -4.41 | -4.43 |
| P/B | 0.59 | 0.75 | 2.32 | 2.15 | 1.79 | 3.02 | 9.48 |
| P/OCF | -6.63 | -8.02 | -21.0 | -11.44 | -7.56 | -7.79 | -7.39 |
| EV/OCF | 2.11 | -0.54 | -14.06 | -7.97 | -6.26 | -10.7 | -14.25 |
| P/FCF | -3.85 | -5.97 | -3.64 | 5.53 | -2.82 | -1.83 | -1.81 |
| EV/FCF | 1.22 | -0.4 | -2.44 | 3.85 | -2.34 | -2.52 | -3.49 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 | 3.7 | 5.0 | 4.8 | 5.4 | 5.8 | 5.8 |
| Rev. Growth, % | 29.2 | 19.4 | 35.1 | -4.0 | 12.5 | 7.4 | 0.0 |
| Ebit | -15.0 | -19.2 | -18.4 | -19.1 | -19.9 | -20.7 | -20.6 |
| Ebit Growth, % | -94.8 | -28.0 | 4.2 | -3.8 | -4.2 | -4.0 | 0.5 |
| Ebit, % | -483.9 | -518.9 | -368.0 | -397.9 | -368.5 | -356.9 | -355.2 |
| Profit | -18.9 | -18.1 | -17.1 | -19.1 | -17.6 | -16.6 | -16.5 |
| EPS | -0.31 | -0.3 | -0.28 | -0.31 | -0.29 | -0.27 | -0.27 |
| Profit Growth, % | -43.2 | 4.2 | 5.5 | -11.7 | 7.9 | 5.7 | 0.6 |
| Profit, % | -609.7 | -489.2 | -342.0 | -397.9 | -325.9 | -286.2 | -284.5 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.6 | 0.5 | 1.3 | 1.9 | 1.7 | 1.5 | 1.2 |
| Acc. Receivable | 0.8 | 1.1 | 1.1 | 2.2 | 1.5 | 1.8 | 0.7 |
| Cash | 87.5 | 72.6 | 22.4 | 42.8 | 16.6 | -23.3 | -63.7 |
| Equity | 104.6 | 90.3 | 75.7 | 58.0 | 40.8 | 24.2 | 7.7 |
| ROE, % | -18.1 | -20.0 | -22.6 | -32.9 | -43.1 | -68.6 | -214.3 |
| ROCE, % | -13.6 | -19.3 | -45.9 | -30.4 | -44.3 | -73.2 | -174.6 |
| Net Debt | -81.5 | -63.4 | -58.0 | -37.9 | -12.6 | 27.4 | 67.8 |
| Gearing, % | -78.0 | -70.2 | -76.7 | -65.4 | -30.8 | 113.0 | 879.1 |
| Equity ratio, % | 90.8 | 93.1 | 93.4 | 86.5 | 78.6 | 56.0 | 21.9 |
| Acc. Payable | 3.1 | 2.2 | 2.7 | 3.6 | 4.1 | 4.4 | 5.5 |
| Total Assets | 115.2 | 97.0 | 81.0 | 67.0 | 51.9 | 43.3 | 35.2 |
| ROA, % | -16.4 | -18.7 | -21.1 | -28.5 | -33.9 | -38.3 | -46.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -9.3 | -8.5 | -8.4 | -10.9 | -9.7 | -9.4 | -9.9 |
| Investment Cash Flow | -6.8 | -2.9 | -39.8 | 33.5 | -16.2 | -30.5 | -30.5 |
| Free Cash Flow | -16.1 | -11.4 | -48.2 | 22.6 | -25.9 | -39.9 | -40.4 |
| OCF/CAPEX | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | -1.8 | -3.3 | -2.0 | -1.7 | -0.4 | 0.0 | 0.0 |
Disclaimer
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