Company Overview
Terveystalo is a Finnish public company that operates as a leading provider of healthcare services, specializing in occupational health care, general medicine, and specialized medical services. With its headquarters in Helsinki, the company has established itself as a trusted partner for individuals, businesses, and public institutions seeking high-quality healthcare solutions.
The primary mission of Terveystalo is to improve the well-being and health of its customers through innovative and personalized healthcare services. The company's core values are rooted in its commitment to excellence, customer satisfaction, and social responsibility.
Key Products/Services
Terveystalo offers a wide range of products and services that cater to diverse customer needs, including:
- Occupational health care services, focusing on workplace wellness, injury prevention, and employee health promotion.
- General medicine services, encompassing primary care, specialist consultations, and hospital care.
- Specialized medical services, featuring advanced diagnostic techniques, surgical interventions, and rehabilitation programs.
- Digital healthcare solutions, including telemedicine, electronic health records, and data analytics platforms.
The benefits of Terveystalo's products and services include improved health outcomes, enhanced productivity, and increased customer satisfaction. By leveraging cutting-edge technology and expert medical professionals, the company provides personalized care that addresses the unique needs of each individual or organization.
Despite the challenges posed by the pandemic and changing market conditions, Terveystalo has demonstrated its resilience and adaptability. The company's commitment to innovation, customer satisfaction, and social responsibility positions it for long-term success in the healthcare industry.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 126.5 | 126.6 | 126.6 | 126.6 | 126.7 | 126.7 | 126.7 |
| Target Valuation (MEur) | 1031.1 | 919.0 | 1128.4 | 1223.2 | 1123.1 | 1032.4 | 1032.4 |
| Targer Price | 8.15 | 7.26 | 8.91 | 9.66 | 8.86 | 8.15 | 8.15 |
| Potential, % | 30.4 | -6.2 | -15.4 | -1.2 | 16.2 | 6.8 | 6.8 |
| Recommendation | Buy | Hold | Hold | Hold | Hold | Hold | Hold |
| MCAP (MEur) | 790.9 | 979.5 | 1334.4 | 1238.6 | 966.8 | 966.8 | 966.8 |
| Price | 6.25 | 7.74 | 10.54 | 9.78 | 7.63 | 7.63 | 7.63 |
| EV | 1358.0 | 1578.0 | 1839.0 | 1747.0 | 1412.0 | 1285.0 | 1153.0 |
| P/S | 0.63 | 0.76 | 1.0 | 0.97 | 0.82 | 0.85 | 0.89 |
| EV/S | 1.08 | 1.23 | 1.37 | 1.37 | 1.19 | 1.13 | 1.06 |
| EV/EBIT | 21.24 | 22.54 | 15.83 | 12.7 | 13.5 | 11.26 | 11.64 |
| P/E | 16.37 | 38.44 | 18.64 | 13.38 | 12.92 | 10.59 | 12.2 |
| P/B | 1.34 | 1.9 | 2.43 | 2.12 | 1.68 | 1.45 | 1.3 |
| P/OCF | 5.61 | 6.2 | 5.97 | 5.99 | 5.49 | 5.42 | 5.25 |
| EV/OCF | 9.63 | 9.99 | 8.22 | 8.44 | 8.02 | 7.2 | 6.25 |
| P/FCF | 16.83 | 8.61 | 7.56 | 9.01 | 7.44 | 7.62 | 7.29 |
| EV/FCF | 28.88 | 13.86 | 10.43 | 12.71 | 10.86 | 10.13 | 8.69 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 1259.1 | 1286.4 | 1340.0 | 1278.8 | 1184.7 | 1134.0 | 1088.8 |
| Rev. Growth, % | 9.1 | 2.2 | 4.2 | -4.6 | -7.4 | -4.3 | -4.0 |
| Ebit | 63.9 | 70.0 | 116.2 | 137.5 | 104.6 | 114.1 | 99.0 |
| Ebit Growth, % | -42.0 | 9.5 | 66.0 | 18.3 | -23.9 | 9.1 | -13.2 |
| Ebit, % | 5.1 | 5.4 | 8.7 | 10.8 | 8.8 | 10.1 | 9.1 |
| Profit | 48.3 | 25.5 | 71.6 | 92.6 | 74.8 | 91.3 | 79.2 |
| EPS | 0.38 | 0.2 | 0.57 | 0.73 | 0.59 | 0.72 | 0.63 |
| Profit Growth, % | -39.9 | -47.2 | 180.8 | 29.3 | -19.2 | 22.1 | -13.3 |
| Profit, % | 3.8 | 2.0 | 5.3 | 7.2 | 6.3 | 8.1 | 7.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 6.6 | 7.1 | 7.2 | 7.6 | 8.5 | 9.5 | 10.4 |
| Acc. Receivable | 138.4 | 143.1 | 135.0 | 124.2 | 107.1 | 92.2 | 78.5 |
| Cash | 40.2 | 37.7 | 65.2 | 75.2 | 202.0 | 328.9 | 461.6 |
| Equity | 592.0 | 515.4 | 548.2 | 584.2 | 575.6 | 666.9 | 746.2 |
| ROE, % | 8.2 | 4.9 | 13.1 | 15.9 | 13.0 | 13.7 | 10.6 |
| ROCE, % | 5.3 | 6.1 | 10.4 | 11.8 | 8.6 | 8.7 | 7.1 |
| Net Debt | 566.6 | 598.1 | 504.8 | 508.0 | 445.4 | 318.5 | 185.8 |
| Gearing, % | 95.7 | 116.0 | 92.1 | 87.0 | 77.4 | 47.8 | 24.9 |
| Equity ratio, % | 40.0 | 36.3 | 39.2 | 40.5 | 39.4 | 44.0 | 47.7 |
| Acc. Payable | 223.2 | 224.7 | 230.3 | 212.4 | 203.9 | 195.7 | 187.9 |
| Total Assets | 1479.4 | 1419.5 | 1398.4 | 1441.1 | 1459.8 | 1514.7 | 1564.5 |
| ROA, % | 3.3 | 1.8 | 5.1 | 6.4 | 5.1 | 6.0 | 5.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 140.9 | 158.0 | 223.7 | 206.9 | 176.1 | 178.4 | 184.3 |
| Investment Cash Flow | -93.9 | -44.2 | -47.3 | -69.5 | -46.1 | -51.6 | -51.6 |
| Free Cash Flow | 47.0 | 113.8 | 176.4 | 137.4 | 130.0 | 126.8 | 132.7 |
| OCF/CAPEX | 1.5 | 3.57 | 4.73 | 2.98 | 3.82 | 3.46 | 3.57 |
| Financial Cash Flow | -44.7 | -116.2 | -148.8 | -126.9 | -3.1 | 0.0 | 0.0 |
Disclaimer
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