Careium

In this fundamental analysis report, analysts Måns Rössberger and Emma Rosberg take a closer look
at Careium AB, a Swedish provider of telecare solutions for seniors. Despite market concerns related
to management changes and prior deficiencies in financial communication, Careium is positioned to
benefit from a structurally growing market driven by aging demographics, with revenue projected to
grow at a 4.0% CAGR through 2027. By shifting toward a more scalable revenue mix, focusing on
high-margin hardware sales, EBITDA margins are expected to expand from 9.4% in 2024 to 11.4%
by 2027. Further operational improvements, driven by efficiency gains from the integrated
software platform, are expected to enhance operational leverage and scalability. Based on an
equally weighted DCF and peer valuation, a target share price of SEK 34.3 is implied, corresponding
to an upside of 44.5%.

Investment Thesis
● Scalable Product Mix Drives Margin Expansion
● Structural Market Growth Supports 4% Revenue CAGR
● Integrated Platform Improves Efficiency and Reduces Workload