In this equity research report, analysts Anton Andersson and Nils Annborn takes a closer look at Carasent. Carasent is a Nordic provider of modern EHR systems, enabling doctors to spend less time on administrative tasks and more time with patients. The Company is set to benefit as outdated competitors lose contract renewals, driving expansion in key regions such as Stockholm, where Carasent currently holds a market share of just 7%, compared to around 50% in its strongest region, Gothenburg. Based on an equally weighted peer and DCF valuation using a target multiple of 22x 2027E EBIT, a target price of 33.6 SEK is implied, corresponding to an upside of 24.6%.
Investment Thesis
● Operational turnaround supports margin expansion
● Sticky product and fundamental demand drive revenue growth
● Expansion potential in Stockholm and Germany unlocks new growth path