First Read: Redcare Pharmacy N.V. "SMID Pan-European Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: Redcare Pharmacy N.V. "SMID Pan-European Conference 2026 - Feedback"

Global Research

13 May 2026ab

First Read

EquitiesRedcare Pharmacy N.V.

SMID Pan-European Conference 2026 - Netherlands

Feedback Retailers, Drug-Based

12-month rating Neutral *

12m price target €55.00

Redcare at the SMID Pan-European Conference 2026

We hosted Olaf Heinrich, Chief Executive Officer, and Hendrik Krampe, Chief Financial

Officer, at the SMID Pan-European Conference today for group meetings. Price (13 May 2026) €46.98

RIC: RDC.DE BBG: RDC GY

Key takeaways

Trading data and key metrics

Management emphasised that the latest regulatory developments in Germany are on

52-wk range €129.00-30.86

balance an opportunity, on the back of competitive advantage in the Rx (prescription)

Market cap. €0.97b/US$1.13b

business, rather than a risk. Redcare and its main peer are well positioned to scale Rx

through a fully digital journey, supported by favourable court rulings on Rx copayments. Shares o/s 20.6m (ORD)

Growth expectations have been reset at FY25 results as the company shifts towards a Free float 99%

clearer profitability path, as higher marketing spend around the e-script rollout did not Avg. daily volume ('000) 177

deliver proportional returns, prompting a shift toward execution, pricing discipline and Avg. daily value (m) €7.8

organic adoption rather than acceleration through mere marketing spend. Rx Common s/h equity (12/26E) €0.48b

momentum is increasingly driven by chronically ill patients, supporting recurring P/BV (12/26E) 2.0x

revenues and lower acquisition costs, while non-Rx remains an cross-sell / up-sell Net debt to EBITDA (12/26E) 3.0x

opportunity.

EPS (UBS, diluted) (EUR)

UBS Cons.

Please click here for the UBS Neo profile of Redcare. 12/26E (1.39) (0.78)

12/27E 0.38 0.62