CEE Healthcare Refresh

研报英文原文证据摘录

CEE Healthcare Refresh

EUROPE | Healthcare Services EquityJulyResearch9, 2026

KEY STOCKS FEATURED INCLUDE:CEE Healthcare Refresh

Ahead of 2Q, we refresh our CEE HCC Services coverage. We see NT TICKER RATING PRICE TARGET

regulatory headwinds that decrease MT visibility. MCOV: u/l HC and Dx MCOVB SS HOLD SEK220.00

momentum supports 2028 ambitions, although GOÄ reform remains a key DIA PW HOLD PLN176.00

risk; Retain Hold, lower '26-30E EPS c.2-6% & PT to SEK220. DIA: MLT

continues to benefit from demand & strong pricing NT, but DI regulatory

uncertainty increases risks for M&A execution; Retain Hold, lower '26-30E KEY CHANGES INCLUDE:

EPS c.10-15% & PT to PLN175. TICKER RATING PRICE TARGET

MCOVB SS HOLD SEK220.00 (SEK221.00)

MCOV. Mgmt reiterated confidence in achieving '28 targets while indicating '26 may be DIA PW HOLD PLN176.00 (PLN188.00)

at a slower pace than later years. Margin expansion is still expected, driven by capacity

utilisation, pricing, & operational leverage. Although, Q1’s strong Adj. EBITDA margin expansion

of 1.1% is unlikely to continue at the same level, as acquisition benefits annualise. Hospitals

should benefit from India’s strong growth, doctor recruitment, and Hyderabad ramp-up, while

Diagnostics is expected to improve as weather disruptions fade, supported by FFS growth,

German momentum, SYNLAB synergies, and mix.

MCOV: GOÄ reform remains a key emerging risk for German diagnostics. GOÄ reform could

shift Germany’s private-pay system to fixed tariffs; a ministerial draft is expected mid-'26, with

implementation likely in '28. For MCOV, Germany Dx (14% of Group sales; 42% private pay)

is exposed to GOÄ repricing. Assuming an avg. 15–45% private-pay price cut fully borne by