Clínica Baviera, S.A. (CBAV.MC) | Investment Case

1. Company Snapshot

1.a. Company Description

Clínica Baviera, S.A., a medical company, operates a network of ophthalmology clinics.The company is involved in the diagnosis, treatment, and monitoring of various types of visual disorders.Its clinics offers myopia, hyperopia, astigmatism, presbyopia, cataract, retina, pediatric ophthalmology, glaucoma, squint, cornea, neuroftalmología, vías lagrimales, and oculoplasty treatments.

It operates approximately 90 centers in Spain, Germany, Austria, and Italy.The company is based in Madrid, Spain.

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1.b. Last Insights on CBAV

Clínica Baviera, S.A. recent performance is driven by its strong fundamentals and potential for growth amidst mixed economic signals. The company's resilience in a challenging environment is attributed to its solid financial position and ability to navigate market trends. A recent article highlights Clínica Baviera as one of the promising small-cap stocks, emphasizing its potential to thrive amidst economic uncertainties. Additionally, the company's attractive dividend yield, up to 9%, makes it an appealing option for investors seeking stable income streams.

1.c. Company Highlights

Last Price	47.5
Change Percentage	1.06%
Open	47.9
Previous Close	47
Market Cap ( Millions)	761
Volume	8834
Year High	48.4
Year Low	29.7
M A 50	42.22
M A 200	40.44

FCF Yield	5.54%
Dividend Yield	3.31%
ROE	40.99%
Debt / Equity	9.87%
Net Debt / EBIDTA	0.51%
Price To Book	8.4
Price Earnings Ratio	19.45
Price To FCF	18.06
Price To sales	2.66
EV / EBITDA	9.46

2. Transcript Summary

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3. NewsRoom

Undiscovered Gems in Europe for December 2025

Dec -03

Source:

European Dividend Stocks With Up To 3.7% Yield For Your Portfolio

Nov -18

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Top European Dividend Stocks For October 2025

Oct -20

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Clínica Baviera And 2 Promising Small Caps To Consider In Europe

Oct -17

Source:

Exploring Europe's Hidden Stock Opportunities In August 2025

Aug -04

Source:

European Dividend Stocks To Enhance Your Portfolio

Aug -04

Source:

Clínica Baviera And 2 Promising European Small Caps With Strong Potential

Jul -03

Source:

3 European Dividend Stocks Yielding Up To 5.8%

Jul -02

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.02%)

6. Segments

Interventions

Expected Growth: 8%

Strong demand for ophthalmology services, increasing prevalence of eye disorders, strategic partnerships, and expansion into new markets drive Clínica Baviera's 8% growth. Additionally, investments in advanced medical technology, a skilled workforce, and effective cost management contribute to the company's success.

Others

Expected Growth: 7%

Strong brand reputation, strategic partnerships, and expansion into new markets drive Clínica Baviera's growth. Additionally, investments in digital transformation, process efficiency, and talent acquisition contribute to its success. Furthermore, the increasing demand for ophthalmology services, particularly in Spain and Portugal, also fuels the company's growth.

Consultations

Expected Growth: 10%

Strong demand for ophthalmology services, increasing awareness of eye health, and strategic partnerships with healthcare providers drive Consultations from Clínica Baviera, S.A.'s 10% growth. Additionally, investments in digital platforms and expansion into new markets contribute to the company's upward trend.

7. Detailed Products

ReLEx Smile

A minimally invasive refractive surgery procedure that combines the benefits of LASIK and PRK, providing high precision and accuracy in vision correction.

Femtosecond Laser Technology

A state-of-the-art technology used in refractive surgery, enabling precise and safe procedures with minimal recovery time.

Implantable Lenses

Artificial lenses implanted inside the eye to correct vision problems, providing a permanent solution for presbyopia, myopia, and hyperopia.

Cataract Surgery

A surgical procedure to remove the cloudy natural lens (cataract) and replace it with an artificial lens, restoring clear vision.

Refractive Lens Exchange

A surgical procedure that replaces the natural lens with an artificial lens, correcting vision problems such as presbyopia and high prescriptions.

Corneal Cross-Linking

A minimally invasive procedure to strengthen the cornea, treating keratoconus and other corneal disorders.

8. Clínica Baviera, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is low for Clínica Baviera, S.A. because the company provides specialized eye care services that are not easily substitutable.

Bargaining Power Of Customers

The bargaining power of customers is medium for Clínica Baviera, S.A. because while customers have some flexibility to choose from different eye care providers, the company's reputation and quality of service limit their bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Clínica Baviera, S.A. because the company is a large buyer of medical equipment and supplies, giving it significant negotiating power.

Threat Of New Entrants

The threat of new entrants is high for Clínica Baviera, S.A. because the eye care industry is attractive and has relatively low barriers to entry, making it easier for new competitors to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high for Clínica Baviera, S.A. because the eye care industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	10.92%
Debt Cost	3.95%
Equity Weight	89.08%
Equity Cost	7.00%
WACC	6.66%
Leverage	12.26%

11. Quality Control: Clínica Baviera, S.A. passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Faes Farma

A-Score: 7.4/10

Value: 5.2

Growth: 5.9

Quality: 8.2

Yield: 8.1

Momentum: 8.0

Volatility: 9.0

1-Year Total Return ->

Clínica Baviera

A-Score: 6.9/10

Value: 4.1

Growth: 8.2

Quality: 8.4

Yield: 7.5

Momentum: 7.0

Volatility: 6.3

1-Year Total Return ->

Voxel

A-Score: 6.7/10

Value: 3.6

Growth: 7.7

Quality: 6.9

Yield: 6.9

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

Ambea

A-Score: 6.1/10

Value: 6.3

Growth: 7.7

Quality: 4.7

Yield: 3.8

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

Synektik

A-Score: 5.9/10

Value: 1.8

Growth: 9.8

Quality: 7.5

Yield: 5.0

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

Selvita

A-Score: 2.3/10

Value: 3.5

Growth: 4.9

Quality: 3.7

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

0.53%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.66%

Clínica Baviera, S.A. - ES0119037010

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CBAV

1.c. Company Highlights

Higher Yield

Higher Growth

Strong Momentum

Better Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.02%)

6. Segments

Interventions

Expected Growth: 8%

Others

Expected Growth: 7%

Consultations

Expected Growth: 10%

7. Detailed Products

ReLEx Smile

Femtosecond Laser Technology

Implantable Lenses

Cataract Surgery

Refractive Lens Exchange

Corneal Cross-Linking

8. Clínica Baviera, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Clínica Baviera, S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.5$

Current Price

47.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA