Voxel S.A. (VOX.WA) | Investment Case

1. Company Snapshot

1.a. Company Description

Voxel S.A. operates a network of diagnostic imaging laboratories.Its diagnostic imaging services include magnetic resonance imaging scans, computed tomography scans, positron emission tomography, and single photon emission computed tomography.The company also provides services in the field of diagnostic imaging, teleradiology, and outsourcing; and information systems for hospitals and diagnostic centers.

In addition, it deals with the implementation of projects related to the outfitting of diagnostic laboratories.The company operates through a network of 33 specialized laboratories in 21 cities in Poland.Voxel S.A. was founded in 2005 and is based in Kraków, Poland.

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1.b. Last Insights on VOX

Voxel S.A. faced challenges due to a complex European economic landscape. The pan-European STOXX Europe 600 Index's slight decline amid global growth concerns and a stronger euro likely impacted the company's performance. Additionally, Voxel S.A. navigated a dynamic environment with shifting economic conditions, inflation, and consumer confidence trends. Although no recent earnings release data is available, the company's resilience and adaptability will be crucial in addressing these challenges. According to recent market analysis, investors are keenly observing small-cap stocks, implying potential scrutiny on Voxel S.A.'s fundamentals.

1.c. Company Highlights

Last Price	133.2
Change Percentage	0.00%
Open	131.6
Previous Close	133.2
Market Cap ( Millions)	1399
Volume	1825
Year High	186.8
Year Low	117.5
M A 50	157.7
M A 200	157.67

FCF Yield	3.12%
Dividend Yield	3.59%
ROE	28.14%
Debt / Equity	37.07%
Net Debt / EBIDTA	66.58%
Price To Book	3.93
Price Earnings Ratio	13.9
Price To FCF	32.1
Price To sales	2.5
EV / EBITDA	8.17

2. Transcript Summary

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3. NewsRoom

Undiscovered Gems in Europe for October 2025

Oct -09

Source:

Undiscovered Gems in Europe to Watch This September 2025

Sep -10

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Exploring Europe's Undiscovered Gems For July 2025

Jul -14

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Undiscovered European Gems To Explore In June 2025

Jun -10

Source:

Undiscovered European Gems Including 3 Promising Small Caps

May -12

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Discovering January 2025's Hidden Gems with Solid Potential

Jan -21

Source:

Exploring Three Undiscovered Gems For Potential Portfolio Growth

Nov -22

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.43%)

6. Segments

Diagnostics - Medical Services and Sale of Radiopharmaceuticals

Expected Growth: 8%

Strong demand for diagnostic services, increasing adoption of precision medicine, and growing incidence of chronic diseases drive growth. Voxel S.A.'s innovative radiopharmaceuticals and strategic partnerships expand market share. Regulatory approvals and investments in R&D further boost sales, contributing to an 8% growth rate.

Information Technology & Infrastructure - Information Technology Products and Workshop Equipments

Expected Growth: 7%

Voxel S.A.'s 7% growth in Information Technology & Infrastructure - Information Technology Products and Workshop Equipments is driven by increasing demand for digital transformation, cloud computing, and cybersecurity solutions. Additionally, the growing need for efficient workshop equipment and tools is fueling growth. Furthermore, government initiatives and investments in IT infrastructure are also contributing to the segment's expansion.

Therapy - Hospitality

Expected Growth: 6%

Voxel S.A.'s Therapy-Hospitality segment growth is driven by increasing demand for mental wellness, rising healthcare expenditure, and adoption of digital therapeutics. Additionally, the growing need for personalized and accessible therapy services, coupled with the company's innovative virtual reality-based approach, contributes to its 6% growth rate.

Therapy - Neuroradiosurgery

Expected Growth: 5%

Growing demand for non-invasive cancer treatments, increasing adoption of stereotactic radiosurgery, advancements in medical imaging and radiation therapy, expanding geriatric population, and rising healthcare expenditure drive the 5% growth of Neuroradiosurgery from Voxel S.A.

7. Detailed Products

Voxel Cloud

A cloud-based infrastructure for storing, processing, and analyzing large datasets

Voxel AI

A machine learning platform for building, training, and deploying AI models

Voxel IoT

An IoT platform for connecting, managing, and analyzing data from IoT devices

Voxel Cybersecurity

A cybersecurity platform for detecting and responding to cyber threats

Voxel Analytics

A data analytics platform for analyzing and visualizing data

8. Voxel S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Voxel S.A. is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Voxel S.A. is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Voxel S.A. is medium, as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants for Voxel S.A. is high, as the industry is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Voxel S.A. is high, as the industry is highly competitive and there are many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.24%
Debt Cost	6.32%
Equity Weight	69.76%
Equity Cost	6.32%
WACC	6.32%
Leverage	43.34%

11. Quality Control: Voxel S.A. passed 9 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

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

5.25%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.32%

Voxel S.A. - PLVOXEL00014

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VOX

1.c. Company Highlights

Higher Yield

Higher Growth

Strong Momentum

Revenues Beats

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.43%)

6. Segments

Diagnostics - Medical Services and Sale of Radiopharmaceuticals

Expected Growth: 8%

Information Technology & Infrastructure - Information Technology Products and Workshop Equipments

Expected Growth: 7%

Therapy - Hospitality

Expected Growth: 6%

Therapy - Neuroradiosurgery

Expected Growth: 5%

7. Detailed Products

Voxel Cloud

Voxel AI

Voxel IoT

Voxel Cybersecurity

Voxel Analytics

8. Voxel 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: Voxel S.A. passed 9 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

133.2$

Current Price

133.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA