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1. Company Snapshot

1.a. Company Description

Vimian Group AB (publ) engages in the animal health business worldwide.It operates through Specialty Pharma, MedTech, Diagnostics, and Veterinary Services segments.The company offers proprietary diagnostics, prescription, and non-prescription treatments for preventive care and treatment of chronic conditions for companion animals under the Nextmune brand name; and molecular and immunodiagnostic solutions that are used by laboratories for veterinary specific applications with a focus on livestock and companion animal health markets under the Indical Bioscience brand name.


It also provides procurement and tech-driven operations, such as online marketing, and education and HR, as well as a community for veterinary clinics through a membership-based platform under the VetFamily brand name; and orthopedic implants for veterinarians and universities under the Movora brand name.The company was incorporated in 2020 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on VIMIAN

Vimian Group AB's recent performance faces challenges due to mixed European market conditions. The STOXX Europe 600 Index's recent pullback, amid fluctuating interest rate policies and economic growth indicators, likely impacts the company's prospects. As a growth company with 28% insider ownership, Vimian's high insider investment could be a positive signal, but market volatility and economic uncertainty may weigh on its short-term outlook. Recent news highlights the importance of insider activity and valuation metrics in identifying promising small-cap stocks.

1.c. Company Highlights

2. Vimian Group Posts Strong Q3 Revenue Growth, Driven by Specialty Pharma and Veterinary Services

Vimian Group reported a robust third quarter, with revenue growth of 19% and 9% organic growth. Adjusted EBITDA grew 17% to EUR 25.5 million, with a margin of 24.5%. Earnings per share (EPS) came in at 0.2216, slightly below analyst estimates of 0.2329. The strong revenue growth was driven by Specialty Pharma, which achieved 11% organic growth, and Veterinary Services. According to Magnus Kjellberg, "the company has 16 cross-selling initiatives, representing 18% of sales, and has launched 21 products in Q3 with 70 products in the pipeline."

Publication Date: Oct -28

📋 Highlights
  • Revenue and EBITDA Growth:: Q3 2025 revenue up 19% YoY, 9% organic growth, adjusted EBITDA rose 17% to EUR 25.5M (24.5% margin).
  • Specialty Pharma Performance:: Delivered 11% organic growth via 21 new product launches, 16 cross-selling initiatives (18% of sales), and 70 products in pipeline.
  • M&A Momentum:: Screened 235 targets YTD, 44 acquisitions in 5 years (EUR 170M revenue added), including 4 Veterinary Dental acquisitions (EUR 47M revenue).
  • Long-Term Targets:: Aims for EUR 300M revenue by 2030, maintaining leverage under 3.0x, with M&A as a key growth pillar.
  • MedTech Recovery:: Organic growth rebounded to 5% in Q3 (5% driven by Europe/Asia-Pacific), with flat North America performance and planned operational improvements.

Segment Performance

Specialty Pharma delivered a strong performance, driven by new products, contracts, and internationalization. MedTech returned to organic growth of 5% after a challenging second quarter. The company's M&A pipeline is accelerating, with a focus on both existing and new market niches. Vimian has completed 44 acquisitions in the past 5 years, adding approximately EUR 170 million in revenue.

M&A Strategy and Pipeline

Vimian's M&A strategy is a key driver of growth, with a focus on expanding its presence in the global animal health space. The company remains well-capitalized, with net debt of EUR 253.5 million and leverage of 2.1x. Vimian expects to continue implementing actions to strengthen commercial performance and expand its M&A pipeline, with a long-term financial target of reaching EUR 300 million by 2030 and maintaining a leverage of 3.0x or less.

Valuation and Outlook

Analysts estimate next year's revenue growth at 8.8%. Vimian's current valuation metrics include a P/E Ratio of 66.16, P/S Ratio of 3.72, and EV/EBITDA of 19.75. The company's ROE is 3.31%, and Net Debt / EBITDA is 2.58. With a strong track record of M&A-driven growth and a solid financial position, Vimian is well-positioned to drive future growth.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.40%)

6. Segments

Specialty Pharma

Expected Growth: 9%

Vimian Group AB's Specialty Pharma segment growth of 9% is driven by increasing demand for niche and orphan drugs, strategic M&A, and expansion into new markets. Additionally, investments in R&D and regulatory approvals for new products have contributed to the segment's growth.

MedTech

Expected Growth: 7%

Vimian Group AB's MedTech segment growth of 7% is driven by increasing demand for pet healthcare, advancements in veterinary diagnostic technologies, and strategic acquisitions. The growing pet humanization trend, rising veterinary care expenditure, and expansion into new markets also contribute to the segment's growth.

Veterinary

Expected Growth: 10%

Vimian Group AB's 10% growth in Veterinary segment is driven by increasing pet humanization, rising demand for premium pet care, and growing adoption of digital veterinary services. Additionally, strategic acquisitions, expansion into new markets, and investments in research and development are contributing to the segment's growth.

Diagnostics

Expected Growth: 8%

Vimian Group AB's diagnostics segment growth is driven by increasing pet humanization, rising demand for preventive care, and advancements in veterinary diagnostic technologies. The company's strategic acquisitions, expanded product offerings, and growing presence in emerging markets also contribute to its 8% growth rate.

7. Detailed Products

Veterinary Diagnostic Services

Vimian Group AB provides veterinary diagnostic services, including laboratory testing, imaging, and pathology services to help veterinarians diagnose and treat animals.

Veterinary Consulting Services

Vimian Group AB offers veterinary consulting services, providing expert advice and guidance to veterinarians, pet owners, and animal health companies.

Animal Health Products

Vimian Group AB develops and distributes animal health products, including pharmaceuticals, vaccines, and nutritional supplements.

Data Analytics and Insights

Vimian Group AB provides data analytics and insights to help veterinarians, pet owners, and animal health companies make informed decisions.

Digital Health Platforms

Vimian Group AB develops and operates digital health platforms, including telemedicine and online consultation services.

8. Vimian Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vimian Group AB (publ) is moderate due to the presence of alternative products and services in the animal health industry.

Bargaining Power Of Customers

The bargaining power of customers is low for Vimian Group AB (publ) as the company has a diverse customer base and is not heavily dependent on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Vimian Group AB (publ) as the company relies on a few key suppliers for raw materials and services.

Threat Of New Entrants

The threat of new entrants is low for Vimian Group AB (publ) due to the high barriers to entry in the animal health industry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high in the animal health industry, with several established players competing for market share, including Vimian Group AB (publ).

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.35%
Debt Cost 11.38%
Equity Weight 62.65%
Equity Cost 11.50%
WACC 11.45%
Leverage 59.62%

11. Quality Control: Vimian Group AB (publ) passed 2 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

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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

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Lumibird

A-Score: 3.7/10

Value: 2.3

Growth: 5.4

Quality: 3.2

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Centogene

A-Score: 3.5/10

Value: 10.0

Growth: 1.4

Quality: 5.5

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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Vimian Group

A-Score: 2.9/10

Value: 2.1

Growth: 7.2

Quality: 5.5

Yield: 0.0

Momentum: 1.0

Volatility: 1.7

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Mainz Biomed

A-Score: 2.6/10

Value: 8.2

Growth: 3.3

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

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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 ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.24$

Current Price

30.24$

Potential

-0.00%

Expected Cash-Flows