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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 faced challenges in its Medtech segment, which likely impacted its recent performance. Despite a 13% revenue increase, driven by strategic acquisitions, the company encountered difficulties in this business area. The European market volatility, with concerns about AI disruption and strong US job data, may have also affected the company's short-term prospects. Additionally, the company's high insider ownership, which typically indicates alignment between management and shareholders, may not have been enough to shield it from these challenges.

1.c. Company Highlights

2. Vimian Group's Q4 2025 Earnings: A Resilient Performance

Vimian Group reported a robust financial performance in Q4 2025, with revenue growth of 6% and adjusted EBITA growth of 6%. The company's adjusted EBITA margin was EUR 26.1 million, a 6% increase from the previous year. Earnings per share (EPS) came in at €0.2171, slightly below analyst estimates of €0.2326. The company's revenue growth was broad-based, with most businesses contributing to the increase, particularly in specialty pharma, veterinary services, and MedTech dental businesses. As noted by Alireza Tajbakhsh, "We delivered revenue growth of 13% and adjusted EBITA growth of 11% in 2025."

Publication Date: Mar -06

📋 Highlights
  • Overall Revenue & EBITA Growth:: 2025 revenue grew 13%, with adjusted EBITA up 11% to EUR 98.3 million (Q4 alone: 6% organic & 6% adjusted EBITA growth).
  • MedTech Segment Performance:: Revenue surged 25% to EUR 155.5 million in 2025, with adjusted EBITA rising 15% to EUR 39.6 million (Q4 EBITA up 32% excluding currency effects).
  • Veterinary Services Scale:: Achieved 11% full-year organic growth, reaching over 10,000 members, with Q4 adjusted EBITA at EUR 18.4 million (+9% YoY).
  • Cash Flow & Tax Efficiency:: Q4 operating cash flow hit EUR 55.7 million (92% conversion), while operating profit rose 54% to EUR 19.2 million.
  • M&A Activity & Outlook:: 3/5 2025 acquisitions occurred in Q4, with a 2026 pipeline targeting ~9x EBITDA multiples for add-ons and higher for platform deals.

Segmental Performance

The Specialty Pharma segment delivered 6% organic growth in Q4, with adjusted EBITA growing 4%. The MedTech segment grew revenues by 25% to EUR 155.5 million in 2025, with adjusted EBITA growing 15% to EUR 39.6 million. Veterinary Services continued to perform well, with 10% organic growth in Q4 and adjusted EBITA growing 9%. Diagnostics reported 5% organic growth in Q4, but adjusted EBITA declined 3%.

Valuation Metrics

Using Vimian Group's current valuation metrics, we can assess what's priced in. The company's P/E Ratio is 40.19, indicating a relatively high valuation. The EV/EBITDA ratio is 12.71, which is reasonable for a company with a strong growth profile. The ROIC is 4.68%, and ROE is 4.54%, indicating a relatively low return on capital. The Net Debt / EBITDA ratio is 1.62, suggesting a manageable debt burden.

Outlook and Guidance

Vimian Group's management is confident about the company's future prospects, citing a resilient market and a strong product portfolio. Analysts estimate revenue growth of 9.2% for the next year. The company's guidance suggests that it expects to deliver good growth in 2026, driven by its various businesses, including MedTech and Specialty Pharma. As Alireza Tajbakhsh noted, "We are well positioned in a resilient market that continues to grow."

M&A and Growth Initiatives

Vimian Group's management noted an increased momentum in M&A activity, with three out of five acquisitions made in 2025 happening in Q4. The company has a pipeline of opportunities for 2026, with an average EBITDA multiple of around 9x. The company is also driving growth initiatives, including cross-selling and innovation, which are expected to contribute to its growth prospects.

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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

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Yield: 7.5

Momentum: 7.0

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Lumibird

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Vimian Group

A-Score: 3.1/10

Value: 1.9

Growth: 7.2

Quality: 6.2

Yield: 0.0

Momentum: 1.5

Volatility: 1.7

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Quality: 3.9

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A-Score: 2.6/10

Value: 8.2

Growth: 3.3

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

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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

30.9$

Current Price

30.9$

Potential

-0.00%

Expected Cash-Flows