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1. Company Snapshot

1.a. Company Description

Swedencare AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells pet healthcare products.It offers ProDen PlaqueOff powder, a food supplement for cats and dogs, which reduce the formation of plaque and tartar; ProDen PlaqueOff dental bites, a pet dental product; ProDen PlaqueOff powder cat; ProDen PlaqueOff dental bones for dogs; ProDen PlaqueOff mini dental care bones, a chewy bone for smaller dogs; and ProDen PlaqueOff soft chews for dogs and cats.The company also provides dietary supplements for cats, dogs, and horses under the NutriScience brand, such as Glucosamine and Stomax used to renew joint cartilage, bones, muscles, ligaments, and sinews; ArthriAid for joints and mobility; KalmAid, which helps to calm nervous dogs; and OmegaAid and RevitalAid, a feed supplement used for healthy skin and coat.


In addition, it develops and manufactures equine supplements, including Gastrocare used to relieve gastric pain and improve appetite; Equine Gold, which helps horse to thrive; ArthriAid used to aid horse's own natural manufacture of cartilage; and AnxiKalm, a supplement to calm excitable horses.Further, the company provides ProDen PlaqueOff teeth and gums, a natural food supplement to enhance dental hygiene and prevent tartar buildup for human.It distributes its products through pharmacies, veterinary clinics, pet shops, animal hospital, and online.


Swedencare AB (publ) was incorporated in 1993 and is headquartered in Malmö, Sweden.

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1.b. Last Insights on SECARE

Swedencare AB faced challenges despite strong sales growth, as profitability hurdles emerged in Q4 2025. The company's strategic initiatives are underway, but rising costs may be impacting earnings. Amidst a modest eurozone economic recovery, Swedencare's growth prospects are promising, but caution prevails due to geopolitical concerns. With high insider ownership, the company's growth trajectory is closely watched. Recent earnings releases highlighted double-digit growth, but profitability concerns persist. A comprehensive assessment of the company's prospects requires consideration of these factors.

1.c. Company Highlights

2. Swedencare's Q4 2025 Earnings: A Mixed Bag

Swedencare's Q4 2025 revenue reached SEK 682 million, representing an 11% organic growth, but profitability was disappointing due to one-off items, including higher marketing costs, ERP implementation issues, and inventory write-offs. The operational gross margin was 56.8%, impacted by 1.5 percentage points from these issues. Operational EBITDA was SEK 109 million, a 25% decrease, with a margin of 15.9%. The actual EPS came out at 0.1026, significantly lower than estimates at 0.29. For the full-year 2025, revenue was SEK 2.7 billion, with 9% organic growth. The proposed dividend is SEK 0.28 per share.

Publication Date: Mar -08

📋 Highlights
  • Q4 Revenue Growth: Reached SEK 682 million with 11% organic growth, but operational EBITDA fell 25% to SEK 109 million (15.9% margin) due to one-offs.
  • Full-Year Performance: 2025 revenue hit SEK 2.7 billion (9% organic growth), with a proposed dividend of SEK 0.28 per share (40% of adjusted net profit).
  • Margin Challenges: Operational gross margin dropped to 56.8% (1.5 pts below trend) from ERP issues, inventory write-offs, and higher marketing costs.
  • Key Growth Drivers: NaturVet grew 33% in Q4, ProDen PlaqueOff rose 17%, and online/Pet retail channels saw strong momentum (20% YoY growth via Pet MD).

Growth Drivers

The company's growth drivers included NaturVet, which achieved 33% growth in Q4, ProDen PlaqueOff with 17% organic growth, and online and Pet retail channels. The Pharma division is expected to be a key growth driver, supported by a strong pipeline and visibility from contracted projects. Swedencare's online division, Pet MD, handles online sales of the company's brands and has achieved year-over-year online growth of 20%.

Operational Challenges

NaturVet's Amazon account was impacted by rogue sellers in Q4, resulting in a substantial profitability impact. However, 98% of NaturVet products have been relabeled, and the company is implementing an Amazon anti-counterfeit program to prevent third-party sellers. The company faced operational challenges, including ERP implementation issues and inventory write-offs, which affected gross margin and volumes.

Outlook and Valuation

The company's gross margin is expected to recover in 2026, and marketing spend will continue to increase, driven by Big Box marketing initiatives. Analysts estimate next year's revenue growth at 8.9%. Swedencare's valuation metrics show a P/E Ratio of 70.0, P/S Ratio of 1.45, and EV/EBITDA of 12.56. The Dividend Yield is 1.03%. The Net Debt to EBITDA ratio was 2.9, and the company has set a long-term target for this metric below 2.

New Developments and Targets

Swedencare has made significant developments, including the launch of a new patented combination of Tryptophan and PEA Ultra Micronized by its R&D-focused organization, Innovet, and improvements to its K2C product line with CeraGuard. The company has presented new long-term financial targets, including annual double-digit organic growth and an operative EBITDA margin above 26% by 2028. The dividend policy is to distribute 40% of net profit, adjusted for non-operating costs.

3. NewsRoom

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Swedencare AB (SWDCF) Q4 2025 Earnings Call Highlights: Double-Digit Growth Amidst ...

Feb -19

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Swedencare (OM:SECARE) Margin Decline Sparks Debate as Premium Valuation Persists

Oct -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.11%)

6. Segments

Nutraceuticals

Expected Growth: 10%

Swedencare AB's 10% growth in Nutraceuticals is driven by increasing demand for natural health products, expanding e-commerce channels, and strategic partnerships. The company's strong brand portfolio, including Probi and Nutravet, also contributes to growth. Furthermore, the rising awareness of preventative healthcare and pet humanization trends support the segment's expansion.

Topicals/Dermatology

Expected Growth: 11%

Strong demand for natural and organic skincare products, increasing awareness of skin health, and rising prevalence of skin conditions drive growth in Topicals/Dermatology segment. Swedencare AB's (publ) innovative product offerings, strategic partnerships, and expanding distribution channels further fuel the 11% growth.

ProDen PlaqueOff

Expected Growth: 9%

ProDen PlaqueOff's 9% growth is driven by increasing pet humanization, rising awareness of pet oral health, and growing demand for natural, vegan, and eco-friendly products. Swedencare AB's strong distribution network, strategic partnerships, and effective marketing strategies also contribute to the segment's growth.

Other

Expected Growth: 8%

Swedencare AB's 8% growth is driven by increasing pet owners' willingness to spend on premium pet care, expansion into new markets, and strategic acquisitions. The company's focus on e-commerce and digital marketing has also contributed to its growth, along with the rising demand for pet health and wellness products.

Pharma

Expected Growth: 13%

Swedencare AB's 13% growth in Pharma segment is driven by increasing demand for pet health products, strategic acquisitions, and expansion into new markets. Strong product portfolio, including NutriPlus and PetMD, contributes to revenue growth. Additionally, investments in e-commerce and digital marketing enhance customer reach and engagement, further fueling growth.

7. Detailed Products

ProDen PlaqueOff

A dietary supplement for pets that helps to reduce plaque, tartar and bad breath

ProDen PlaqueOff Powder

A powder supplement for pets that helps to reduce plaque, tartar and bad breath

Dental Vet

A range of dental care products for pets, including toothpaste, toothbrushes and dental chews

NutriPlus

A range of nutritional supplements for pets, including omega-3 fatty acids and antioxidants

PetAccord

A range of natural supplements for pets, including calming aids and joint support

8. Swedencare AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Swedencare AB (publ) is medium due to the presence of alternative healthcare services and products.

Bargaining Power Of Customers

The bargaining power of customers for Swedencare AB (publ) is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Swedencare AB (publ) is medium due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

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

Intensity Of Rivalry

The intensity of rivalry for Swedencare AB (publ) is high due to the competitive nature of the healthcare industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.03%
Debt Cost 7.80%
Equity Weight 82.97%
Equity Cost 9.15%
WACC 8.92%
Leverage 20.52%

11. Quality Control: Swedencare AB (publ) passed 5 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

Stock-Card
PharmaSGP Holding

A-Score: 5.5/10

Value: 3.8

Growth: 6.6

Quality: 9.1

Yield: 2.5

Momentum: 3.5

Volatility: 7.7

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Reig Jofre

A-Score: 5.2/10

Value: 5.7

Growth: 7.9

Quality: 4.6

Yield: 1.9

Momentum: 4.0

Volatility: 7.0

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Boiron

A-Score: 5.1/10

Value: 5.6

Growth: 2.1

Quality: 6.2

Yield: 8.8

Momentum: 5.0

Volatility: 3.0

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Vetoquinol

A-Score: 4.6/10

Value: 5.7

Growth: 4.8

Quality: 7.1

Yield: 1.2

Momentum: 3.0

Volatility: 6.0

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Stock-Card
Swedencare

A-Score: 3.3/10

Value: 3.5

Growth: 8.9

Quality: 4.6

Yield: 0.6

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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PolyPeptide

A-Score: 2.2/10

Value: 3.4

Growth: 4.0

Quality: 2.7

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

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

28.4$

Current Price

28.4$

Potential

-0.00%

Expected Cash-Flows