Download PDF

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.

Show Full description

1.b. Last Insights on SECARE

Swedencare AB's recent performance was negatively impacted by a decline in net profit margins, dropping to 2.5% from 3.1% in the latest year. Earnings growth turned negative, contrasting with a 13.8% annual growth rate over the past five years. The company's premium valuation persists despite the margin decline, sparking debate among analysts. Additionally, while revenue is forecast to grow 10% annually, ahead of the Swedish market's 3.3% expected growth, concerns surrounding the company's profitability may weigh on investor sentiment.

1.c. Company Highlights

2. Swedencare's Q3 Earnings: A Strong Performance with Room for Growth

Swedencare reported a robust Q3 with revenue reaching SEK 712 million, an 11% increase, and an operating EBITDA of SEK 155 million, a 14% rise. The earnings per share (EPS) came in at 0.315, beating analyst estimates of 0.3002. The company's gross margin remained stable at 58.5%, indicating effective cost management. As Hakan Lagerberg, CEO, noted, the success in Big Box retailers like Walmart and CVS contributed significantly to this growth, with products now available in 1,400 Walmart stores and 1,100 CVS pharmacies.

Publication Date: Oct -28

📋 Highlights
  • Record Financials:: Q3 net revenue reached SEK 712 million (+11% YoY), with operative EBITDA at SEK 155 million (+14% YoY), exceeding SEK 700 million and SEK 500 million targets respectively.
  • Big Box Retail Expansion:: Products now in 1,400 Walmart stores and 1,100 CVS pharmacies, driving significant sales growth in North America.
  • Vetio Growth Drivers:: Addressable market for Vetio North in pharma is $14 billion; Sterile Fill & Finish in Montreal and Florida site expansion support $1.5 billion outsourcing potential.
  • U.K. Strategic Shift:: Focus on online sales and minority investment in VIYO added new pet surgery recovery products, slated for Q1 2026 launch under nutravet brand.
  • Regional Performance:: Europe saw 39% sales growth (SEK 162.6 million) led by U.K. and Nordics, while North America grew 8% (SEK 421.7 million) with 18% organic growth.

Segmental Performance

The North American segment saw an 8% growth in net sales to SEK 421.7 million, driven by an 18% organic growth. Europe also showed a strong performance with a 39% increase in net sales to SEK 162.6 million, led by the U.K. and Nordics. Production sales, however, declined by 4% to SEK 129 million due to currency effects, despite a 3% organic growth.

Operational Highlights and Future Prospects

The company made significant strides in its operations, including a minority investment in VIYO, which will add a new product line for recuperation after surgery in cats and dogs under the Nutravet brand in Q1 2026. Vetio, the global contract development and manufacturing organization, continues to expand its capabilities, including investments in sterile fill and finish and soft chew technology. Swedencare's Dental Product Group delivered another quarter of strong growth, driven by the expansion of its product line, including soft chews, and new product launches.

Valuation and Growth Prospects

With a P/E Ratio of 97.8 and an EV/EBITDA of 16.24, Swedencare's valuation reflects high growth expectations. Analysts estimate a revenue growth of 10.2% for the next year. The company's ROE and ROIC are relatively low at 0.88% and 1.1%, respectively, indicating potential for improvement in capital efficiency. The dividend yield is 0.63%, suggesting a conservative payout policy.

Outlook

Swedencare's strong Q3 performance and positive operational developments position it well for future growth. However, the high valuation multiples suggest that the market has already priced in significant growth expectations. As the company continues to expand its product offerings and capabilities, it remains to be seen whether it can meet these expectations and improve its return on equity and capital.

3. NewsRoom

Card image cap

European Growth Companies With High Insider Ownership December 2025

Dec -04

Source:

Card image cap

European Growth Stocks With Significant Insider Ownership

Nov -05

Source:

Card image cap

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

Oct -23

Source:

Card image cap

European Growth Stocks With Strong Insider Ownership In October 2025

Oct -07

Source:

Card image cap

3 European Growth Companies With High Insider Ownership And 17% Revenue Growth

Sep -08

Source:

Card image cap

Swedencare's ProDen PlaqueOff® Crunchy Dental Bites Named Cat Vitamin/Supplement Product of the Year by Pet Innovation Awards

Aug -12

Source:

Card image cap

3 European Growth Stocks With High Insider Ownership And Up To 60% Earnings Growth

Aug -08

Source:

Card image cap

European Growth Stocks With High Insider Ownership

Jul -10

Source:

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: 3.9

Growth: 6.6

Quality: 9.0

Yield: 2.5

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Reig Jofre

A-Score: 5.3/10

Value: 6.8

Growth: 7.9

Quality: 5.1

Yield: 1.9

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
Vetoquinol

A-Score: 4.5/10

Value: 5.6

Growth: 4.8

Quality: 7.0

Yield: 1.2

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Boiron

A-Score: 4.5/10

Value: 5.7

Growth: 2.1

Quality: 6.2

Yield: 8.8

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Swedencare

A-Score: 3.5/10

Value: 3.1

Growth: 8.9

Quality: 4.7

Yield: 0.6

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
PolyPeptide

A-Score: 2.3/10

Value: 3.6

Growth: 4.0

Quality: 2.5

Yield: 0.0

Momentum: 2.5

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

36.4$

Current Price

36.4$

Potential

-0.00%

Expected Cash-Flows