Enhanced Investments - Financial Portal

General information

European Medical Centre is a network of private clinics from the premium sector, located in Moscow. It is one of the biggest in Russia

Pretty weak financial results growth rate 1.2% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (11.8%)
Dividend yield for the last twelve months 0.0%
Free cash flow yield 17.6% (LTM)
Share price is 168.5% higher than minimum and 18.5% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.2x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: GEMC

Share price, RUB: (+1.4%)807.7

year average price 745.57

year start price 637.00 2024-09-18

min close price 631.70 2024-10-02

max close price 891.20 2025-02-25

current price 807.00 2025-09-17

Common stocks: 90 000 000

Dividend Yield: 0.0%

FCF Yield LTM: 17.6%

EV / LTM EBITDA:5.2x

EV / EBITDA annualized: 5.9x

Last revenue growth (y/y): 2.2%

Last growth of EBITDA (y/y): 0.2%

Historical revenue growth: 4.8%

Historical growth of EBITDA: 18.9%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+16.4%
	FCF Creation	+17.6%
	Growth	+1.2%
	Growth Corr	-10.7%

	Sum	+24.5%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 72 693

Net Debt (m RUB): -11 573

EV (Enterprise Value): 61 120

EBITDA LTM (m RUB): 11 817

Net Income LTM (m RUB): 11 771

EV / LTM EBITDA: 5.2x

Net Debt / LTM EBITDA (if EBITDA > 0): -1.0x

Average daily trading volume for the week, RUB mln: 17

P / E 6.2x

P / E ann-d6.8x

P / B 2.2x

EBITDA margin ann-d 41.0%

Net income margin ann-d 42.3%

Revenue and EBITDA

Semi-Annual values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table Export as Pivot Table (xlsx)

Income

Q	Revenue	Gross profit	Operating income	Net income	PercentProfit	PercentLoss


2025 H1	12 592+2%	5 300-2%	4 316-1%	5 330+26%	1 510+180%	-405-26%
2024 H2	13 711-14%	6 643-5%	5 781-3%	6 441+7%	1 166+103%	-500-53%
2024 H1	12 354+6%	5 418+13%	4 338+13%	4 241-6%	539>+200%	-547-27%
2023 H2	15 874+79%	6 992+172%	5 951>+200%	6 030+92%	574>+200%	-1 061+113%
2023 H1 ( 6787 , 6788 )	11 620-1%	4 783+10%	3 853+9%	4 521<-100%	125+74%	-754-18%
2022 H2 ( 3180 , 3192 )	8 876-29%	2 569-48%	1 928-45%	3 140+35%	57+89%	-499-16%
2022 H1 ( 3182 , 3181 )	11 775-3%	4 350-13%	3 521-17%	-340<-100%	72+20%	-924+133%
2021 H2 ( 3183 , 3184 )	12 521-11%	4 912+11%	3 488-3%	2 327-35%	30>+200%	-596+39%
2021 H1	12 091	5 020	4 236	3 439	60	-397
2020 H2 ( 3186 , 4128 )	14 072+64%	4 410+44%	3 601>+200%	3 559-3%	6-21%	-429>+200%
2019 H2 ( 3187 , 4129 )	8 586+100%	3 058-5%	0-87%	3 668+87%	8-49%	-32+15%
2018 H2 ( 3188 , 4130 )	00%	3 217+58%	2<-100%	1 967+102%	16-10%	-28-94%
2017 H2	0	2 036	1 443	973	17	-456

Balance

Implied interest rate for 2024 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (547 - 539) * 2 / (1 228 - 104)

Q	Total equity	Total assets	Net debt	Implied interest rate	NetDebt / LTM EBITDA


2025 H1	33 355+52%	42 689+21%	-11 573<-100%		-0.98x
2024 H2	27 809+50%	38 578+12%	-5 180<-100%		-0.44x
2024 H1	21 911+57%	35 323+1%	1 228-88%	1.4%	0.09x
2023 H2	18 506+72%	34 3930%	5 821-78%	17.6%	0.90x
2023 H1 ( 6787 , 6788 )	14 001+75%	34 962+11%	10 085-34%	12.6%	1.34x
2022 H2 ( 3180 , 3192 )	10 789+61%	34 406+19%	26 762+91%	3.2%	1.75x
2022 H1 ( 3182 , 3181 )	8 008>+200%	31 394>+200%	15 306	10.8%	1.52x
2021 H2 ( 3183 , 3184 )	6 682-94%	28 932+2%	13 997-83%	7.7%	1.45x
2021 H1	340	340			0.79x
2020 H2 ( 3186 , 4128 )	108 623-99%	28 349>+200%	83 373-99%	1.0%	1.49x
2019 H2 ( 3187 , 4129 )	7 723 445-46%	13<-100%	5 671 310>+200%	0.0%	2.08x
2018 H2 ( 3188 , 4130 )	14 327 392>+200%	14 425 096>+200%	35 320	0.1%	1.26x
2017 H2	101	222			1.49x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 H1	6 651+26%	-310<-100%	1 503<-100%
2024 H2	7 079+14%	-634-87%	-2 800-32%
2024 H1	5 293+21%	3 606<-100%	-3 041+60%
2023 H2	6 227+4%	-5 034>+200%	-4 103<-100%
2023 H1 ( 6787 , 6788 )	4 384>+200%	-814-79%	-1 906>+200%
2022 H2 ( 3180 , 3192 )	5 959+25%	-219-68%	240<-100%
2022 H1 ( 3182 , 3181 )	109	-3 956	-211-86%
2021 H2 ( 3183 , 3184 )	4 750+57%	-691-57%	-5 822>+200%
2021 H1			-1 558
2020 H2 ( 3186 , 4128 )	3 020<-100%	-1 598>+200%	-775<-100%
2019 H2 ( 3187 , 4129 )	-15-28%	-3<-100%	3<-100%
2018 H2 ( 3188 , 4130 )	-20<-100%	2 255 819<-100%	-2<-100%
2017 H2	1 774	-227 411	0

RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table Export as Pivot Table (xlsx)

Income

Q	Revenue	Gross profit	Operating income	Net income	PercentProfit	PercentLoss


2025 q2	0<-100%	0<-100%	-45<-100%	133-97%	223>+200%	0<-100%
2025 q1 ( 9888 , 11631 )	5 345+100%	5 345<-100%	5 308<-100%	5 410<-100%	129	0<-100%
2024 q4	0	0	-25	-737	11	-18
2024 q3	5 017	5 017	5 006	-236	0	-33
2024 q2	5 017	5 017	5 009	5 085	0	-61
2024 q1	0	0	-8	-21		-52
2023 q4
2023 q3
2023 q2
2023 q1

Balance

Implied interest rate for 2024 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (33 - 0) * 4 / (2 167 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	23 795+24%	23 837+1%	-4 794<-100%
2025 q1 ( 9888 , 11631 )	23 662+67%	25 599+30%	-4 637<-100%
2024 q4	18 252	20 170	-1 013<-100%
2024 q3	18 989	23 545	2 167
2024 q2	19 225	23 494	1 880
2024 q1	14 138	19 624	3 121
2023 q4			0
2023 q3
2023 q2
2023 q1

More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.