Vimian Group AB (publ) VIMIAN

Stockholm | Animal health (veterinary pharma, diagnostics and medtech)
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Updated: 23 Oct 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

HOLD Clear

Hold; consider adding 10-20% after Q1 confirmation.

Core animal health operations and cash flow development look robust, while MedTech turnaround and management stability still require confirmation.

Market sentiment Positive ↑
Trend: Improving

The market reacted positively to the strong organic growth and improved cash flow, although execution risks around MedTech remain.

Risk assessment Medium
Dilution: Low Positive cash flow; LTIP dilution appears limited
Jurisdiction: Low Mainly Sweden, North America, Western Europe
Execution: High Management turnover and US MedTech turnaround

HOLD is the call. Positive is the market mood. Medium risk means some things can go wrong.

Latest change
  • 23 Oct 2026 — Report showed strong organic growth and improved cash flow which drove positive share reaction.

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About the company

Vimian Group AB (publ) is a global animal health group operating across Specialty Pharma, MedTech, Diagnostics, and Veterinary Services. The company grows through organic initiatives and acquisitions, but near-term uncertainty is elevated due to MedTech weakness and ongoing management changes.

Sector: Animal health (veterinary pharma, diagnostics and medtech)
Type: Other
Next report (Q4)
11 Feb 2027
Catalysts
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24 Nov 2026
Capital Markets Day Medium
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Date TBA
M&A and integration
◦
Date TBA
Working capital and leverage
Bull case

Continued double-digit organic growth and stable EBITA margin, with clear improvement in MedTech, could support a higher valuation if cash flow normalises.

Bear case

Weak cash conversion and rising working capital combined with higher net debt may increase balance sheet focus and limit upside despite good earnings growth.

Why this signal

Core animal health operations and cash flow development look robust, while MedTech turnaround and management stability still require confirmation.

Recent news
  • Q3 report showed revenue of EUR 120.3 m with 11 % organic growth and adjusted EBITA margin of 24.3 %. Operating cash flow strengthened to EUR 22.6 m and net debt fell to EUR 262.4 m. Norfolk Medical Products was acquired and Nordea plus ABG raised price targets to SEK 45.

Key figures

Revenue
Q3 2026
EUR 120M
EBITDA
Q3 2026
EUR 29.2M
Net income
Q3 2026
EUR 9.3M
Cash
Q2 2026
EUR 3.8M
Shares outstanding
July 2026
RAW 533M
EPS
Q3 2026
EUR 0.02
Exchange
Stockholm
Sector
Animal health (veterinary pharma, diagnostics and medtech)
Vimian Group AB (publ) VIMIAN
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