Lifco AB (LIFCO-B.ST) analysis

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Health is the debt of the purchases, not a clinic's debt. Quality separates the dental margin, the demolition margin and the software margin. Growth follows the purchases and the volume of each niche. P/E is read against a year when all three are strong, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not read it as a margin above 20%.

The P/E of a year with all three legs in good shape is not normal earnings. EV/EBITDA is read without averaging dental and demolition as if they were the same cycle. Do not use an implant maker's multiple. A dash if LIFCO-B.ST is missing.

Limits of this report

Not advice on Lifco. Vaultflake does not split dental, demolition and software and does not treat the clinic as captive. This is not a 20% margin. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report