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Spanish-German chain of ophthalmology clinics specializing in laser vision correction, cataract and eye surgery.
Spanish-German chain of ophthalmology clinics specializing in laser vision correction, cataract and eye surgery.
Laser vision correction is mostly paid for out of pocket by patients, which makes that line behave like consumer spending; cataract and other eye surgery are paid in part by insurers or public systems. Results depend on patient volumes and on how many clinics operate.
In one line: A smaller, European vision-correction/cataract clinic chain.
Moat: narrow (brand, scale, installed base). Largest branded eye-clinic network in Iberia/Germany gives referral and marketing scale advantages.
Headquarters: Madrid, Spain · Founded: 1992 · Employees: 1,910
Size Clinica Baviera (CBAV.MC) is a Spain Health Care company (Hospital/Nursing Management) with a market value of $940M, the 70th largest of 97 Spain companies the cockpit tracks. Shares closed at €51.40 on 6 Nov 2026.
Performance Over six months the shares fell 7.2%, against +0.8% for the median peer and +8.2% for the Spain market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +14.9%); the operating margin is 20.4% (peer median 10.3%).
Valuation It trades at 18.2× forward earnings against a peer median of 37.6× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 59.7 points above its cost of capital (8.3% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €317M | €302M | €263M | €225M | €198M |
| Revenue growth | — | +15% | +17% | +13% | — |
| Gross profit | €64.5M | €127M | €112M | €95.0M | €86.9M |
| EBITDA | €90.5M | €106M | €92.8M | €67.0M | €57.1M |
| Net income | €46.8M | €42.1M | €40.2M | €36.0M | €29.5M |
| Free cash flow | €46.9M | €47.7M | €36.1M | €35.2M | €39.0M |
| Capital expenditure | €30.8M | €30.0M | €26.5M | €22.7M | €14.0M |
| Total debt | €9.90M | €69.2M | €61.3M | €47.3M | €47.8M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CBAV.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | -0.6% | 4th lowest of 20 |
| 6-month return | -7.2% | +0.8% | 7th lowest of 20 |
| Distance from 52-week high | -17.1% | -17.6% | 10th highest of 20 |
| Revenue growth (TTM) | +10.9% | +14.9% | 9th lowest of 21 |
| Operating margin | 20.4% | 10.3% | 3rd highest of 20 |
| Forward P/E | 18.2× | 37.6× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 0.7% | 15.0% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +19.7% | +10.8% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -19.1 pp | +4.7 pp | least demanding of 15 |
| ROIC minus cost of capital | +59.7 pp | -2.3 pp | highest of 20 |
| EV / EBITDA | 8.8× | 16.6× | 4th cheapest of 17 |
| Net debt / EBITDA | -0.5× | 2.5× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 18.2× | 0.7% | +19.7% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 67.3× | n/a | n/a |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | n/a | 20.9% | +11.8% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 48.5× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 41.0× | n/a | n/a |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | n/a | n/a | n/a |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 28.3× | 30.5% | +10.2% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | n/a | 16.3% | +18.1% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Garofalo Health Care GHC.MI | Italy | $540M | +1% | +4% | 10% | 20.9× | 1.8% | +18.3% |
| Artemis Medicare Services ARTEMISMED.NS | India | $514M | +16% | +15% | 14% | 37.6× | 45.8% | +21.5% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |