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United Medical Group (GEMC) RUB

United Medical Group operates the European Medical Center, a network of premium private multidisciplinary clinics and hospitals in Moscow.

At a glance: strengths & risks
✓Revenue growing (+40% y/y, H1 2026)✓Cheaper than own history (EV/EBITDA 4.4 vs avg 6.7)✗Profit falling (-17% y/y, H1 2026)✗Margins compressing (41%→36%, H1 2026)✗No dividends currently

Sector: Healthcare

RU_GEMC

Price chart

614 RUBDay -0.89%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
614 RUB · -0.89%
Market cap
55.3 bn RUB

Growth

Δ revenue y/y
40.4%
Δ EBITDA y/y
24.6%

Multiples

P/E (LTM)
10.5x
3y avg: 8.5x
P/B (FY)
1.5x
P/E (ann.)
6.3x
EV/EBITDA (LTM)
4.4x
3y avg: 6.7x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
—
FCF yield (LTM)
1.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-4.2%
↓ details

Liquidity

Daily turnover (MOEX)
10.8 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30H1 2026 (6M)OK17.7
y/y 40.4%
4.6
y/y 5.5%
1.9
y/y 122.1%
6.4
y/y 24.6%
4.4
y/y -17.3%
6.8-18.761.7
y/y 44.5%
44.5
y/y 33.4%
21.9%-1.2Report (PDF)
2025-12-31H2 2025 (6M)OK14.5
y/y 6.1%
4.6
y/y -20.3%
1.3
y/y 47.3%
5.9
y/y -11.5%
0.9
y/y -86.4%
6.2-9.062.1
y/y 61.0%
36.1
y/y 29.9%
17.9%10.5Report (PDF)
2025-06-30H1 2025 (6M)OK12.6
y/y 1.9%
4.3
y/y -0.5%
0.8
y/y 2.1%
5.2
y/y -0.1%
5.3
y/y 25.7%
6.7-3.542.7
y/y 20.9%
33.4
y/y 52.2%
34.9%-11.6Report (PDF)
2024-12-31H2 2024 (6M)OK13.7
y/y -13.2%
5.8
y/y -2.9%
0.9
y/y -17.8%
6.6
y/y -5.1%
6.4
y/y 6.8%
7.1-3.838.6
y/y 12.2%
27.8
y/y 50.3%
43.0%-5.2Report (PDF)
2024-06-30H1 2024 (6M)OK12.4
y/y 6.3%
4.3
y/y 12.6%
0.8
y/y -4.9%
5.2
y/y 9.4%
4.2
y/y -6.2%
5.3-3.935.3
y/y 1.0%
21.9
y/y 56.5%
42.0%0.9Report (PDF)
2023-12-31H2 2023 (6M)OK15.8
y/y —
6.0
y/y —
1.0
y/y —
7.0
y/y —
6.0
y/y —
6.2-45.934.4
y/y —
18.5
y/y —
64.9%9.5Report (PDF)
2023-06-30H1 2023 (6M)OK11.6
y/y —
3.9
y/y —
0.9
y/y —
4.7
y/y —
4.5
y/y —
4.4-0.735.0
y/y —
14.0
y/y —
—10.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)3 072
Long-term debt (incl. LT leases)9 027
− Cash & equivalents13 298
Net debt-1 198

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05 00010 00015 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-20%0%20%40%60%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

-20 000-10 000010 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-15 000-10 000-5 00005 00010 00015 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.65x of reported net profit; after capex, 0.06x.
year20212022202320242025
cash flow / profit1.65x2.17x1.01x1.16x2.06x
accruals, % of assets-12.9%-9.5%-0.2%-4.4%-10.6%
Last twelve months (to 2026-06-30): 2.45x of profit came back as operating cash flow.
net debt / EBITDA 1.1x · capex 6.5x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Quality / corporate governance

Potential discount −18% (factor 0.82)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -5.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (6 431 − 5 162) × 1.91
2 429
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (55 260 + -1 198) ÷ 12 307
4.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.4 + 6.5) ÷ 2
5.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -16 048 + 0 + 0 − 0
-16 048
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.1% × 55 260
−81
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 429 × 5.4 + -16 048 − 81) ÷ 55 260
-5.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • share-count dilution 0.1%/yr (valued at market: -81)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs -5% the year before — a +9.0 pp move. 3-year CAGR +10%.
revenue growth by year: 2023 +35% · 2024 -5% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 4.4x · 3-year 75th pct 7.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Healthcare. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
UNITEDHEALTH GROUP INCUS377.715.4x2.7x
Merck & Co., Inc.US375.715.7x2.8x
AMGEN INCUS237.617.5x3.1x
NetcareSouth Africa1.24.9x3.6x
Life HealthcareSouth Africa1.15.7x4.2x
AbbVie Inc.US505.024.4x4.3x
JOHNSON & JOHNSONUS620.724.7x4.4x
THERMO FISHER SCIENTIFIC INC.US261.127.0x4.8x
ELI LILLY & CoUS1137.133.1x5.9x
PromomedRussia1.16.4x6.4x
Mitra Keluarga KaryasehatIndonesia1.19.0x6.5x
MD MedicalRussia1.27.1x7.1x
Group median15.5x4.3x
Group average15.9x4.6x
This companyRussia0.74.4x4.4x

Group median 15.5x as traded, 4.3x adjusted; this company 4.4x — a 1% premium.

Group average 15.9x as traded, 4.6x adjusted; against the average this company is at a 5% discount.

At the adjusted group median the market cap would be -1% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

Dividends suspended (~4.8 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)6 bn RUB
Payout ratio22%
Free cash flow (FY, OCF − capex) — not a cap (leverage 1.1x)0 bn RUB
Recent actual dividend (3-yr median)109.72 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price618 ₽
Forecast dividend yield—
Fair price (dividend-based)—

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Pay yearDividend /sh
2021109.72 ₽
Payments by period
PeriodLast day to buy/sh
2021 q42021-12-1336.20 ₽
2021 q32021-09-2373.52 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

28.08.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания Юнайтед Медикал Груп объявила финансовые результаты за 1 полугодие 2026 года, с выручкой в 198,1 млн евро (+50% к 2025 году) и чистой прибылью 49,4 млн евро (-11,6% к 2025 году). Также планируется возобновление выплат дивидендов после стабилизации финансовых рынков.
05.08.26Filing★ ▼ Государственная регистрация отчета об итогах выпуска (дополнительного выпуска) ценных бумаг
Компания Юнайтед Медикал Груп зарегистрировала дополнительный выпуск 23,9 млн обыкновенных акций номинальной стоимостью 0,0372 руб. каждая, с долей размещения 72,87%. Размещение акций началось 17.04.2026 и завершилось 09.07.2026.
02.07.26Filing★ ▼ Совершение эмитентом существенной сделки
Эмитент, Международная компания ПАО Юнайтед Медикал Груп, совершил существенную сделку по передаче доли в уставном капитале ООО «АВА-ПЕТЕР» в обмен на акции эмитента. Размер сделки составил 18,27 млрд. руб., что равняется 30% от стоимости активов, определенной на 31.12.2025 в 668,32 млн. евро.
28.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО Юнайтед Медикал Груп утвердил промежуточную консолидированную финансовую отчетность за первое полугодие 2026 года. На заседании 28.08.2026 присутствовали 4 из 5 членов совета, все проголосовали 'ЗА' утверждение отчетности.
08.07.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Алексей Мордашов приобрел косвенное распоряжение 20,52% голосов на акции компании Юнайтед Медикал Груп, что соответствует 23,3 млн. голосов. Это произошло на основании приобретения доли участия в эмитенте 07.07.2026.
01.07.26AGM / BoardРешения общих собраний участников (акционеров)
На Годовом заседании Общего собрания акционеров, состоявшемся 26 июня 2026 года, было принято решение не выплачивать дивиденды по результатам 2025 года. Также утвержден размер вознаграждения независимым членам Совета директоров в эквиваленте 5 тыс. евро ежемесячно.
05.06.26BuybackИтоги осуществления преимущественного права приобретения ценных бумаг
05.06.2026 состоялся дополнительный выпуск акций компании, всего было размещено 32 792 844 акций номинальной стоимостью 0,0372 руб. каждая. В результате осуществления преимущественного права было размещено 49 040 акций, осталось 32 743 803 акций к размещению.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of United Medical Group (GEMC) — from primary filings.

Frequently asked questions

What is United Medical Group (GEMC)'s P/E ratio?
United Medical Group (GEMC) trades at a P/E of 10.5x (price to trailing 12-month earnings).
What is United Medical Group (GEMC)'s EV/EBITDA?
United Medical Group (GEMC) trades at 4.4x EV/EBITDA.
What is United Medical Group (GEMC)'s P/B ratio?
United Medical Group (GEMC) trades at a P/B of 1.5x.
What is United Medical Group (GEMC)'s return on equity (ROE)?
United Medical Group (GEMC)'s ROE is 21.9%.
What is United Medical Group (GEMC)'s market capitalization?
United Medical Group (GEMC)'s market cap is 55.3 bn RUB.

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