| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 36.66 | 5 |
| Intrinsic value (DCF) | 8.15 | -77 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
DocMorris AG (ROSE.SW) is a leading European e-commerce pharmacy and wholesale distributor of medical and pharmaceutical products, operating under the Zur Rose and DocMorris brands. Headquartered in Frauenfeld, Switzerland, the company serves Germany, Switzerland, and other European markets with a comprehensive portfolio that includes consumer health, beauty, and personal care products. DocMorris AG also provides medicines management services and operates stationary pharmacy shops, catering to physicians, online mail-order pharmacies, and private individuals. Founded in 1993, the company has evolved into a key player in the digital healthcare space, leveraging its strong e-commerce platform to enhance accessibility and convenience for customers. With a market capitalization of approximately CHF 404 million, DocMorris AG is positioned in the competitive Medical - Pharmaceuticals sector, focusing on innovation and efficiency in pharmaceutical distribution. Despite recent financial challenges, the company continues to expand its footprint in Europe's growing digital health market.
DocMorris AG presents a mixed investment profile. The company operates in the rapidly growing e-pharmacy sector, benefiting from increasing digitalization in healthcare and consumer demand for convenient pharmaceutical services. However, its financial performance has been weak, with a net loss of CHF 97.3 million in the latest fiscal year and negative operating cash flow. The high beta of 1.404 indicates significant volatility relative to the market, which may deter risk-averse investors. While the company has a solid cash position (CHF 95.4 million), its total debt of CHF 312.2 million raises concerns about financial stability. Investors should weigh the potential of Europe's expanding digital pharmacy market against DocMorris AG's current profitability challenges and competitive pressures.
DocMorris AG competes in the European e-pharmacy and pharmaceutical wholesale market, where it faces intense competition from both traditional pharmacies and digital-first players. The company's competitive advantage lies in its established brand recognition (Zur Rose and DocMorris), integrated e-commerce platform, and multi-channel distribution strategy, which includes stationary pharmacies. However, its profitability struggles and negative EPS (-8.26) highlight operational inefficiencies compared to more streamlined competitors. The company's wholesale segment provides a steady revenue stream but is subject to margin pressures from larger pharmaceutical distributors. In the online pharmacy space, DocMorris must contend with agile competitors that offer superior customer experience and faster delivery times. The company's ability to scale its medicines management services could differentiate it in the long term, but execution risks remain high given its current financial constraints.