| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Shop Apotheke Europe N.V. (SAE.DE) is a leading European online pharmacy operating in Germany, Austria, Switzerland, France, Belgium, Italy, and the Netherlands. Founded in 2001 and headquartered in Sevenum, the Netherlands, the company specializes in the digital distribution of prescription medications, over-the-counter drugs, and pharmacy-related beauty and personal care products, along with food supplements. As a pioneer in e-pharmacy, Shop Apotheke Europe leverages its strong logistics network and digital-first approach to serve millions of customers efficiently. The company operates in the rapidly growing healthcare e-commerce sector, benefiting from increasing consumer preference for online pharmaceutical purchases. With a market cap of approximately €1.6 billion, Shop Apotheke Europe is positioned as a key player in the digital transformation of pharmacy retail across Europe. Its multi-country presence allows it to capitalize on regulatory shifts favoring online prescription fulfillment in key markets like Germany.
Shop Apotheke Europe presents a high-growth opportunity in the European e-pharmacy space, supported by structural tailwinds in healthcare digitization. However, the company reported a net loss of €77.6 million in FY2022, with negative operating cash flow (-€29.1 million) and significant capital expenditures (-€53.5 million), indicating ongoing investment in growth at the expense of profitability. The stock's beta of 0.88 suggests moderate volatility relative to the market. While the company's revenue growth (€1.2 billion in 2022) demonstrates strong market demand, investors should monitor its path to profitability and cash flow generation. The zero dividend policy reflects reinvestment priorities. Key risks include regulatory changes in prescription drug distribution and intensifying competition from both pure-play e-pharmacies and traditional pharmacy chains expanding online.
Shop Apotheke Europe's competitive advantage stems from its first-mover position in European online pharmacy, pan-European footprint, and specialized logistics for pharmaceutical products. The company has developed strong brand recognition in its core German market, which accounts for the majority of revenue. Its technological platform enables efficient prescription processing and customer relationship management in a highly regulated environment. However, the competitive landscape is intensifying as traditional pharmacy chains like DocMorris expand their online operations and healthcare platforms add pharmacy services. Shop Apotheke's negative operating margin (-6.4% in 2022) suggests it hasn't yet achieved the scale efficiencies of some competitors. The company differentiates through its pure-play digital model (avoiding costly physical stores) and broad product assortment including high-margin beauty supplements. Its main challenges include achieving profitability while continuing geographic expansion and defending market share against better-capitalized rivals. The company's Netherlands-based structure gives it flexibility in EU operations but may limit local market familiarity compared to country-specific competitors.