Carasent combines sticky Nordic healthcare SaaS, InfoSolutions synergies, and German growth optionality with a SEK 24.50 price that implies substantial long-term upside.
Overview
Carasent AB is a Nordic healthcare IT provider whose cloud-based EHR and clinical software serves private clinics, specialists, primary care, occupational health, rehabilitation providers, and digital healthcare platforms. Its model is unusually defensive: more than 90% of revenue is recurring SaaS or clinical transaction revenue, supported by low switching costs and a 1.6% Nordic churn rate. **Q2 2026 demonstrated accelerating operating leverage**, with revenue rising 17.9% year over year to SEK 97.7 million, contracted ARR reaching SEK 401 million, adjusted EBITDA increasing 57% to SEK 19.0 million, and operating cash flow almost doubling to SEK 25.4 million. InfoSolutions adds a strategic laboratory and radiology network, while restructuring and planned 20% price increases create identifiable synergy potential. WEBCUR’s German rollout and Medsum AI provide longer-term optionality, although both require execution and regulatory progress. At SEK 24.50, the shares trade at 4.57x EV/Sales and 21.75x Price/Cash Flow, below the value implied by the recurring revenue profile and zero-debt balance sheet. Consensus 12-month targets rose to SEK 36.25, while the report’s probability-weighted five-year value is SEK 97.42. The principal risks are German execution, InfoSolutions integration, cybersecurity, and reduced cash flexibility.