A high-ROE, cash-generative European eye-care compounder whose near-term earnings are masked by UK turnaround costs—but with meaningful upside if integration and clinic expansion stay on track.
Overview
Clínica Baviera (CBAV.MC) is a specialized European ophthalmology provider focused on high-margin eye surgery, with >90% of revenue coming from surgical interventions—especially elective refractive procedures (LASIK/PRK) and premium lens/cataract work, supported by diagnostics and post-op care. The company operates a direct-pay B2C model that largely avoids public reimbursement systems, giving pricing flexibility and reducing receivables risk. As of H1 2025 it ran 142 clinics with 1,847 staff (Q3 2025), concentrated in four geographies: Spain (84 clinics; ~67% of revenue and ~81% of EBITDA; >25% private market share), Germany/Austria under Care Vision (30 clinics; ~20% revenue; ~22% EBITDA; >20% share), Italy (9 clinics; ~5% revenue; restructuring toward B2C), and the UK (19 clinics added via Optimax acquisition in June 2024; ~8% revenue; currently negative EBITDA during modernization/integration). Market cap was ~€839M–€890M in Feb 2026. Governance is highly concentrated: Aier Eye Hospital Group owns ~74.6% and effectively controls the board, creating both long-term strategic backing and minority influence/liquidity constraints.