Reviewed listing: XETR:AJ91 · Analysis dated Oct 30, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
DocCheck sells communications and advertising services to healthcare companies and runs an information service for medical professionals. The group also sells medical and practice supplies online to doctors’ offices.
What supports the business?
In 2025, operating profit rose to 8.2 million euros, about 24 percent above 2024. Profit attributable to shareholders, however, increased only slightly.
What could improve?
Further development of the business serving healthcare professionals and of practice-supplies sales could support revenue. Shop revenue grew organically in 2025, but only slightly.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
The specified price of 10.30 euros looks reasonable relative to 2025 earnings per share of 1.05 euros, but not clearly cheap. The annual report expects operating profit of 5.0 to 5.5 million euros for 2026, below the 8.2 million euros earned in 2025. The first nine months of 2026 already produced 4.5 to 4.6 million euros.
What is the main risk?
In the first nine months of 2026, revenue rose to 41.9 million euros from 39.7 million euros a year earlier, while operating profit fell to 4.5 to 4.6 million euros from 5.8 million euros. Missing project orders or the loss of major customers could hurt earnings further.
What is the overall assessment?
DocCheck earns revenue from advertising and communications services for healthcare companies and from an online store for medical and practice supplies. At the specified price, the stock appears reasonable relative to 2025 earnings per share, but with reservations: the annual report projects lower operating profit for 2026 than for 2025, and the first nine months already show a decline.
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