Affidea is a leading provider of integrated healthcare, with a broad portfolio of symbiotic services: diagnostic imaging (core business, #1 in EU), outpatient care (e.g., centers of excellence in orthopedics), lab services and cancer care.

Portfolio value 03/31/2024
Investment case

Affidea is benefiting from the sector’s long-term structural tailwinds and its solid fundamentals and positioning:

  • Large and growing market (e.g., ageing population and increasing focus on preventive medicine)
  • Resilience through economic cycles, given the critical nature of the services and market undersupply
  • Exposure to countries growing above the European average of + 4% per annum
  • Barriers to entry from: (i) sticky long-term contracts, (ii) high capital requirements, (iii) complex regulations and license requirements and (iv) radiologist shortages

In addition, the fragmented European market offers M&A opportunities, both in countries where Affidea is present and beyond.

Affidea is well positioned to win:

  • Diversification across geographies, payors (e.g., public and private), services and regulations
  • Over-indexed to attractive complex modalities with higher growth
  • Strong financial profile, with ongoing organic growth and solid M&A track record
  • Margin improvement potential (e.g., best practice sharing, higher medical productivity by reducing doctors’ administrative burden)
  • Attractive additional opportunities from artificial intelligence and teleradiology

Affidea has earned a reputation for clinical excellence, with a focus on quality care, as:

  • Europe’s most awarded diagnostic imaging provider
  • A partner of choice for doctors, patients and payors
  • A developer of new technologies with OEMs (“original equipment manufacturers”)

Over the past year, the Board and management have been strengthened with additional high-caliber appointments.

  • Board of Directors 4/7*
  • Remuneration Committee 2/3*