DocMorris shares have climbed about 10% since the start of 2026, bringing the online pharmacy’s market value to roughly double its level at the beginning of the year. The rally follows a second outlook upgrade by Dutch competitor Redcare Pharmacy within six months, which initially sparked the price move.
The turnaround at DocMorris began in spring 2023 with the sale of its Swiss pharmacy business and is now delivering measurable progress. Management indicated in its mid‑year results presentation that the company expects to break even on adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) later this year.
Research Partners analyst Urs Kunz raised his price target for DocMorris to CHF 14.60 from CHF 13.60, maintaining a “Buy” recommendation. He cited an anticipated 59% revenue growth in the third quarter for prescription medicines, well above the consensus estimate of 47‑48%. Kunz also highlighted a favourable euro‑to‑franc exchange rate, which has remained largely unchanged since Q3 2025, limiting currency‑related volatility in Swiss‑franc reporting. A positive adjusted EBITDA is projected for the fourth quarter.
On the medium‑term, DocMorris aims for an EBITDA margin of 8% by 2030. Kunz, however, forecasts a more modest 5.9% margin for that year and expects the margin to reach 7.9% only by 2034. The company targets a 15% annual increase in external sales through 2030, while Kunz’s model assumes an average 10.6% yearly growth over the same period.
Financing conditions improved after DocMorris completed a private placement of a CHF 97 million convertible bond due 2031 in September and simultaneously repurchased its 2028 convertible issue. Using a discounted cash‑flow approach with a 12% cost of equity and 8% cost of debt, Kunz lifted the valuation‑derived target price to CHF 14.50, indicating significant upside potential.
When compared with Redcare Pharmacy, DocMorris has outperformed on a year‑to‑date basis (+104% versus +3%). Over the past three years, DocMorris is still 50% below its autumn‑2023 peak, while Redcare is down 30% from its own high. Since their IPOs, DocMorris has lost about 80% of its value since the summer 2017 listing, whereas Redcare’s shares have risen roughly 75%.
Deutsche Bank analyst Jan Koch rates both stocks “Buy”. He values DocMorris at CHF 12.50, which is below the current market price, and projects Redcare’s share price at €100, implying a 42% upside. Koch expects Redcare’s e‑prescription growth in Q3 2026 to be 53%, compared with 47% for DocMorris. Bloomberg consensus forecasts both companies to double revenue by 2032. For that year, analysts anticipate earnings of CHF 0.60 per DocMorris share and €6.5 per Redcare share, translating to price‑to‑earnings multiples of roughly 24× and 12× respectively.
DocMorris will release its third‑quarter trading update on 15 October, with a capital‑markets day scheduled for 12 November, events that investors will watch closely for guidance on the company’s growth trajectory.
