Article by Yippee-Ki-Yay

Voxel SA: We’ve Put Their Business Under The Microscope 🚀

Buy signal | Private publication | 13 Apr 2026

🏥 Voxel SA: What’s the deal?

To put it simply, Voxel is the leading player in medical imaging in Poland. CT scans, MRIs, nuclear medicine… if something’s going on inside your body and you need a high-definition image, they’re the ones to turn to. It’s a highly ‘defensive’ sector: whether the global economy is booming or in freefall, we’ll always need medical diagnostics.

📊 The Crash Test: Let’s put it through its paces!

I’ve put their reports through the mill. Here’s the verdict on five key points.

1. Turnover: 5/5 ⭐

It’s a powerhouse. In 2019, they generated PLN 211 million. In 2024? PLN 507 million. They have more than doubled their turnover in five years. It’s healthy, steady growth, and forecasts suggest it’s not about to stop.

2. Net Profit: 4.5/5 ⭐

Going from a profit of PLN 22 million in 2019 to nearly PLN 96 million in 2024 is what you might call ‘raking it in’. Profitability is keeping pace with growth, which proves that management isn’t squandering shareholders’ money.

3. Debt: 4/5 ⭐

What a relief! Their net debt is melting away like snow in the sun. Forecasts even suggest they could move into a net cash position (more money in the bank than debt) by 2027. That’s the holy grail for an investor.

4. Return on Equity (ROE): 5/5 ⭐

This is bordering on the audacious. A ROE of 29.5% in 2024? That’s huge. For every euro (or zloty) invested by shareholders, the company generates almost 30% profit. Even if this is expected to fall slightly to around 24–25% according to forecasts, it remains among the very best in the world.

5. Market Performance: 4/5 ⭐

With a share price of PLN 100 and a P/E ratio (price-to-earnings) of around 12, the share is not even particularly expensive given its growth. The market is starting to pick up, but there is still room for further gains.

Overall Average: 4.5 / 5 🏆

Conclusion: Voxel is a prime example of a ‘Quality Stock’. It is solid, profitable and rapidly expanding.

🚀 Crystal ball: 2026 and 2027

Let’s be honest, nobody’s got a DeLorean, but the figures speak for themselves:

  • In 2026: Earnings per share (EPS) are expected to reach PLN 11.48. With a reasonable multiple of 13x, we’re targeting a share price of around PLN 149.
  • In 2027: EPS climbs to PLN 12.60. If the market finally recognises the quality of the company, we could see the share price reach PLN 165–170.

💪 Strengths vs ⚠️ Risks Strengths:

Strengths:

  • Ageing population: The older you are, the more MRIs you have. It’s simple maths.
  • Barriers to entry: You can’t just set up a nuclear imaging centre in your garage. The machines cost a fortune and the regulatory approvals are complex.
  • Dividends: They plan to increase the dividend every year. It’s the little bonus that makes it all worthwhile.

Risks:

  • Regulatory: They are partly dependent on reimbursements from the Polish government. A change in the law and, bang, profit margins could take a hit.
  • Technology costs: Machinery becomes obsolete quickly. You have to keep reinvesting (Capex).

💰 The Expert's Verdict: How much should we bet?

As we’ve seen, Voxel SA isn’t just there to make up the numbers. It’s a company that ticks almost every box for the ‘ideal investment’: a straightforward business (medical imaging), a leading position in a rapidly growing market, and a financial health that would make any banker green with envy.

In a nutshell: Why is it so solid?

The trajectory is crystal clear: turnover is skyrocketing, debt is evaporating and profitability (ROE) remains at stratospheric levels. What’s more, with the share price currently hovering around PLN 100, the valuation does not yet seem to have fully priced in the growth potential of the coming years. This is the sort of stock that combines the security of a defensive sector with the thrill of a growth company.

In short, Voxel is a bit like the ‘model pupil’ at the back of the class who ends up top of the class. If you’re looking to strengthen your portfolio with a stock that’s got real substance, it’s definitely a strong contender. We’re looking at a rating of 4.5/5, which is rare in today’s stock market.

So, ready to add a bit of Polish health to your investment radar? 😉

  • Signal : Buy
  • Budget/Investment : Medium
  • Reinforcement required : Yes, under zł75
  • Exposure : Medium
  • Horizon : 2 to 3 years
  • Potential profitability : +65% to +70%
  • Ref. ISIN code : PLVOXEL00014