A Potential Healthcare Multibagger
One of the Most Interesting Companies I've Looked At in a While...
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The company I’m sharing today first appeared last week over on Multibagger Ideas - but it deserves a second look here, because I think it’s genuinely one of the more interesting setups I’ve come across in a while.
It’s a rare one. The kind where several boxes get ticked at once - boxes I almost never find stacked together:
A genuine world leader - an estimated 60-71% of the global proton therapy market - in a structurally growing corner of cancer care
Toll-bridge economics: every machine sold turns into a multi-decade service annuity, now more than half of a €1.6 billion backlog
Double-digit revenue growth - €620 million in 2025, up 24% - with profitability guided to roughly double by 2028
That same €1.6 billion backlog set against barely €500 million of market cap - over 3x the whole company, already under contract
Founder-rooted and insider-aligned, through the holding structure that controls the ~20% reference shareholder
A self-funding balance sheet - just €57 million of net debt and a live buyback
And the one that makes it rare: a 31.3% stake in the world’s largest emerging supply of actinium-225 - cancer’s next-wave isotope - sitting in none of the guidance, with a second free option in astatine-211 behind it
The company is…