Our 12-month target price of PLN 236 assumes Diagnostyka trades at c.10x EV/EBITDA using 2027E EBITDA; this effectively assumes Diagnostyka trades at a c.20% discount to peers’ 2025E valuation multiple, reflecting its EM listing venue (vs. a peer in DM) and some uncertainty around its diagnostic imaging M&As given limited track record here.

This stock screens as High Risk in our quantitative model given its short trading history since IPO in February 2025, but we do not believe a High Risk rating is supported by the well-established nature and market-leading position of the business. We highlight the following risks to the achievement of our target price: 1) competition in recruiting staff, 2) margin headwinds from price pressure and wage inflation, 3) unfavourable regulatory development, 4) others including increased competition, cybersecurity, quality / reputational risk, inability to execute further M&As.