Unimed Confirms its Status as a Defensive and Growth Value in the Tunisian Pharmaceutical Sector
At 8,500 dinars as of December 1, 2025, the stock has significant appreciation potential, supported by a target price of 11,290 dinars set by MAC SA, representing a expected increase of 32.8%. This buy recommendation is based on a solid operational dynamic, increasing visibility in international markets, and a consistent investment strategy.
Leader in the National Market
Unimed is the national leader in sterile and injectable forms with a 27% market share, benefiting from a unique positioning reinforced by over 400 marketing authorizations and a commercial presence in more than 50 countries.
Financial Performance
In 2024, the company achieved a turnover of 147.7 MDT, driven by an average annual growth of nearly 13% over five years, while its net profit reached a record level of 18.5 MDT. For 2025, MAC SA anticipates a turnover growth to 166.9 MDT and an expected net result of 21.5 MDT, up 16.5%, confirming sustainable profitability supported by structurally high margins.
Export Segment: A Strategic Lever
The export segment is a major strategic lever, accounting for 35% of turnover and expected to nearly double by 2028 thanks to ongoing marketing authorizations and the expansion of outlets in Africa and the Middle East.
Investment Program
Unimed is accompanying this ambition with a 39 MDT investment program over 2025-2026, including 31.5 MDT dedicated to the "Unimed 2" expansion project, which will triple the production capacity of ampoules and introduce new ranges such as dental carpules and insulin.
Competitive Advantage
The company is also consolidating its competitiveness through energy transition, including a photovoltaic station covering 40% of its electricity needs. Its solid financial structure, with 112.7 MDT of equity and limited net debt of 34.8 MDT in 2024, offers a comfortable margin of maneuver to support this growth.
Strategic Partnership
The strategic partnership with GCUBE through the joint venture is an important catalyst from 2026, thanks to the production of rapid diagnostic kits for several continents.
Attractive Valuation
Finally, the improvement in the stock's liquidity, after the orderly exit of Ekuity Capital, strengthens Unimed's bourse appeal, which is trading at attractive multiples with an EV/EBITDA 2025e of 5.4x and a PER 2025e of 12.7x, while offering an estimated dividend yield of 7.8%.
Conclusion
All these elements confirm a profile combining growth, profitability, and visibility, positioning Unimed as one of the most attractive opportunities in the Tunisian market according to MAC SA.
