Original-Research: M1 Kliniken AG (von First Berlin Equity Research GmbH): Kaufen
Original-Research: M1 Kliniken AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to M1 Kliniken AG
Company Name: M1 Kliniken AG
ISIN: DE000A0STSQ8
Reason for the research: Mid-term Guide & 2023 report & Q1 KPIs
Recommendation: Kaufen
from: 06.06.2024
Target price: €28
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG (ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 18,00 auf EUR 28,00.
Zusammenfassung:
Die endgültigen Zahlen für 2023 lagen nahe bei den vorläufigen Werten und
bestätigten das profitable Wachstum des letzten Jahres. Die eigentliche
Schlagzeile war jedoch ein neuer mittelfristiger Ausblick, der für 2029
eine aufsehenerregende Zahl von 150 bis 200 M1-Beautycentern vorsieht. Dies
steht im Vergleich zu 58 Kliniken Ende 2023 und liegt weit über dem
Konsens. Wir haben unsere Schätzungen überarbeitet, um sie an die Mitte der
Guidance für das Kliniknetzwerk anzupassen. Die M1-Geschäftsführung sieht
den Umsatz des Beauty-Segments zwischen €200 Mio. und €300 Mio. im Jahr
2029 und hält die EBIT-Marge bei über 20%. Die neuen Ziele sind in der
heutigen volatilen Welt ehrgeizig, aber nicht unmöglich. Die heute
veröffentlichten Q1-KPIs bauen auf der positiven Geschäftsdynamik des
vergangenen Jahres auf. Der Konzernumsatz stieg um 10% J/J auf €85 Mio.,
angeführt von einem Umsatzanstieg im Beauty-Segment um 18%. Wir erwarten
nun für 2029 einen Beauty-Umsatz von €220 Mio. (bisher: €139 Mio.), was
unser Kursziel auf €28 erhöht (bisher: €18). Die M1-Aktie verzeichnete nach
dieser Nachricht einen beträchtlichen Kursanstieg, und die Rallye scheint
gerechtfertigt. Wir bekräftigen unsere Kaufempfehlung.
First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 18.00 to EUR 28.00.
Abstract:
Audited 2023 reporting was close to prelims confirming the good profitable
growth notched last year. But the real headline was a new mid-term outlook
calling for an eye-popping 150 to 200 M1 Beauty centres by YE29. This
compares to 58 facilities exiting 2023 and towers above consensus. We have
overhauled FBe to align with the mid-point of clinic network guide. M1
brass sees Beauty segment sales between €200m and €300m in 2029, while
holding the EBIT margin north of 20%. The new targets are ambitious in
today's volatile world, but not impossible. Meanwhile, today's Q1 KPI's
build upon the positive business momentum witnessed last year with group
sales up 10% Y/Y to €85m spearheaded by an 18% rise in Beauty segment
turnover. We now target 2029 Beauty sales of €220m (old: €139m), which ups
our TP to €28 (old: €18). M1 shares caught a sizeable bid on the newsflow,
and the rally looks justified. We remain Buy-rated on M1.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29991.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 77,27 | 159,59 | 314,61 | 285,29 | 316,32 | 350,00 | 0,00 | |
| EBITDA1,2 | 11,33 | 8,89 | 17,82 | 15,41 | 21,01 | 31,00 | 0,00 | |
| EBITDA-Margin3 | 14,66 | 5,57 | 5,66 | 5,40 | 6,64 | 8,86 | 0,00 | |
| EBIT1,4 | 7,93 | 4,41 | 12,13 | 9,35 | 15,70 | 26,70 | 0,00 | |
| EBIT-Margin5 | 10,26 | 2,76 | 3,86 | 3,28 | 4,96 | 7,63 | 0,00 | |
| Net Profit (Loss)1 | 9,73 | 7,43 | 10,88 | 7,07 | 11,67 | 16,20 | 0,00 | |
| Net-Margin6 | 12,59 | 4,66 | 3,46 | 2,48 | 3,69 | 4,63 | 0,00 | |
| Cashflow1,7 | -5,37 | 9,54 | 15,68 | 20,77 | 7,81 | 11,00 | 0,00 | |
| Earnings per share8 | 0,56 | 0,37 | 0,45 | 0,22 | 0,54 | 0,78 | 0,93 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,50 | 0,30 | 0,40 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: wetreu NTRG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| M1 Kliniken | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0STSQ | DE000A0STSQ8 | AG | 326,08 Mio € | 14.09.2015 | Kaufen | 9F4MCHV9+6R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,85 | 26,76 | 0,64 | 38,61 | 3,28 | 41,76 | 0,99 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,50 | 0,30 | 1,81% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 17.07.2024 | 06.06.2024 | 03.09.2024 | 19.11.2024 | 23.05.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,36% | +1,35% | +48,21% | +48,21% | +253,19% |
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