Original-Research: MPH Health Care AG (von First Berlin Equity Research GmbH): Kaufen
Original-Research: MPH Health Care AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to MPH Health Care AG
Company Name: MPH Health Care AG
ISIN: DE000A289V03
Reason for the research: Vorläufige Ergebnisse 2023
Recommendation: Kaufen
from: 10.05.2024
Target price: €81
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu MPH Health Care AG (ISIN: DE000A289V03) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 62,00 auf EUR 81,00.
Zusammenfassung:
Die vorläufigen Ergebnisse entsprachen weitgehend unseren Erwartungen. Der
JE23 Nettoinventarwert (NAV) stieg gegenüber dem Vorquartal um etwa 16%, da
die M1 Kliniken-Aktie im Zeitraum Oktober bis Dezember um 20% zulegte. Dies
wurde durch die gute operative Dynamik des Lifestyle- und
Schönheitsspezialisten beflügelt, der eine besser als erwartete
Margenausweitung in seinem Injectables-Geschäft erzielte. CR Energy meldete
für 2023 ein EBIT von €65 Mio. (Vj: €75 Mio.), und die Aussichten für den
verstärkten Fokus auf Lösungen für erneuerbare Energien bleiben
hervorragend. Die Terrabau-Beteiligung zeichnet sich weiterhin durch ihr
Geschäft mit erschwinglichen grünen Häusern aus, und das in einer Zeit, in
der die meisten Bauträger aufgrund höherer Zinsen mit deutlich gestiegenen
Finanzierungskosten konfrontiert sind. MPH wird der Hauptversammlung am 18.
Juli außerdem eine Dividende von €1,20 pro Aktie vorschlagen, was die
Anleger freuen dürfte. Wir behalten unsere Kaufempfehlung bei. Unser
Kursziel steigt auf €81 (zuvor: €62) aufgrund des Anstiegs des fairen
Wertes von M1 auf €18 pro Aktie (zuvor: €11,90) seit unserem letzten
Update.
First Berlin Equity Research has published a research update on MPH Health
Care AG (ISIN: DE000A289V03). Analyst Ellis Acklin reiterated his BUY
rating and increased the price target from EUR 62.00 to EUR 81.00.
Abstract:
Preliminary results were broadly in line with FBe. The YE23 NAV climbed
some 16% vs end Q3 on the back of a 20% rally in M1 Kliniken shares in the
October-to-December period. This was spurred by good operational momentum
at the lifestyle and beauty specialist which delivered better than expected
margin expansion in its injectables business. Meanwhile, CR Energy reported
2023 prelims with EBIT tallying €65m vs €75m in 2022, and prospects for its
sharpened focus on renewable energy solutions remain excellent. Terrabau's
affordable green-home business continues to differentiate it from the
competition at a time when most property developers are being clobbered
with eye-watering financing expenses in the world of higher rates. MPH will
also propose a €1.2 per share dividend to the AGM on 18 July, which should
cheer investors. We remain Buy-rated on MPH. Our TP climbs to €81 (old:
€62) on the back of the increase in fair value of M1 to €18 per share (old:
€11.9) since our previous update.
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/29701.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 | 2024 | 2025e | ||
| Sales1 | 41,22 | 3,43 | 13,55 | 30,67 | 34,46 | 65,37 | 0,00 | |
| EBITDA1,2 | 11,59 | -70,99 | -9,05 | 29,59 | 29,54 | 32,99 | 0,00 | |
| EBITDA-Margin3 | 28,12 | -2.069,68 | -66,79 | 96,48 | 85,72 | 50,47 | 0,00 | |
| EBIT1,4 | 11,58 | -71,02 | -9,07 | 29,56 | 30,21 | 32,96 | 0,00 | |
| EBIT-Margin5 | 28,09 | -2.070,55 | -66,94 | 96,38 | 87,67 | 50,42 | 0,00 | |
| Net Profit (Loss)1 | 11,08 | -70,38 | -8,96 | 29,11 | 29,54 | 32,04 | 0,00 | |
| Net-Margin6 | 26,88 | -2.051,90 | -66,13 | 94,91 | 85,72 | 49,01 | 0,00 | |
| Cashflow1,7 | -1,35 | -2,89 | -1,09 | 0,01 | -2,02 | 1,83 | 0,00 | |
| Earnings per share8 | 2,60 | -16,44 | -2,09 | 6,80 | 6,90 | 7,48 | -6,90 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 1,20 | 1,20 | 1,20 | |
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 | ||||||
| MPH Health Care | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A289V0 | DE000A289V03 | AG | 102,33 Mio € | 01.09.2009 | Kaufen | 9F4MCHV9+6R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,95 | 4,89 | 2,44 | 5,49 | 0,38 | 55,95 | 1,57 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,20 | 1,20 | 1,20 | 4,92% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 17.07.2025 | 12.06.2025 | 16.09.2025 | 20.11.2025 | 28.05.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +28,44% | +17,95% | +7,96% | -0,81% | +0,00% |
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