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: Q1 & 2023 Ergebnisse
Recommendation: Kaufen
from: 12.06.2024
Target price: €113
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 81,00 auf EUR 113,00.
Zusammenfassung:
Der Nettoinventarwert (NAV) für Q1 stieg um etwa 34% J/J auf €252 Mio.,
blieb aber seit Jahresanfang unverändert (JE23: €251 Mio.). Die
Kursentwicklungen der Portfoliobeteiligungen M1 Kliniken und CR Energy
glichen sich im Zeitraum Januar bis März praktisch gegenseitig aus. Der
NAVPS entwickelte sich im Gleichschritt und lag am Ende des ersten Quartals
bei €58,80. Die M1-Aktie hat nach der Veröffentlichung einer positiven
mittelfristigen Guidance einen beträchtlichen Kursanstieg erlebt und liegt
seit Jahresanfang um 87% höher. Der Schönheitsspezialist rechnet nun mit
150 bis 200 Kliniken bis zum JE29. In der Zwischenzeit legten die Aktien
von CRE nach der Veröffentlichung der Jahresergebnisse auch zu. Unter der
Annahme, dass sich diese Aktienentwicklungen Bestand haben, dürfte MPH mit
dem Sechsmonatsbericht einen beträchtlichen Anstieg des NAV verzeichnen.
Wir haben unser Kursziel auf €113 (zuvor: €81) erhöht. Der Sprung ist auf
eine Erhöhung unseres M1-Kursziels um 56% auf €28 (zuvor: €18)
zurückzuführen. Dies wird durch das rasante Wachstum untermauert, das wir
nun in unsere mittelfristigen Prognosen für den Beauty-Spezialisten
einbeziehen. Wir stufen MPH weiterhin mit Kaufen ein.
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 81.00 to EUR 113.00.
Abstract:
Q1 NAV was up some 34% Y/Y to €252m but unchanged YTD (YE23: €251m). The
share performances of the M1 Kliniken and CR Energy portfolio holdings
during the January-to-March period virtually negated each other. NAVPS
moved in lockstep and stood at €58.8 at the end of Q1. M1 shares recently
caught a sizable bid on publication of its bullish mid-term outlook and are
now up some 87% YTD. The beauty specialist is now guiding for 150 to 200
clinics by YE29. Meanwhile, CRE shares moved higher on publication of its
annual figures. Assuming these stock developments hold, MPH should report
sizable NAV uplift with H1 reporting. We have upped our target price to
€113 (old: €81). The jump owes to a 56% increase in our M1 TP to €28 (old:
€18) spurred by the barnstorming growth now factored into our mid-term
forecasts for the beauty specialist. We remain Buy-rated on MPH.
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/30021.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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 39,53 | 41,22 | 3,43 | 13,55 | 30,67 | 34,46 | 0,00 | |
| EBITDA1,2 | 37,69 | 11,59 | -70,99 | -9,05 | 29,59 | 29,54 | 0,00 | |
| EBITDA-Margin3 | 95,35 | 28,12 | -2.069,68 | -66,79 | 96,48 | 85,72 | 0,00 | |
| EBIT1,4 | 37,64 | 11,58 | -71,02 | -9,07 | 29,56 | 30,21 | 0,00 | |
| EBIT-Margin5 | 95,22 | 28,09 | -2.070,55 | -66,94 | 96,38 | 87,67 | 0,00 | |
| Net Profit (Loss)1 | 37,02 | 11,08 | -70,38 | -8,96 | 29,11 | 29,54 | 0,00 | |
| Net-Margin6 | 93,65 | 26,88 | -2.051,90 | -66,13 | 94,91 | 85,72 | 0,00 | |
| Cashflow1,7 | 5,20 | -1,35 | -2,89 | -1,09 | 0,00 | -2,02 | 0,00 | |
| Earnings per share8 | 8,60 | 2,60 | -16,44 | -2,09 | 6,80 | -2,80 | 1,10 | |
| Dividend per share8 | 2,00 | 0,00 | 0,00 | 0,00 | 0,00 | 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: Harry Haseloff
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 | 96,76 Mio € | 01.09.2009 | Kaufen | 9F4MCHV9+6R |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 6,11 | 7,21 | 0,85 | 4,74 | 0,30 | -48,00 | 2,81 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 1,20 | 1,20 | 5,31% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 18.07.2024 | 11.06.2024 | 05.09.2024 | 21.11.2024 | 30.05.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,73% | -7,62% | +35,74% | +38,65% | +0,00% |
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