Original-Research: MPH Health Care AG (von First Berlin Equity Research GmbH): Kaufen
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Original-Research: MPH Health Care AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to MPH Health Care AG
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 37,00 auf EUR 40,00. Zusammenfassung: Der M1-Sechsmonatsbericht bot Anlegern den bislang klarsten Einblick in die Ertragskraft der gestrafften M1 Kliniken Gruppe. Der Umsatz im Beauty-Segment stieg um 11% J/J auf €56,9 Mio., während das EBIT um 24% auf €18,6 Mio. kletterte. Die Marge stieg um 3,3 Prozentpunkte auf 32,7% und liegt damit deutlich über dem M1-Ziel von ca. 20%. Bereinigt um den nicht zahlungswirksamen Entkonsolidierungseffekt in Höhe von €-4,1 Mio. aus der Veräußerung von Haemato erreichte das Konzern-EBIT €19,7 Mio., was trotz der deutlich geringeren Umsatzbasis einem Anstieg von 9,5% J/J entspricht. Der NAV von MPH stieg im ersten Halbjahr um ca. 2% auf €248 Mio. Die M1-Aktie verzeichnete in diesem Sommer eine Kaufwelle und testet nun Allzeithochs, was im zweiten Halbjahr weiteres Aufwärtspotenzial für den NAV von MPH freisetzen dürfte. Unser Kursziel für MPH steigt auf €40 (bisher: €37) auf Basis des überarbeiteten M1-DCF-Modells, das nun die verbesserte Entwicklung des eigenständigen Beauty-Geschäfts widerspiegelt. Wir behalten unsere Kaufempfehlung für MPH bei (53% Aufwärtspotenzial). 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 37.00 to EUR 40.00. Abstract: Six month reporting gave investors the clearest look yet at the earnings power of the streamlined M1 Kliniken group. Beauty sales rose 11% YoY to €56.9m, while EBIT climbed 24% to €18.6m. The margin widened 3.3 pp to 32.7%, which sits comfortably above M1's ~20% target. Adjusted for the €-4.1m non-cash deconsolidation effect from the Haemato disposal, group EBIT reached €19.7m, up 9.5% YoY despite the sharply smaller revenue base. MPH's H1 NAV edged ~2% higher to €248m for the January to June period. M1 shares caught a bid this summer and are now testing all-time highs, which should unlock further NAV upside for MPH in H2. Our MPH TP increases to €40 (old: €37) on the back of an overhauled M1 DCF model that now reflects the improved trajectory of the standalone beauty business. We remain Buy-rated on MPH (53% upside). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: 93M1_GR-2026-09-21_EN 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
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2402356 21.09.2026 CET/CEST
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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 3,43 | 13,55 | 30,67 | 34,46 | 65,36 | 50,18 | 0,00 | |
| EBITDA1,2 | -70,99 | -9,05 | 29,59 | 29,54 | 32,99 | -28,45 | 0,00 | |
| EBITDA-Margin3 | -2.069,68 | -66,79 | 96,48 | 85,72 | 50,47 | -56,69 | 0,00 | |
| EBIT1,4 | -71,02 | -9,07 | 29,56 | 30,21 | 32,96 | -28,50 | 0,00 | |
| EBIT-Margin5 | -2.070,55 | -66,94 | 96,38 | 87,67 | 50,43 | -56,80 | 0,00 | |
| Net Profit (Loss)1 | -70,38 | -8,96 | 29,11 | 29,54 | 32,04 | -29,33 | 0,00 | |
| Net-Margin6 | -2.051,90 | -66,13 | 94,91 | 85,72 | 49,02 | -58,44 | 0,00 | |
| Cashflow1,7 | -2,89 | -1,09 | 0,01 | -2,02 | 1,83 | 0,13 | 0,00 | |
| Earnings per share8 | -16,44 | -2,09 | 6,80 | 6,90 | 7,48 | -6,85 | 1,70 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 1,20 | 1,20 | 5,00 | 0,50 | |
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 | ||||||
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| MPH Health Care | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A289V0 | DE000A289V03 | AG | 113,03 Mio € | 01.09.2009 | Kaufen | 9F4MCHV9+6R |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,17 | 6,82 | 2,22 | 6,06 | 0,50 | 869,45 | 2,25 |
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Dividend '2024 in € |
Dividend '2025 in € |
Dividend '2026e in € |
Div.-Yield '2026e in % |
| 1,20 | 5,00 | 0,50 | 1,89% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 09.07.2026 | 10.06.2026 | 16.09.2026 | 25.11.2026 | 27.05.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +3,31% | +11,16% | +20,00% | +37,86% | +0,00% |
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