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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: vorläufige Ergebnisse 2024
Recommendation: Kaufen
from: 30.04.2024
Target price: €18
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 bestätigt sein Kursziel von EUR 18,00.
Zusammenfassung:
Die vorläufigen Ergebnisse für das Jahr 2023 zeigten erneut ein starkes
Ergebnis im Segment Beauty. Angeführt wurde das Zwölf-Monats-Ergebnis im
Beauty-Bereich vom deutschen Kliniknetzwerk, das €56 Mio. Umsatz und eine
EBIT-Marge von 28% beisteuerte, einschließlich einer Marge von 24% im
Zeitraum von Oktober bis Dezember. Die internationale Klinikgruppe
verfehlte mit €-0,2 Mio. (2022: €-2,4 Mio.) ein erstmals positives
EBIT-Ergebnis auf Jahresbasis nur knapp. M1 eröffnete im Jahr 2023 vier
neue Schönheitszentren in drei Ländern und zwei weitere im laufenden Jahr,
womit sich die Gesamtzahl auf 60 erhöht. Weitere Eröffnungen sind für
dieses Jahr geplant. Wir haben kürzlich unsere Prognosen erhöht, um die
Performance des Beauty-Bereichs besser widerzuspiegeln, und bleiben weiter
optimistisch für das Segment. Wir bekräftigen unsere Kaufempfehlung bei
einem unveränderten Kursziel von €18.
First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 18.00 price target.
Abstract:
Preliminary 2023 results again featured a strong showing by the Beauty
segment. Twelve month Beauty performance was led by the German clinic
network that contributed €56m in turnover with a 28% EBIT margin, including
a 24% margin in the October-to-December period. The group of international
clinics narrowly missed a first-time positive EBIT result on an annualised
basis, reporting €-0.2m (2022: €-2.4m). M1 opened four new beauty centres
in three countries in 2023 and a further two YTD bringing the tally to 60.
More openings are in the hopper for this year. We recently upped our
forecasts to better reflect Beauty segment performance and see no reason to
rein in our optimism. We are Buy-rated on M1 with an unchanged €18 TP.
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/29571.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
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