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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
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 28,00. Zusammenfassung: Das florierende Beauty-Geschäft von M1 Kliniken blieb auch im 3. Quartal die tragende Säule des Konzerns und ebnete den Weg für ein gutes Umsatz- und Ergebniswachstum. Der Konzernumsatz lag nahe an unserer Prognose, aber das operative Ergebnis übertraf unsere Schätzung um 9%, da das Beauty-Segment ein EBIT-Wachstum von 41% J/J verzeichnete. Die Hauptkennzahlen des Segments Trade blieben mit einer EBIT-Marge von 2% bei einem Umsatz von €67 Mio. im Septemberquartal stabil. M1 betreibt nun 63 medizinische Fachzentren, nachdem in diesem Jahr 4 neue Praxen in Deutschland und eine weitere in Österreich eröffnet wurden. Wir haben unsere Schätzungen für 2024 angehoben, um der 9M/24-Outperformance Rechnung zu tragen, und behalten unsere Kaufempfehlung mit einem unveränderten Kursziel von €28 bei. 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 28.00 price target. Abstract: M1 Kliniken's thriving Beauty business remained the group mainspring in Q3 paving the way for good sales and earnings growth. Group turnover was close to FBe, but operating income overshot our estimate by 9% on the back of 41% Y/Y EBIT growth registered by the Beauty segment. Meanwhile, Trade segment KPIs remained stable with a 2% EBIT margin on €67m in turnover for the September quarter. M1 now operates 63 treatment centres after opening 4 new practices in Germany and another one in Austria this year. We have nudged our 2024 targets higher to account for the 9M/24 outperformance and remain Buy-rated on M1 with an unchanged €28 target price. 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/31553.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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2053009 17.12.2024 CET/CEST
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