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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 senkt das Kursziel von EUR 113,00 auf EUR 108,00. Zusammenfassung: Wie erwartet, meldete MPH mit dem Sechsmonatsbericht einen beträchtlichen Anstieg des NAV. Der Nettoinventarwert stieg Ende Juni um 30% und um 58% J/J auf €326 Mio., während sich der NAVPS im Gleichschritt bewegte und bei €76 landete. Die Aktien von M1 Kliniken legten bis Ende Juni um 63% zu, nachdem das Unternehmen einen optimistischen mittelfristigen Ausblick veröffentlicht hatte, und der Schönheitsspezialist zieht nun das Interesse von Private-Equity-Unternehmen auf sich. In der Zwischenzeit meldete die andere Kernbeteiligung, CR Energy, solide Ergebnisse für das Jahr 2023, aber die Aktien fielen zum Halbjahresende um etwa 8%. M1 setzt seinen Marsch in Richtung 150 bis 200 Kliniken bis zum JE29 fort, und die CRE-Geschäftsbereiche Clean Energy und hochwertiger, erschwinglicher Wohnraum florieren weiter. Unser SotP-Modell spiegelt die aktualisierten Beteiligungen an M1 und CRE wider, was nun zu einem Kursziel von €108 führt (zuvor: € 113). Wir bekräftigen unser Kaufen-Votum. First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A289V03). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 113.00 to EUR 108.00. Abstract: As expected, MPH reported sizable NAV uplift with six month reporting. NAV was up some 30% at the end of the June period and 58% Y/Y to €326m, while NAVPS moved in lockstep landing at €76. M1 Kliniken shares were up 63% at the end of June spurred by publication of a bullish mid-term outlook, and now the beauty specialist is drawing significant private equity interest. Meanwhile, the other core holding, CR Energy, reported a solid set of 2023 results, but shares were down around 8% at the 6M juncture. M1 is continuing its march towards 150 to 200 clinics by YE29, and CRE's clean energy and quality, affordable housing businesses continue to flourish. Our SotP model factors in the updated stakes in M1 and CRE and points to a €108 TP (old: €113). We stick to our Buy rating. 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/31007.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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2004361 08.10.2024 CET/CEST
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