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Original-Research: HAEMATO AG - von GBC AG

Einstufung von GBC AG zu HAEMATO AG

Unternehmen: HAEMATO AG
ISIN: DE000A289VV1

Anlass der Studie: Research Comment
Empfehlung: Buy
Kursziel: 47.50 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: 
Analyst: Cosmin Filker; Marcel Goldmann

Preliminary figures 2021: Revenues in line with expectations, earnings
exceeded; GBC forecasts for 2022 and 2023 adjusted to company guidance;
High upside potential in the self-pay market; Target price EUR47.50; BUY
rating
 
On 30 March 2022, HAEMATO AG published the preliminary figures for the past
financial year 2021. As expected, the company reported a significant
increase in sales of 19.6 % to EUR 285.0 million (previous year: EUR 238.3
million). The strong increase is mainly due to the significant expansion of
the product area 'Lifestyle & Aesthetics'. This business segment was
significantly expanded with the first-time consolidation of M1 Aesthetics
GmbH as of 01.01.2021, in which the trade of aesthetic surgery and cosmetic
dermatology products is bundled. According to preliminary figures, this
segment contributed around EUR 65 million to Group turnover. In parallel,
the 'Specialty Pharma' segment, in which products financed by health
insurance funds are bundled, generated sales revenues of EUR 220 million.
As we currently lack meaningful data, a comparison of the segment
development with the previous year will only be possible once the final
figures are available. The level of turnover achieved is fully in line with
the company's previous guidance, which had most recently forecast a
consolidated turnover of between EUR 280 and 300 million. Our previous
turnover estimates of EUR 296.00 million were only slightly higher.
 
The preliminary figures make the high profitability level of the product
area 'Lifestyle & Aesthetics' segment visible, as this area addresses the
lucrative self-pay market in particular. With the expansion of this
segment, the EBIT increased disproportionately to EUR 11.2 million
(previous year: EUR 1.6 million) and the EBIT margin to 3.9 % (previous
year: 0.7 %). Both the EBIT forecast by the HAEMATO management (EUR 9 to
EUR11 million) and our forecast (GBC estimate: EUR 10.09 million) were thus
exceeded.
 
With the publication of the preliminary figures, HAEMATO has published a
guidance for the current financial year 2022 for the first time. From the
current perspective, sales revenues of EUR 250 to EUR 280 million and an
EBIT of EUR 8 to EUR 10 million are expected. The executive board points
out that due to the current uncertainties in connection with the corona
pandemic, the situation in Ukraine or the increased inflation, no concrete
forecasts are possible. However, continued price pressure on the tax side
as well as rising expenses for the procurement of goods and higher
transport costs are expected.
 
This is in contrast to the continuation of portfolio streamlining in the
'Specialty Pharma' area and thus a stronger concentration on high-margin
products. In addition, the 'Lifestyle & Aesthetics' product area is to be
expanded in order to further increase the profitability level. In this
regard, the company has, for example, concluded an exclusive supply and
licence agreement with the South Korean Huons BioPharma for the supply of
botulinum toxin (Botox) products. Following a European approval process,
the company is expected to benefit from the high demand for Botox. By
supplying the largest customers in Germany, a high market share of the
high-volume Botox market could be secured if the pricing strategy is
maintained. Our forecasts do not yet include the additional potential
stemming from this.
 
We are adjusting our revenue and earnings forecasts to the corporate
guidance, whereby we are orienting ourselves towards the middle of the
forecast range. Accordingly, for the current financial year 2022, we expect
revenue of EUR 265.00 million and EBIT of EUR 9.10 million. This means that
we are adjusting the previous estimates downwards. Starting from this lower
basis, we are also adjusting the forecasts for the coming 2023 financial
year downwards. We expect revenues of EUR 313.80 million and EBIT of EUR
13.51 million. Here, too, the possible additional potential from the Huons
agreement is not yet included.
 
As a result of the DCF valuation model, we have determined a new target
price of EUR 47.50 (previously: EUR 50.10). The price target reduction is a
consequence of our reduced forecasts for the current financial year 2022
and, on this lower basis, for the coming financial year 2023. Based on the
current price level of EUR 23.80 per share, we continue to assign a BUY
rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23761.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben
analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,6a,11);
Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date (time) Completion: 05.04.22 (9:03 am)
Date (time) first transmission: 05.04.22 (10:30 am)

-------------------übermittelt durch die EQS Group AG.-------------------


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. 
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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