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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 Report (Anno)
Empfehlung: Buy
Kursziel: 49.00 EUR
Kursziel auf Sicht von: 31.12.2022
Letzte Ratingänderung: 
Analyst: Cosmin Filker; Marcel Goldmann

- Focus on high-margin self-pay sector;
- New profitability level reached, further margin increases expected
 
In the past financial year, HAEMATO AG achieved a dynamic increase in
turnover of 19.6 % with sales revenues of EUR 285.04 million (previous
year: EUR 238.33 million). The majority of the growth is related to the
first-time consolidation of M1 Aesthetics GmbH, which was acquired on 31
December 2020 and contributed EUR 33.37 million to turnover. Accordingly,
organic turnover growth was 5.6 % to EUR 251.67 million. Part of this
organic growth in turnover is due to the expansion of the diagnostics
business. In spring 2021, HAEMATO AG received approval for the sale of a
COVID- 19 self-test, which generated additional sales.
 
For the past business year, HAEMATO AG has for the first time shown a new
segmentation. The 'Specialty Pharma' segment includes the sales that are
billed via the health insurance fund and thus this segment corresponds to
the greatest possible extent to the previous HAEMATO business. With sales
revenues of EUR 219.90 million, a gross profit of EUR 8.77 million was
generated here, which corresponds to a gross profit margin of 4.0%. In the
second segment, Lifestyle & Aesthetics, which represents the self-pay
market and sales of products for beauty treatments, diagnostics and
cosmetic products, sales revenues of EUR 65.15 million, gross profit of EUR
21.96 million and a gross profit margin of 33.7% were achieved.
 
The fact that for the first time significant sales were generated in the
high-margin 'Lifestyle & Aesthetics' segment has led to a significant
increase in group-wide profitability. This is particularly visible in the
significant jump in EBIT to EUR 11.16 million (previous year: EUR 1.63
million), which at the same time represents a new company record (adjusted
for valuation income). The EBIT margin also improved significantly to 3.9%
(previous year: 0.7%).
 
In the first quarter, sales declined by 26.1% to EUR 54.6 million (Q1 21:
EUR 73.9 million), mainly due to the portfolio adjustment in the Specialty
Pharma segment. Despite the decline in turnover, the EBIT margin increased
to 3.7 % (Q1 21: 3.2 %) with an EBIT of EUR 2.0 million (previous year: EUR
2.4 million). This is due to the disproportionate sales development of the
Lifestyle & Aesthetics segment.
 
For the current financial year 2022, HAEMATO's management expects revenues
in the range of EUR 250 to EUR 280 million and EBIT in the range of EUR 8
to EUR 10 million. The implied expected decline in business is primarily
related to an expected decline in sales of COVID19 self-tests, which is
expected to lead to a reduction in sales in the Lifestyle & Aesthetics
segment. However, this high-margin segment is the strategic focus of the
company. Dynamic growth should be achieved here through market share gains,
the launch of new products and the expected supply of Botox products
(licence agreement with South Korean manufacturer has been concluded). In
contrast, the portfolio streamlining in the Specialty Pharma segment will
continue, so that a slight increase in profit margins should be achieved
here.
 
In line with the corporate guidance, we expect sales revenues of EUR 264.36
million and EBIT of EUR 8.88 million for 2022. For the coming financial
years, we expect significant growth impulses from the Lifestyle &
Aesthetics segment so that a disproportionate increase should be achieved,
especially at the earnings level.
 
Within the framework of our DCF valuation model, we have determined a new
target price of EUR 49.00 (previously: EUR 47.50). The increase in the
target price results from a so-called roll-over effect, which, however, is
offset by an increase in the risk-free interest rate. We continue to assign
the rating BUY.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/24339.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,7,11);
Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date (time) Completion: 01.06.2022 (11:25 am)
Date (time) first transmission: 02.06.2022 (9:00 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
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