Original-Research: HAEMATO AG - von GBC AG
Einstufung von GBC AG zu HAEMATO AG
Unternehmen: HAEMATO AG
Anlass der Studie: Research Report (Anno)
Kursziel: 49.00 EUR
Kursziel auf Sicht von: 31.12.2022
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:
Kontakt für Rückfragen
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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
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 oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.