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 +++++++++++++++
Date (time) Completion: 05.04.22 (9:03 am) Date (time) first transmission: 05.04.22 (10:30 am)

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