First Berlin Equity Research has published a research update on Haemato AG (ISIN: DE000A289VV1). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 43.00 price target.

Abstract
First quarter KPIs showed further evidence that operations continue to shift towards Lifestyle & Aesthetics (L&A) business. This continues a trend evident last year when self-paid L&A products contributed 23% of the topline. Overall, Q1 sales fell some 26% on an annualised basis to €55m, due to deemphasised high volume Specialty Pharma activities, but were in line with our recently lowered estimate. The earnings performance was encouraging with Q1 EBIT of €2.0m (Q1/21: €2.4m) accompanied by a 37 basis point Y/Y uptick in margin to 3.6%. Full year audited figures confirmed preliminary results, and Haemato will propose a €1.1 per share dividend at the AGM on 12 July. We remain Buy-rated on Haemato with a €43 price target.