First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 13.20 to EUR 18.00.

Abstract
We reiterate our Buy rating on M1 Kliniken AG (M1) and raise our TP to €18 (old: €13.2). In our view, the company’s growth prospects are excellent. M1 was an early mover in Germany’s lifestyle and beauty market and forged a disruptive network of branded clinics (YE23: 58 locations) for cosmetic treatments that now spans continental Europe, the UK, and Australia with sights set on America. M1’s expansion is now drawing private equity interest. M1 brass have been informed that transactions in the beauty sector have fetched multiples of up to 30x EBITDA. M1 shares caught a bid on the announcement, and we expect good business momentum this year to stoke further upside.