First Berlin – HAEMATO AG Research Update (04/06/2021)

First Berlin Equity Research has published a research update on HAEMATO AG (ISIN: DE000A289VV1). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 48.00 to EUR 49.00.

First quarter figures showed further evidence that core operations continue to gain momentum, thanks to an improved product portfolio and business expansion. Sales climbed some 22% on an annualised basis in Q1. The €73m figure beat FBe (€66m) and was the best three month sales figure since 2017. The topline performance was topped by even more encouraging earnings led by an increase in gross margin. Full year reporting confirmed preliminary results, and HAEMATO will propose a €1 per share dividend at the AGM. We remain Buy-rated on HAEMATO with a €49 price target (old: €48).