First Berlin – HAEMATO AG Research Update (07/09/2020)

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 48.00 price target.

Six month reporting showed the impact of the improved product roster. H1 revenue and EBITDA were both up some 23%. The topline matched our target but EBIT missed FBe, due mainly to lower than expected ?other operating income' and higher personnel costs. The gross margin saw a strong sequential uptick to 7.8% approaching historically high levels, thanks to the enhanced product mix. After a marked sales slump in H1/19, we believe HAEMATO has turned the corner and is on track to hit FBe 2020 revenue growth of 16%. Our price target stays at €48, and we remain Buy-rated on HAEMATO.