First Berlin – HAEMATO AG Research Update (08/09/2021)

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 49.00 to EUR 50.00.

Six month reporting featured a strong increase in sales and earnings that beat FBe by a wide margin, due to the inclusion of antigen test-kit sales that we had not factored into our numbers. A continually improving product mix that now includes M1 Select cosmetics sales to augment core parallel trade and wholesale activities also propelled the good performance. H1 revenue grew 31% on annualised basis to €152m, while EBIT was up nearly fivefold to €7.2m, owing largely to a surge in the gross margin to 11.3%. The company upped guidance, and we increase 2021 FBe on the H1 results. Our price target moves to €50 (old: €49), and we maintain our Buy rating.