First Berlin – HAEMATO AG Research Update (13/09/2018)

First Berlin Equity Research has published a research update on HAEMATO AG (ISIN: DE0006190705). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 7.70 to EUR 7.60.

Six month reporting showed steady top line growth and strong earnings building upon the good business momentum in H2/17. Revenues rose 3.6% Y/Y to €144m (FBe: €148m). Gross profit was just below our estimate on the moderate revenue shortfall to our target; however, the gross margin (7.3%) was in line with our target and improved 20 basis points on the H2/17 result. HAEMATO generated net income (NI) of €5.0m for the period and has ample cash to pay out the €0.30 dividend to shareholders in the third quarter. Our updated DCF model, which includes the dilution from the recent cap hike, yields a €7.60 price target (old: €7.70). Our rating remains Buy.