First Berlin – HAEMATO AG Research Update (15/06/2020)

First Berlin Equity Research has published a research update on HAEMATO AG (ISIN: DE0006190705). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.80 price target.

Full year reporting reflected the operational optimisation measures undertaken last year to comply with safety regulations plus an overhauled portfolio to drive future growth and profitability. 2019 revenue and earnings were close to our targets. The company experienced solid Q/Q sales upticks the trailing two quarters (Q4/19: + 12%; Q1/20: +9%), and we expect an expanded product roster, which now includes narcotics, to pave the way for a return to annualised growth. We expect 2020 sales to expand 16% Y/Y. Our rating remains Buy with a €4.8 price target.