First Berlin – MPH Health Care AG Research Update (13/06/2018)

First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A0L1H32). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 6.90 to EUR 7.10. Abstract Full year reporting confirmed prelims and the company's strategic focus on the strong health care sector. MPH Health Care reported net income of €32m for the year. NAVPS climbed to €5.6 compared to €4.8 in H1/17 and €5.0 YE16. The performance was driven by the core listed holdings: HAEMATO AG, M1 Kliniken AG and CR Capital Real Estate AG. Management will propose a €0.20 / share dividend to the AGM on 11 July. This is a significant increase on the €0.12 dividend paid out the past years and corresponds to a 4.6% yield. Our updated sum-of-the-parts model yields a €7.10 price target (old: €6.90). We maintain our Buy rating.