First Berlin – MPH Health Care AG Research Update (15/08/2019)

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 7.10 to EUR 7.50.

Full year reporting confirmed preliminary results with net income reaching €37m equal to EPS of €0.86 (2017: €32m; €0.74). NAVPS climbed to €6.3 compared to €5.6 at YE17. The performance was driven by the core listed holdings: HAEMATO AG, M1 Kliniken AG and CR Capital Real Estate AG with the residential property developer spearheading the gains. The proposed €0.20 per share dividend was recently approved at the AGM and equals a 5.3% yield. Our updated sum-of-the-parts model yields a €7.5 price target (old: €7.1). We maintain our Buy rating.