First Berlin – MPH Health Care AG Research Update (23/11/2017)

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 5.80 to EUR 6.90.

MPH Health Care recently reported KPIs for the nine month period. The value of the portfolio increased 6.7% Q/Q to €227m and is up 3.1% YTD. The gains have been driven chiefly by the strong share price development of M1 Kliniken AG. The lifestyle and beauty treatment specialist had a particularly strong nine month business development, while HAEMATO AG looks for a second half pickup in sales after a sluggish H1/17, and CR Capital is now primed to pay its first dividend this year. Our updated SOTP model reflects the upgraded outlook for M1. We maintain our Buy rating and raise our price target to €6.90 (old: €5.80).