First Berlin – MPH Health Care AG Research Update (30/06/2020)

First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A0L1H32). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 7.50 price target.

Full year reporting confirmed preliminary results with net income of €11m equal to €0.26 per share. This missed our €28m net income target, due to underperformance of HAEMATO operations, while the company continued to optimise operations with higher margin offerings and enhanced digitalisation measures. NAV reached €272m vs €269m at YE18. CR Capital Real Estate spearheaded the portfolio performance and was able to offset weakness in HAEMATO shares last year. Our updated sum-of-the-parts model yields an unchanged €7.5 price target. We maintain our Buy rating.