First Berlin Equity Research has published a research update on Haemato AG (ISIN: DE000A289VV1). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 33.00 price target.
Preliminary figures showed good profitability despite the absence of the corona test business, which boosted 2021 numbers. Results again included a strong contribution from the Lifestyle & Aesthetics (L&A) segment, which helped keep the gross margin north of 8%. Sales of €248m were in line with FBe (€250m), while EBIT (€8.3m) landed within the guided range (€8m to €10m) and narrowly missed FBe (€8.6m). The 2023 guidance calls for sales of €220m to €250m and EBIT of €6m to €8m reflecting the increase in Germany’s mandatory pharmaceutical discount from 7% to 12% for 2023. We factored this into our forecasts last month. Haemato brass plan to further expand the high margin L&A segment to buffer against volatility in Specialty Pharma. We stick to our Buy rating and €33 TP.
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