First Berlin Equity Research has published a research update on Haemato AG (ISIN: DE000A289VV1). Analyst Ellis Acklin has withdrawn his previous Buy rating and EUR 34.00 price target on the pending delisting.
Haemato will delist its shares from the Open Market of the Frankfurt Stock Exchange. Shareholders have until the end of February 2024 to trade their shares at which time trading on secondary exchanges will also cease. We will also discontinue coverage at that juncture. Meanwhile, 9M KPIs show that business dynamics evident in H1 continued in the third quarter, and management raised their EBIT guide to €10m to €12m (old: €6m to €8m). Spurred by the expansion of the self-payer Lifestyle & Aesthetics (L&A) segment, headline Q3 figures topped FBe by a wide margin with operating income of €4.2m nearly double our target (€2.2m). We have upped 2023 FBe to align our EBIT estimate close to the mid-point of the new guided range. While the upper end looks achievable, business volatility has not entirely vanished, and we prefer to stay conservative with our Q4 outlook. We withdraw our Buy rating and €34 TP on the imminent stock delisting.