First Berlin Equity Research has published a research update on Haemato AG (ISIN: DE000A289VV1). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 43.00 to EUR 35.00.
Preliminary six month figures were close to our targets but undershot the prior year comps due to the absence of non-recurring antigen test kit sales that inflated H1/21. Haemato continues to emphasise higher margin products in its revamped portfolio with biosimilars and self-payer products contributing to the solid 3.6% EBIT margin for the period. We also believe the Lifestyle & Aesthetics segment featuring self-payer products spurred group profitability. The company is in talks with authorities regarding the planned clinic trials for its proprietary botulinum toxin and should have further updates in the coming quarters. Management confirmed guidance (EBIT: €8m to €10m). We have adjusted our forecasts to account for the increasing regulatory headwinds for Specialty Pharma, which results in a new target price of €35 (old: €43). Our rating remains Buy.