First Berlin Equity Research has published a research update on Haemato AG (ISIN: DE000A289VV1). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 33.00 to EUR 34.00.
Abstract
Six month reporting was close to our forecasts and highlighted the company’s leaner operating cost structure. This helped offset margin pressure in the Specialty Pharma segment caused by regulatory headwinds in 2023. Sales were up 10% in the January-to-June period, and EBIT rose even more strongly (+20% Y/Y). The Lifestyle & Aesthetics (L&A) segment continued to be the workhorse of the company, accounting for around two-thirds of total gross profit. Management confirmed 2023 EBIT guidance of €6m to €8m, and the company will pay out the €1.20 per share dividend (prior year: €1.10) to shareholders approved at the July AGM. We remain Buy-rated on Haemato with a €34 target price.
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