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.

Haemato kicked off the year with a strong Q1 that has the company tracking ahead of our full year targets. Sales were up 25% Y/Y, while profitability was even stronger with EBITDA showing a 57% Y/Y increase. The good Q1 earnings performance is traced to the expanding self-payer Lifestyle & Aesthetics (L&A) business with Specialty Pharma operations facing regulatory headwinds in 2023. Meanwhile, full year audited figures confirmed preliminary results, and Haemato will propose a €1.2 per share dividend at the AGM on 18 July. We have upped 2023 FBe on the Q1 outperformance and remain Buy-rated on Haemato with a €34 price target (old: €33).