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 35.00 price target.
Six month reporting confirmed preliminary numbers and provided a closer look at Haemato’s improving cost structure. The company is significantly leaner with a much lower head count (~50%) than a year ago, and encouragingly the gross margin remained in the double digits at 10%, thanks to another good contribution from the Lifestyle & Aesthetics segment (€24m H1 turnover). If the company can maintain this business formula, Haemato can distance itself from its heritage as a low margin parallel importer. We reiterate our Buy rating with an unchanged €35 target price.