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 35.00 to EUR 33.00.
We are updating our forecasts to account for the changes to Germany’s drug pricing and reimbursement laws, which require a general mandatory price markdown from all pharmaceutical companies to the statutory health insurances, known as the ?mandatory discount?. As of 1 January, the regulator has increased this discount from 7% to 12% for the year 2023. Portfolio and operational optimisation undertaken by Haemato over the past quarters will help offset some of the impact to its Specialty Pharma business, but we now expect 2023 revenue and EBIT at similar levels to 2022. The mandatory discount is set to revert to 7% in 2024. We have also upped the risk free rate in our DCF to 2.4% (old: 1.4%) to track the developments of the German 10y Bund. Our price target moves to €33 (old: €35), and we remain Buy-rated on Haemato.
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