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.
Third quarter KPIs extended Haemato’s streak of improved profitability sparked by the shift towards Lifestyle & Aesthetics (L&A) business alongside less emphasis on the high volume Specialty Pharma activities. The company’s EBIT margin again topped 3.4% for Q3. EBIT margin volatility has often been the rub with Haemato, but quarterly results have been noticeably more consistent in 2022. We trace this to the streamlined business activities and more efficient cost structure after optimising the company’s headcount and systems. Management confirmed 2022 guidance calling for EBIT of €8m to €10m (FBe: €8.7m). The targets look achievable, given the YTD monthly revenue run-rate (~€21m) and margin performance. Our rating remains Buy with a €35 target price.