First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 28.00 price target.

Abstract
Q2 reporting once again showcased the growing strength of M1’s injectables business. Beauty segment sales and EBIT overshot FBe by a wide margin, while Trade segment results were close to our estimates. Meanwhile, M1 shares caught a sizable bid on Tuesday when management gave a brief update on previously communicated private equity (PE) interest in M1’s Beauty business, noting that six well-known PE outfits have expressed interest in “investing in or acquiring the Beauty segment.” Market speculation aside, the Beauty business has been on a heater of late, and M1 is tracking slightly ahead of our 2024 targets. We will await Q3 KPI’s before adjusting FBe and maintain our Buy rating with an unchanged €28 TP.