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
Audited 2024 reporting confirmed prelims and showed good results across the board highlighted by a 13% EBIT beat to FBe. The group topline eclipsed €339m for the year (+7% Y/Y) and included €92m in Beauty segment sales (+30%) plus Trade turnover of €247m (+1%). Meanwhile, Q1 KPI’s build upon the positive business momentum witnessed last year with group sales up 10% Y/Y to €93m. This was spearheaded by a 4% rise in Beauty segment turnover to €26m spurring a 24% increase in segment EBIT to €7m. The company will again propose a €0.5 dividend to the AGM this summer. M1 brass are calling for more domestic and international expansion in 2025 and confirmed that the business is not exposed to the current geopolitical turmoil. This supports our view that M1’s affordable injectables business is built to perform well even when economies struggle, and we remain Buy-rated on M1 with a €28 TP (Upside: 93%).