First Berlin Equity Research has published a research update on M1 Kliniken AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 11.90 to EUR 13.20.

In November, M1 bolstered its botox supply chain with the acquisition of Nutri Care GmbH and its fully owned subsidiary, Direct Apotheke Venlo BV. The latter will be able to supply M1 with competitively priced botox to help reduce procurement costs for the company’s core injectables business. Meanwhile, nine month KPIs again featured an exceptionally strong showing by the Beauty segment. Performance was led by the German clinic network that contributed €42m in turnover with a 29% EBIT margin, including a 34% margin in the July-to-September period. We have upped our forecasts and TP to €13.2 (old: €11.9) to account for the better than expected earnings performance and remain Buy-rated on M1 Kliniken.