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 10.50 to EUR 11.90.
Six month reporting featured particularly strong Beauty segment earnings. Performance was led by the German clinic network that contributed €31m in turnover with a 28% EBIT margin, the highest such mark set the past three years. The company opened its 20th international clinic in Bucharest, Romania and is now planning a US market entrance. Meanwhile, Haemato reported 10% topline growth along with a solid uptick in EBIT margin to 3.9% (H1/22: 3.6%) but one-off eliminations led to flat Trade segment results. We have upped our forecasts to account for the better than expected earnings performance and remain Buy-rated on M1 Kliniken with a €11.9 price target (old: €10.5).