First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A289V03). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 67.00 to EUR 58.00.
Six month reporting reflected the poor share price performances of the two listed holdings through the end of June. CR Capital AG shares slumped 10%, while M1 Kliniken stock fell some 31% during H1/22. This triggered a 19% H1 decline in the MPH NAVPS to €36.5. Despite the disappointing stock performances, operations at M1 and CR Capital have remained resilient YTD. M1 reported good treatment numbers in H1, while CRC delivered strong H1 results and rewarded shareholders with an upped dividend payout. We maintain our Buy rating but lower our TP to €58 (old: €67) to account for updated valuation models for M1 and CR Capital.