First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A289V03). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 37.00 price target.

Abstract
Audited 2025 reporting captured the full effects of the portfolio reset, largely shaped by the hefty write-down of the CRE Energy position. Even so, NAV fell only 12% Y/Y as it was cushioned in large part by the strong counterweight of M1 Kliniken, which generated nearly €34m in FCF last year and plans a 40% dividend hike to €1.2 per share (~6.5% yield). Despite the reset year, MPH wants to lift its 2025 dividend to €5.0 per share (2024: €1.2). Pending AGM approval on 9 July, this would equate to a 19% yield and should be well received after the company paused distributions for four years before the 2023 restart. Meanwhile, M1 extended its operational winning streak with a strong March quarter. In our view, prospects for the beauty specialist remain excellent supported by a favourable market backdrop and a cleaner equity story following the successful Haemato disposal. We stick to our Buy rating for MPH and €37 TP (42% upside).