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 56.00 to EUR 54.00.
MPH published preliminary 2022 KPIs. As expected, the NAV rose some 61% Q/Q in the October-to-December period on the back of the strong Christmastime rally in M1 Kliniken shares. This was fuelled by insider buying in conjunction with the expansion of the executive board. MPH exited 2022 with an NAV of €221m vs €192m at YE21 (+15%). M1’s clinic expansion is on track, while momentum for the injectables business remains strong. The beauty-specialist also announced a 1.5m share buy-back to commence on 28 April. Meanwhile, CR Capital reported 2022 prelims with EBIT climbing 15% Y/Y to €76m, and prospects for its affordable green-home strategy are excellent. Its Terrabau holding can finance home construction with equity and cash flows, whereas most landlords / property developers are being clobbered with eye-watering financing expenses in the world of higher rates. We remain Buy-rated on MPH with a €54 TP (old: €56).