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 113.00 to EUR 108.00.

Abstract
As expected, MPH reported sizable NAV uplift with six month reporting. NAV was up some 30% at the end of the June period and 58% Y/Y to €326m, while NAVPS moved in lockstep landing at €76. M1 Kliniken shares were up 63% at the end of June spurred by publication of a bullish mid-term outlook, and now the beauty specialist is drawing significant private equity interest. Meanwhile, the other core holding, CR Energy, reported a solid set of 2023 results, but shares were down around 8% at the 6M juncture. M1 is continuing its march towards 150 to 200 clinics by YE29, and CRE’s clean energy and quality, affordable housing businesses continue to flourish. Our SotP model factors in the updated stakes in M1 and CRE and points to a €108 TP (old: €113). We stick to our Buy rating.