First Berlin Equity Research has published a research update on MPH Health Care AG (ISIN: DE000A289V03). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 62.00 to EUR 81.00.

Preliminary results were broadly in line with FBe. The YE23 NAV climbed some 16% vs end Q3 on the back of a 20% rally in M1 Kliniken shares in the October-to-December period. This was spurred by good operational momentum at the lifestyle and beauty specialist which delivered better than expected margin expansion in its injectables business. Meanwhile, CR Energy reported 2023 prelims with EBIT tallying €65m vs €75m in 2022, and prospects for its sharpened focus on renewable energy solutions remain excellent. Terrabau’s affordable green-home business continues to differentiate it from the competition at a time when most property developers are being clobbered with eye-watering financing expenses in the world of higher rates. MPH will also propose a €1.2 per share dividend to the AGM on 18 July, which should cheer investors. We remain Buy-rated on MPH. Our TP climbs to €81 (old: €62) on the back of the increase in fair value of M1 to €18 per share (old: €11.9) since our previous update.