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 54.00 to EUR 59.00.

MPH’s Q1 NAV tallied €188m vs €221m at YE22, while NAVPS has also retreated some 15% YTD to €43.9. The NAV decline is traced to the share performances of the M1 Kliniken and CR Capital portfolio holdings during the January-to-March period. M1 reported strong Q1 KPIs, which outperformed expectations. CRC continues position itself in the green home construction market, while crystallising its renewable energy strategy and ramping up operations at its Solartec holding. Full year audited figures confirmed MPH’s preliminary 2022 results, and we have upped our target price to €59 (old: €54) on the increased stakes in M1 and CRC at YE22. We remain Buy-rated on MPH.