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 81.00 to EUR 113.00.

Q1 NAV was up some 34% Y/Y to €252m but unchanged YTD (YE23: €251m). The share performances of the M1 Kliniken and CR Energy portfolio holdings during the January-to-March period virtually negated each other. NAVPS moved in lockstep and stood at €58.8 at the end of Q1. M1 shares recently caught a sizable bid on publication of its bullish mid-term outlook and are now up some 87% YTD. The beauty specialist is now guiding for 150 to 200 clinics by YE29. Meanwhile, CRE shares moved higher on publication of its annual figures. Assuming these stock developments hold, MPH should report sizable NAV uplift with H1 reporting. We have upped our target price to €113 (old: €81). The jump owes to a 56% increase in our M1 TP to €28 (old: €18) spurred by the barnstorming growth now factored into our mid-term forecasts for the beauty specialist. We remain Buy-rated on MPH.