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

Abstract
NAVPS stood at €50.4 at the nine month juncture vs €31.9 at 9M/22 (+58%). The sluggish performance for German small caps continued in Q3 leading to mixed share price developments for MPH’s core holdings. CR Energy AG (CRE) shares slumped 22%, while M1 Kliniken stock climbed some 16% during the July-to-September quarter. Business has been strong of late for the lifestyle and beauty specialist, which reported record operating margins the last two quarters. Meanwhile, CRE operations remain resilient despite the troubles for the home building sector. We trace much of the recent tumble in the CRE share price to generally poor sentiment for property stocks. We maintain our Buy rating on MPH with a €62 TP.