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 58.00 to EUR 56.00.
The poor market environment deepened the gravity well that pulled MPH’s NAVPS down to a six year low (€31.9) at the end of Q3/22. However, CR Capital and M1 Kliniken shares rebounded strongly in Q4 led by a 131% rise in the M1 stock during the October-to-December quarter. This was helped by insider buying in conjunction with M1’s beefed up management board that now comprises Kilian Brenske and Attila Strauss. We expect the dual Christmas rally to have added ~€80m to MPH’s YE22 NAV, which slid to €137m in Q3. We maintain our Buy rating with a €56 TP (old: €58) after adjusting our M1 forecasts.