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 59.00 to EUR 62.00.
Six month reporting reflected the share price performances of the two core listed holdings. Shares of the recently rebranded CR Energy AG were steady during the six months to July (-1.6%), but M1 Kliniken stock fell some 13% during the period. This led to a 7% H1/23 decline in the MPH NAVPS to €48.1. M1 reported strong H1 earnings with the German clinic network spearheading a 34% Y/Y jump in EBITDA to €10m. CRE also delivered good H1 results and rewarded shareholders with an €2.5ps dividend payout matching the prior year distribution. We maintain our Buy rating and up our TP to €62 (old: €59) to account for increase in our fair value for M1 Kliniken since our previous update.