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 108 price target.

Abstract
MPH reported good value uplift with nine month reporting. NAV rose some 20% during the first nine months of ’24 and was up 39% Y/Y to €300m, while NAVPS moved in lockstep landing at €70.1. M1 Kliniken shares were up 50% during the January-to-September period spurred by the positive momentum of the thriving prejuvination business. Meanwhile, CR Energy management expect 2024 results to be backloaded into H2 but noted that the Terrabau and Solartec holdings racked up €9.5m in profit during H1/24. CRE shares were down around 18% at the 9M juncture. M1 continues to open clinics (now: 63) on the way to its YE29 goal of 150 to 200 centres, and CRE’s clean energy and quality, affordable housing businesses continue to flourish, despite another headwind year for the property markets. We stick to our Buy rating with an unchanged €108 TP.