Original-Research: HAEMATO AG (von GBC AG)

Original-Research: HAEMATO AG - von GBC AG

Einstufung von GBC AG zu HAEMATO AG

Unternehmen: HAEMATO AG
ISIN: DE000A289VV1

Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: 32.80 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung: 
Analyst: Cosmin Filker; Marcel Goldmann

H1 2023: Turnover and EBIT above our expectations; forecasts and target
price slightly raised; BUY rating confirmed
In the first half of 2023, HAEMATO AG achieved a revenue increase of 10.5 %
to € 133.64 million (previous year: € 120.97 million) and thus exceeded our
expectations. This sales development, which is separated according to the
two segments, shows a relative sales strength in the 'Specialty Pharma'
segment, which primarily includes sales from parallel imports and the
distribution of low-priced original EU medicinal products. In this segment,
sales increased by 14.4 % to € 111.12 million (previous year: € 97.10
million). In contrast, the 'Lifestyle & Aesthetics' segment reported a
decline in sales of 6.8% to € 22.25 million (previous year: € 23.87
million). This segment primarily includes the sales of M1 Aesthetics GmbH,
which has been part of the HAEMATO Group since the 2021 financial year and
which includes all sales of the self-pay market and aesthetic medicine
Contrary to the decline in sales in the higher-margin 'Lifestyle &
Aesthetics' segment, an increase in the gross profit margin to 30.8%
(previous year: 26.1%) and thus an improvement in gross profit to € 6.85
million (previous year: € 6.24 million) was achieved in this segment. On
the one hand, this development is probably due to the implemented cost
reduction measures. On the other hand, there is likely to have been a shift
in the sales mix towards higher-margin products. On the other hand, there
was a visible decline in the gross profit margin in the 'Specialty Pharma'
segment to 3.1% (previous year: 6.1%) and thus in gross profit to € 3.40
million (previous year: € 5.88 million). Although the portfolio adjustment
led to improvements in the cost of materials ratio, the increase in
manufacturer discounts for reimbursable medicinal products from 7% to 12%
had a significant negative impact on the gross profit in the 'Specialty
Pharma' segment. According to the current status, the increase in
manufacturer discounts is limited until 31 December 2023.
The overall decline in gross profit to € 10.41 million (previous year: €
12.68 million) was offset by a visible reduction in personnel expenses and
other operating expenses, leaving an increase in EBIT to € 5.26 million
(previous year: € 4.39 million). This reflects the current optimisation of
business processes and the success in increasing efficiency, which has led
to a reduction in the number of employees to 52 (previous year: 76), among
other things. Our earnings expectations were thus also exceeded.
HAEMATO’s management made no further statement on revenue guidance in the
context of their half-year reporting, but their EBIT guidance was
confirmed. The outlook for EBIT for the current 2023 financial year
therefore remains unchanged at between € 6 million and € 8 million. In view
of the EBIT of € 5.26 million achieved in the first six months of 2023, we
consider this company guidance to be very conservative.
In total for the two segments we now expect sales revenues of € 259.60
(previously: € 242.04 million), gross profit of € 20.11 million
(previously: € 19.99 million) and EBIT of € 8.51 million (previously: €
7.44 million). With the stronger increase in our EBIT estimates compared to
the gross profit, we are taking into account the stronger cost savings in
the personnel area and in other operating expenses. For the coming
financial years, we are raising our sales and earnings forecasts due to the
higher base effect, but are maintaining the profitability level we have
expected so far.
Due to the forecast increase as well as the roll-over effect, which results
in a model price target increase due to the regular extension of the price
target base to 31.12.24 (previously: 31.12.23), we are raising our price
target to € 32.80 (previously: € 30.75). We continue to assign the BUY

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Date and time of completion of the study: 14.09.23 (08:38 am)
Date and time of the first dissemination of the study: 14.09.23 (10:30 am)

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