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: 37.55 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung: 
Analyst: Cosmin Filker; Marcel Goldmann

1st HY 2022: Declining sales and earnings development as expected due to
discontinuation of sales with corona rapid tests, earnings forecast
confirmed, price target reduced to EUR 37.55 (previously: EUR 49.00) after
increase of risk-free interest rate; rating: BUY
As expected, HAEMATO AG showed an overall decline in business development
in the first half of 2022 with a decrease in sales revenues by 20.2% to EUR
120.97 million (PY: EUR 151.53 million). The main reason for this is the
loss of revenue from the sale of COVID-19 lay tests, which had led to an
extraordinary increase in revenue, particularly in the first half of 2021.
Due to the oversupply on the market, HAEMATO's managecment had discontinued
the sale of rapid antigen tests in the middle of the last business year.
According to the company, this generated sales revenues of around EUR 25
million in the same period of the previous year, leaving only a 4.4%
decline in adjusted sales.
The decline in earnings in connection with the discontinuation of corona
self-tests had led to an overall decline in EBIT to EUR 4.39 million
(previous year: EUR 7.23 million). However, the fact that HAEMATO AG, with
the acquisition of M1 Aesthetics GmbH and the concentration on higher-
margin products in the Specialty Pharma segment, has a noticeably higher
level of profitability is evident by comparison with the previous half-
years. In the first half of 2020, significantly lower values were achieved
with an EBIT of EUR 1.23 million and an EBIT margin of 1.1 %.
With the publication of the half-year report, the management of HAEMATO AG
has confirmed the guidance published in the 2021 annual report. At least at
EBIT level, the Executive Board expects to be able to achieve an unchanged
range of EUR 8 million to EUR 10 million. The revenue guidance, which was
announced in the 2021 annual report at a range of EUR 250 million to EUR
280 million, was no longer specifically mentioned in the current half-year
The development of the first half of 2022 can be summarised as follows:
even though we had expected a declining sales development, sales revenues
were slightly below our expectations, but at the EBITDA and EBIT level our
expectations were met. In particular, the high gross profit of the
Speciality Pharma segment and generally low operating costs had increased
profit margins more than expected. To reflect this development, we are
reducing our revenue forecast for the current financial year 2022 to
EUR243.86 million (PY: EUR264.36 million) but leaving our operating profit
estimates almost unchanged, implying an improvement in profit margins.
Taking into account the higher depreciation on financial assets, we reduce
our after-tax earnings estimate to EUR 5.00 million (GBC estimate
previously: EUR 6.51 million).
Based on the lower revenue level, we are also adjusting our forecasts for
the coming financial years. In doing so, we are taking into account the
further deterioration of the consumer climate in Germany, which could have
a negative impact on the self-pay segment 'Lifestyle & Aesthetics' in
particular. In addition, the GKV-Finanzstabilisierungsgesetz is a new draft
law to stabilise the financial situation of statutory health insurance
funds. One component of this law is the planned increase in the discount
for patent-protected medicines by 5.0% from 2023, which could also have a
negative impact on the 'Specialty Pharma' segment.
Despite the reduction of our sales forecasts for the financial years 2023
and 2024, we assume that the company will be able to increase their higher
profitability level more than expected. Here we have taken into account the
stronger growth of the high-margin 'Lifestyle & Aesthetics' segment, which
is in the strategic focus of the company. In addition, the portfolio
adjustment in the 'Specialty Pharma' segment has borne fruit faster than
Within the framework of our DCF valuation model, we have determined a new
target price of EUR 37.55 (previously: EUR 49.00). The reduction in the
target price is due to the increase in the risk-free interest rate and thus
in the discount rate as well as to our forecast reduction. We continue to
assign the rating BUY.

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Date (time) Completion: 13.09.22 (7:10 am)
Date (time) first transmission: 13.09.22 (2:30 pm)

-------------------übermittelt durch die EQS Group AG.-------------------

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