Original-Research: M1 Kliniken AG (von GBC AG)

Original-Research: M1 Kliniken AG - von GBC AG

Einstufung von GBC AG zu M1 Kliniken AG

Unternehmen: M1 Kliniken AG

Anlass der Studie: Research Report (Anno)
Empfehlung: BUY
Kursziel: 21.80 Euro
Kursziel auf Sicht von: 31.12.2021
Letzte Ratingänderung: 
Analyst: Cosmin Filker, Marcel Goldmann

- With the integration of HAEMATO AG the trading and product business will
be expanded
- Greater concentration on the beauty segment planned
- Sales and earnings growth expected from 2021 onwards
On June 10, 2020, M1 Kliniken AG announced the acquisition of all HAEMATO
shares previously held by MPH Health Care AG and thus becomes the new major
shareholder of HAEMATO AG as of July 1, 2020. Through the HAEMATO
acquisition, M1 Kliniken AG, which currently has a strong focus on the
beauty treatment segment, is expected to return to its accustomed dynamism
in the product and trade area in the future. On the one hand, the well-
established HAEMATO trade channels can be used here. On the other hand
HAEMATO AG has a high product development competence and the necessary
certifications, so that for example the product area M1 Select could
benefit from this. HEAMATO AG also has extensive know-how in the area of
product manufacturing, so that in the future cost saving potentials can be
raised. On the other hand, a possible outsourcing of the trade and product
business to HAEMATO AG will allow a more focused expansion of the beauty
area within the M1 Kliniken AG. The acquisition of the 11.01 million
HAEMATO shares was paid for by issuing 2.14 million M1 shares as part of a
capital increase through contributions in kind.
This transaction will result in a significantly changed sales and earnings
picture for M1 Kliniken AG. Since there is a de facto controlling majority,
HAEMATO AG will be fully consolidated into the M1 Group in the future,
which will lead to a significant in-crease in sales revenues and a visible
increase in earnings. The mixture of the comparatively high profit margins
of the treatment segment with the lower trading margins of HAEMATO AG will
lead to a decrease in the profit margin overall, but the absolute EBIT will
reach a higher level.
In our still separate analysis, M1 Kliniken AG will continue on its growth
course. However, due to the corona crisis, the company had to temporarily
close all locations between 23.03.20 and 11.05.20. Even though high
occupancy rates and high booking rates were recorded within a short period
of time after the reopening, only constant revenue development or only
slight revenue growth is therefore expected for the current fiscal year.
While a growth in turnover of around 20 % was previously expected, the
closures of locations are likely to have led to a loss of turnover of
around 16 %. As a result of the corona crisis, the company should,
according to our forecasts, have a total of 43 locations by the end of the
2020 financial year. Up to that point, we had expected 50 locations.
Similarly, we assume that the medium-term plan to operate 100 locations by
the end of 2023 will not be achieved until the end of 2023/2024, which
nevertheless corresponds to dynamic growth.
HAMEATO AG, which will be newly integrated as of 01.07.2020, will profit as
a trading company from an increasing demand for pharmaceuticals in Germany
as well as from increased cost-saving efforts on the part of the cost
bearers. After the past financial year 2019 was characterized by various
burdening factors, the HAEMATO management expects for 2020 a return to
sales growth. As the company supplies pharmacies with drugs, particularly
in the indication areas of oncology, cardiovascular diseases, neurological
diseases and HIV/AIDS, the impact of the Covid 19 pandemic is expected to
be minimal. Ongoing medication is necessary in the addressed indication
areas. In addition, management does not currently see any significant
impact on supply chains.
On the basis of our estimates for both companies, we expect sales revenues
of EUR 187.04 million for the current fiscal year. This includes the
HAEMATO sales for a 6-month period. Due to the full-year inclusion in the
coming business year 2021, there should be a significant increase in sales
revenues to EUR 342.82 million and in 2022 to EUR 392.74 million. In
combination, this results in a lower EBIT margin of 4.4% in 2020. Since the
lower-margin HAEMATO sales revenues are included for the full year in 2021,
the margin is expected to initially decline to 3.8% (EBIT: EUR 13.14
million). In 2022 we expect an improvement in profitability to 4.6 % and
thus expect an EBIT of EUR 18.22 million. On the level of the after-tax
result we have considered 52 % of the HAEMATO result as minority interests.
These are only allocated to the HAEMATO shareholders and not to M1 Kliniken
As part of the updated DCF valuation model, we have determined a new price
target of EUR 21.80 (previously: EUR 21.30). On the one hand, we have
reduced the forecasts for 2020 at M1 Kliniken AG and expect a lower growth
rate for the following years. The higher fair value due to the inclusion of
HAEMATO AG was also partially diluted by the higher number of shares in the
context of the capital increase through contributions in kind. We continue
to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog mölicher Interessenkonflikte finden Sie unter:
Date and time of completion (german version): 19/06/2020 (10:20 am)
Date and time of first distribution (german version): 22/06/2020 (12:00 am)
Date and time of completion (english version): 22/06/2020 (11:00 am)
Date and time of first distribution (english version): 22/06/2020 (12:00 am)

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