GBC AG: HAEMATO AG | Rating: BUY

Original-Research: HAEMATO AG - von GBC AG

Einstufung von GBC AG zu HAEMATO AG

Unternehmen: HAEMATO AG
ISIN: DE000A289VV1

Anlass der Studie: Research study (Anno) Empfehlung: BUY
Kursziel: 30.75 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

- Compulsory manufacturer discounts burden 'Specialty Pharma' segment - Lifestyle & Aesthetics' segment should grow in 2023; high potentials available with Botox launch
- Increase in profitability expected
 
As expected, HAEMATO AG reports a decline in revenue to € 248.14 million (previous year: € 285.04 million) for the past financial year 2022 and is thus just below the previously expected revenue range of € 250 to € 280 million. The decline in revenue is due to the discontinuation of the sale of COVID 19 lay tests, which contributed significantly to the record value of the 2021 financial year. Due to an existing oversupply on the market, HAEMATO management had discontinued sales in mid-2021, which led to a revenue gap in 2022.
 
The business activities of HAMEATO AG are divided into the two segments 'Lifestyle & Aesthetics' and 'Specialty Pharma'. In the Lifestyle & Aesthetics segment, the marketing of pharmaceutical, medical and medical technology products for aesthetic surgery and cosmetic dermatology takes place. In the Specialty Pharma segment, HAEMATO AG acts as a wholesaler and parallel importer. Since the decline in lay tests is assigned in particular to the 'Lifestyle & Aesthetics' segment, this led to a decline in sales in this high-margin segment to € 42.48 million (previous year: € 65.15 million). At the same time, the streamlining of the product portfolio reduced sales in the 'Specialty Pharma' segment to € 205.66 million (previous year: € 219.90 million).
 
The decline in revenue is also reflected in a decrease in EBIT to € 8.30 million (previous year: € 11.16 million). Although the EBIT margin fell to 3.3 % (previous year: 3.9 %), the inclusion of the high-margin 'Lifestyle & Aesthetics' segment shows an increase in profitability in a multi-year comparison. In the 2019 and 2020 financial years, the EBIT margin was below 1.0 % in each case.
 
For the current financial year 2023, the HAEMATO management expects revenues of € 230 to € 250 million and EBIT of € 6 to € 8 million. A slightly declining development is expected both at the revenue and at the operating result level. This is likely to be primarily due to an expected decline in business in the 'Specialty Pharma' segment. As part of the SHI stabilisation law, the mandatory manufacturer discounts have been increased from 7.0% to 12.0% by 31 December 2023, which should lead to corresponding burdens for HAEMATO AG. Process optimisations and cost savings should partially offset this effect. In the 'Lifestyle & Aesthetics' segment, market shares are to be gained and profit margins further improved. The focus here is on the development of high-margin own brands, which are to be sold both through wholesalers and in the B2C business. In addition, the distribution of botulinum toxin (Botox) products should become an important growth driver in this segment.
 
For 2023, we expect sales revenues of € 242.04 million and EBIT of € 7.44 million. In the coming financial years, a return to sales growth and, with the expected disproportionate increase in high-margin 'Lifestyle & Aesthetics' sales, a gradual improvement in EBIT margins should be achieved. 
 
Within the framework of our DCF valuation model, we have determined a new price target of € 30.75 (previously: € 31.70). We continue to assign the BUY rating.
 
 

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27339.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Date and time of completion of the study: 13.07.2023 (11:04 am) Date and time of the first dissemination of the study: 14.07.2023 (09:30 am)

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

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.