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 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 highermargin products in the Specialty Pharma segment, has a noticeably higher level of profitability is evident by comparison with the previous halfyears. 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 report.

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 expected.

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.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25449.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,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
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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