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 Comment
Empfehlung: BUY
Kursziel: 31.70 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann
Preliminary 2023 figures: Revenue and earnings development in line with
expectations; Guidance issued against the backdrop of increased mandatory
discounts; Target price: € 31.70; Rating: BUY
According to preliminary figures, HAEMATO AG had to accept a decline in
turnover of 12.9% to € 248.2 million (previous year: € 285.0 million) in
the past financial year 2022. This development is not surprising, as the
record figure for the 2021 financial year was largely due to the sale of a
COVID 19 lay test. However, due to an oversupply on the market, HAEMATO's
management discontinued sales activities in mid-2021, resulting in a
revenue gap for 2022. In the first half of 2021 alone, sales revenues of
around € 25 million were generated with the rapid antigen tests. In this
respect, a declining revenue development was to be expected. In our
forecasts, we had projected sales revenues of € 243.9 million, which were
even slightly exceeded.
The development of earnings is also in line with expectations. The
preliminary EBIT of € 8.3 million (previous year: € 11.16 million) was
within the company's guidance, which had forecast an EBIT in a range of € 8
to € 10 million. On this basis, we had expected an EBIT of € 8.9 million.
The decline in EBIT compared to the previous year is also primarily due to
the discontinuation of the corona lay tests. However, the focus on
higher-margin products in the Specialty Pharma segment and the inclusion of
the high-margin Lifestyle & Aesthetics segment has led to a visible
improvement in profitability, as shown by the comparison of margins with
the 2020 financial year, in which an EBIT margin of only 0.7% was achieved.
In 2022, the EBIT margin was 3.3%.
With the publication of the preliminary figures, the HAEMATO management has
issued guidance for the current financial year 2023. According to this,
consolidated sales of € 220 million to € 250 million and EBIT of € 6
million to € 8 million are expected for 2023. A special aspect of this
forecast is the increase in mandatory manufacturer discounts from 7.0% to
12.0% for 2023 as part of the GKV-Finanzstabilisierungsgesetz. For the
'Specialty Pharma' segment of HAEMATO, this means an increase in expenses
for the procurement of goods and for transport services, which should be
accompanied by a reduction in the recently-increased gross profit. However,
part of this effect could be absorbed by the initiated concentration on
high-margin products and the ongoing cost efficiency programme.
While declining sales and lower profit margins are to be expected in the
Specialty Pharma segment, growth in the Lifestyle & Aesthetics segment,
adjusted for corona tests, should continue. Here, sales of aesthetic
medicines, medical products and cosmetics are to be further expanded. In
addition, the distribution of Botulinum toxin (Botox) products should
become an important growth driver in this segment. In this regard, an
exclusive supply and licence agreement was concluded with the South Korean
company Huons BioPharma for the supply of Botox products. At the end of
January 2023, the application to conduct a clinical trial was submitted to
the authorities. Assuming a normal course of the trial, the company expects
approval in 2025.
We have adjusted our estimates for 2023 to the current guidance and made a
forecast reduction for both sales and EBIT. We expect revenues of € 242.10
million (previous forecast: € 269.23 million) and EBIT of € 7.45 million
(previous forecast: € 10.57 million). As we do not forecast any write-ups
on securities, the after-tax result of € 5.40 million should be
significantly below the level of the 2022 financial year. For the coming
financial year 2024, we expect a growth in turnover of 10.9% to € 268.54
million and an improvement in the EBIT margin to 4.5%. This is against the
backdrop of a disproportionate development of the high-margin 'Lifestyle &
Aesthetics' segment as well as the expected reduction of the mandatory
manufacturer's discount to 7.0%.
Within the framework of our updated DCF valuation model, we have determined
a target price of € 31.70 (previously: € 37.55). Both the forecast
adjustments and the increase in the risk-free interest rate contributed to
the reduction. We continue to assign the rating BUY.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26819.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: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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Date (time) Completion: 17.04.23 (12:56 am)
Date (time) first transmission: 17.04.23 (2:30 pm)
-------------------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.
