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
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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.
