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: suspended Kursziel: suspended Letzte Ratingänderung: Analyst: Cosmin Filker; Marcel Goldmann
Delisting of the HAEMATO share to take place from February 2023; price potential not yet exhausted; GBC-rating and GBC-price target suspended HAEMATO has announced the termination of the inclusion of the shares in the open market of 30 November 2023. The shares are to be delisted after expiry of the notice period, at the latest by the end of February 2024. According to the company, the delisting is in particular the result of a cost-benefit analysis. This statement should be seen in light of the fact that HAEMATO AG has been part of the M1 Group, which is also listed on the stock exchange, since July 2020. Obviously, the delisting is intended to save duplicate cost structures associated with the listing of both companies. Based on our DCF valuation model, which was last updated on 14 September 2023, the share is still undervalued and the share price potential has not yet been exhausted. HAEMATO AG has developed surprisingly strongly in the current financial year 2023, both in terms of sales and earnings. This is also confirmed by the 9-month figures published in mid-November 2023, which show a 12.8% increase in sales to € 212.2 million (previous year: € 188.2 million) and a significant jump in EBIT to € 9.5 million (previous year: € 6.7 million). This exceeded our expectations. We had previously forecast EBIT of € 8.5 million for the year as a whole, which has already been significantly exceeded after the first three quarters. Due to the excellent business development, HAEMATO's management has raised its guidance for the current financial year and now expects EBIT of € 10 to 12 million (previously: € 6 to 8 million). However, this extremely positive business development is offset by the termination of the Botox project, which was seen as a high-potential flagship project for the medium to long-term business development of HAEMATO AG. At the same time, the co-operation with the Korean manufacturer was terminated. The project was cancelled in connection with the entry of two new Botox suppliers onto the market, which was accompanied by a reduction in supply prices. At the reduced price level, the continuation of the project was no longer profitable, which is why the project was cancelled at an early stage, i.e. before the relevant development and approval investments were made. In our HAEMATO estimates, we had considered the Botox project as pure upside potential, so that the cancellation of the project does not have a negative impact on the estimates. On the contrary, we are even raising our forecasts for the current 2023 financial year and now expect sales of € 272.00 million (previously: € 259.60 million) and EBIT of € 12.40 million (previously: € 8.51 million). Due to the base effect, we have also raised our forecasts for the next two financial years. However, with the decision to delist, we are suspending both the price target and the rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28549.pdf
Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ 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: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++ Date (time) completion: 14.12.23 (3:31 pm) Date (time) first transmission: 15.12.23 (09:30 am)
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