^
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 EUR 212.2 million (previous year: EUR 188.2
million) and a significant jump in EBIT to EUR 9.5 million (previous year: EUR
6.7 million). This exceeded our expectations. We had previously forecast
EBIT of EUR 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 EUR 10 to 12 million
(previously: EUR 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 EUR
272.00 million (previously: EUR 259.60 million) and EBIT of EUR 12.40 million
(previously: EUR 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)
-------------------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.
°
