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M1 Kliniken DE000A0STSQ8

Original-Research: M1 Kliniken AG (von GBC AG): BUY



Original-Research: M1 Kliniken AG - von GBC AG

Einstufung von GBC AG zu M1 Kliniken AG

Unternehmen: M1 Kliniken AG


Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 21.30 EUR

Kursziel auf Sicht von: 31/12/2020

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

The first six months of 2019 are in line with the business development of

M1 Kliniken AG, which has thus far been characterised by continued growth.

With a 13.9% growth in revenues to EUR 32.93 million, this is a good basis

for achieving our 2019 sales forecasts (EUR 81.75 million; +25.3%). In the

second half of 2019, however, a significant increase of revenues is still

needed. We expect that the four treatment centres that were added in 2019

will make significant sales contributions in the second half of the ongoing


financial year 2019. There are also currently other treatment centres in

their opening phase, which should also have a positive impact on Group

sales. In parallel with the new openings, the company is also planning to

extend the treatment capacities of the existing sites, which can be

implemented relatively quickly. Finally, the volume of trading revenues,

which is generally significantly stronger, should increase in the second

half of the year.

In principle, the company's mid-term planning, which states that the number

of specialist centres for the beauty segment is expected to increase to 50

by the end of 2020 (of which, 20 are abroad), is still valid. As well as

expanding the network of clinics in the beauty sector, there is an

increasing focus on new treatments such as laser treatments (M1 Laser) and

aesthetic dentistry (M1 Dental). While M1 Laser can be readily implemented

into the existing network of clinics, M1 Dental is operated each in

individual centers.

In future, trading the company's own products under the brand name M1

Select will also gain in importance. The high-quality cosmetic products

currently distributed through the company's own online channels and its

network of clinics are to be gradually more strongly positioned for sale in

the B2C sector. Here, for example, there should be potential to tap into

new revenue through the planned medium-term implementation of over-the-

counter retailing.

Our revenue and earnings forecasts remain unchanged from our last research

study (see study dated 06/08/2019). The expected double-digit revenue

growth includes the planned location expansions, expanding the range of

treatments and the launch of the B2B business. With regard to EBIT, we

continue to expect only a disproportionate increase at first, which is due

to the initial costs for the new clinics. The EBIT margin level is expected

to rise from 2021.

Based on the unchanged forecasts, we confirm our stock price target of EUR

21.30 and therefore continue to issue a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0



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Date (time) first completion: 03/09/2019 (2:55 pm)

Date (time) first distribution: 04/09/19 (11:00 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.



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