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Original-Research: M1 Kliniken AG - von GBC AG

Einstufung von GBC AG zu M1 Kliniken AG

Unternehmen: M1 Kliniken AG
ISIN: DE000A0STSQ8

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:
http://www.more-ir.de/d/18987.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
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,11); Einen
Katalog möglicher Interessenkonflikte finden Sie unter: 
http://www.gbc-ag.de/de/Offenlegung
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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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