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

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: Kontakt für Rückfragen Jörg Grunwald Vorstand GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 ++++++++++++++++ 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: +++++++++++++++ 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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Last Updated: 12-Sep-2019