12.09.2019 M1 Kliniken AG  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
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-thecounter 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
[email protected]
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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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 47,19 65,21 77,27 159,59 314,61 285,29 302,00
EBITDA1,2 6,18 7,17 11,33 8,89 17,82 15,41 19,85
EBITDA-Marge3 13,10 11,00 14,66 5,57 5,66 5,40
EBIT1,4 5,71 6,46 7,93 4,41 12,13 9,35 14,40
EBIT-Marge5 12,10 9,91 10,26 2,76 3,86 3,28 4,77
Jahresüberschuss1 5,78 6,61 9,73 7,43 10,88 7,07 9,50
Netto-Marge6 12,25 10,14 12,59 4,66 3,46 2,48 3,15
Cashflow1,7 2,09 2,86 -5,37 9,54 15,68 20,77 0,00
Ergebnis je Aktie8 0,38 0,39 0,56 0,37 0,45 0,22 0,39
Dividende8 0,30 0,30 0,00 0,00 0,00 0,00 0,30
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: wetreu NTRG

INVESTOR-INFORMATIONEN
©boersengefluester.de
M1 Kliniken
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0STSQ 12,700 Kaufen 249,47
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,41 27,97 0,65 33,51
KBV KCV KUV EV/EBITDA
2,55 12,01 0,87 15,46
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 17.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
06.06.2024 03.09.2024 16.11.2023 23.05.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
5,82% 31,32% 13,39% 102,23%
    
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Gesundheit , A0STSQ , M12 , XETR:M12