28.01.2022 HAEMATO AG DE000A289VV1
Original-Research: HAEMATO AG (von GBC AG): Buy
Original-Research: HAEMATO AG - von GBC AG
Einstufung von GBC AG zu HAEMATO AG
Unternehmen: HAEMATO AG
Anlass der Studie: Research Comment
PCR PoC-Device added to the product portfolio; revenue and earnings forecasts unchanged, upside potential anticipated from new products, price target and BUY rating confirmed
In our last management interview (http://www.more-ir.de/d/23165.pdf) on the current developments of HAEMATO AG, the CEO Patrick Brenske had announced the addition of a mobile PCR workstation to the product portfolio. On 14.01.2022, the company has now officially informed about the market launch of the PCR Point-of-Care device distributed by the subsidiary HAEMATO Pharm GmbH. With this device, PCR corona tests can be carried out directly on site within 45 minutes, close to the patient. Until now, the samples had to be collected centrally and passed on to external evaluation laboratories for the test procedure, which is currently classified as the so-called gold standard. Since the evaluation of the PCR rapid test takes place directly on site, this lengthy process is no longer necessary. According to the company, the test evaluation can also be carried out by instructed personnel.
With this product, the company addresses a relevant problem, especially in view of the current omicron wave. Recently, the scarcity of PCR test capacities has become more and more obvious and as a consequence, the evaluation of the pandemic situation could become increasingly less meaningful. In this respect, a high demand can be assumed. According to the company, the first devices have been delivered to pharmacies and test centres.
The additional revenue and profit contributions from the sale of the PCR device are difficult to quantify and we therefore consider them as possible upside potential. In addition, the HAEMATO management has resumed the Corona rapid test business, which was discontinued in the summer, due to the high demand. This could also generate additional revenue and earnings contributions in the current financial year.
We are maintaining our previous sales and earnings forecasts unchanged. In the last published research study (see study of 8 September 2021), we adjusted the forecasts for the past financial year 2021 to the company guidance. With the nine-month figures published in November 2021, HAEMATO AG has confirmed the guidance, according to which consolidated revenue of between EUR 280 and 300 million and EBIT of between EUR 9 and 11 million should be achieved. In the first nine months of 2021, revenues of EUR216.6 million (PY: EUR175.6 million) and EBIT of EUR8.6 million (PY: EUR 1.8 million) were generated and the company is thus well on track to achieve the forecasts.
We also maintain our estimates for the financial years 2022 and 2023, according to which we expect a visible growth in turnover and an improvement in profitability. After the possible discontinuation of test sales, HAEMATO AG should generate additional business both in the trading business and in the area of 'aesthetic medicine'. An important aspect of this is their start-up of the own-brand business with special products for the field of aesthetic medicine. An example of this is the exclusive supply and licence agreement concluded with the South Korean company Huons BioPharma at the end of 2021 for the supply of botulinum toxin products. In the traditional specialty pharmaceuticals trading segment, the focus on higher-margin products such as biosimilars or biopharmaceuticals should also have a positive margin effect.
We keep our price target of EUR50.10 unchanged and continue to assign a BUY rating.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23304.pdf
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