Ori­gi­nal-Re­se­arch: HAEMATO AG (von GBC AG): sus­pen­ded

Re­se­arch | 15 De­zem­ber 2023 00:00

De­lis­ting of the HAEMATO share to take place from Fe­bru­ary 2023; pri­ce po­ten­ti­al not yet ex­haus­ted; GBC-ra­ting and GBC-pri­ce tar­get sus­pen­ded

HAEMATO has an­noun­ced the ter­mi­na­ti­on of the in­clu­si­on of the shares in the open mar­ket of 30 No­vem­ber 2023. The shares are to be de­lis­ted af­ter ex­piry of the no­ti­ce pe­ri­od, at the la­test by the end of Fe­bru­ary 2024. Ac­cor­ding to the com­pa­ny, the de­lis­ting is in par­ti­cu­lar the re­sult of a cost-be­ne­fit ana­ly­sis. This state­ment should be seen in light of the fact that HAEMATO AG has been part of the M1 Group, which is also lis­ted on the stock ex­ch­an­ge, sin­ce July 2020. Ob­vious­ly, the de­lis­ting is in­ten­ded to save du­pli­ca­te cost struc­tures as­so­cia­ted with the lis­ting of both com­pa­nies.

Ba­sed on our DCF va­lua­ti­on mo­del, which was last up­dated on 14 Sep­tem­ber 2023, the share is still un­derva­lued and the share pri­ce po­ten­ti­al has not yet been ex­haus­ted. HAEMATO AG has de­ve­lo­ped sur­pri­sin­gly stron­gly in the cur­rent fi­nan­cial year 2023, both in terms of sa­les and ear­nings. This is also con­firm­ed by the 9‑month fi­gu­res pu­blished in mid-No­vem­ber 2023, which show a 12.8% in­crease in sa­les to € 212.2 mil­li­on (pre­vious year: € 188.2 mil­li­on) and a si­gni­fi­cant jump in EBIT to € 9.5 mil­li­on (pre­vious year: € 6.7 mil­li­on). This ex­cee­ded our ex­pec­ta­ti­ons. We had pre­vious­ly fo­re­cast EBIT of € 8.5 mil­li­on for the year as a who­le, which has al­re­a­dy been si­gni­fi­cant­ly ex­cee­ded af­ter the first th­ree quar­ters. Due to the ex­cel­lent busi­ness de­ve­lo­p­ment, HAEMATO’s ma­nage­ment has rai­sed its gui­dance for the cur­rent fi­nan­cial year and now ex­pects EBIT of € 10 to 12 mil­li­on (pre­vious­ly: € 6 to 8 mil­li­on).

Ho­we­ver, this ex­tre­me­ly po­si­ti­ve busi­ness de­ve­lo­p­ment is off­set by the ter­mi­na­ti­on of the Bo­tox pro­ject, which was seen as a high-po­ten­ti­al flag­ship pro­ject for the me­di­um to long-term busi­ness de­ve­lo­p­ment of HAEMATO AG. At the same time, the co-ope­ra­ti­on with the Ko­re­an ma­nu­fac­tu­rer was ter­mi­na­ted. The pro­ject was can­cel­led in con­nec­tion with the ent­ry of two new Bo­tox sup­pli­ers onto the mar­ket, which was ac­com­pa­nied by a re­duc­tion in sup­p­ly pri­ces. At the re­du­ced pri­ce le­vel, the con­ti­nua­tion of the pro­ject was no lon­ger pro­fi­ta­ble, which is why the pro­ject was can­cel­led at an ear­ly stage, i.e. be­fo­re the re­le­vant de­ve­lo­p­ment and ap­pr­oval in­vest­ments were made.

In our HAEMATO esti­ma­tes, we had con­side­red the Bo­tox pro­ject as pure up­si­de po­ten­ti­al, so that the can­cel­la­ti­on of the pro­ject does not have a ne­ga­ti­ve im­pact on the esti­ma­tes. On the con­tra­ry, we are even rai­sing our fo­re­casts for the cur­rent 2023 fi­nan­cial year and now ex­pect sa­les of € 272.00 mil­li­on (pre­vious­ly: € 259.60 mil­li­on) and EBIT of € 12.40 mil­li­on (pre­vious­ly: € 8.51 mil­li­on). Due to the base ef­fect, we have also rai­sed our fo­re­casts for the next two fi­nan­cial ye­ars. Ho­we­ver, with the de­cis­i­on to de­list, we are sus­pen­ding both the pri­ce tar­get and the ra­ting.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​5​4​9​.​pdf

Kon­takt für Rück­fra­gen
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: (4,5a,5b,6a,7,11); Ei­nen Ka­ta­log mög­li­cher In­ter­es­sen­kon­flik­te fin­den Sie un­ter:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​u​n​g​.​htm
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Date (time) com­ple­ti­on: 14.12.23 (3:31 pm)
Date (time) first trans­mis­si­on: 15.12.23 (09:30 am)

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