Original-Research: MPH Mittelständische Pharma Holding AG (von GBC AG): BUY
(firmenpresse) - Original-Research: MPH Mittelständische Pharma Holding AG - von GBC AG
Aktieneinstufung von GBC AG zu MPH Mittelständische Pharma Holding AG
Unternehmen: MPH Mittelständische Pharma Holding AG
ISIN: DE000A0NF697
Anlass der Studie: Research Report (Update)
Empfehlung: BUY
Kursziel: EUR 4.70
Kursziel auf Sicht von: End 2013
Letzte Ratingänderung:
Analyst: Cosmin Filker
Very good half-year figures in 2012; Windsor acquisition accelerates growth
significantly; target price increased
In the present half-year report for 2012, MPH Mittelständische
Pharmaholding AG fully consolidated for the first time the Berlin company
Windsor AG which was acquired in May 2012 (current shareholding: 52%). This
resulted in significant differences in the profit situation as well as in
the asset situation compared to previous reports.
MPH AG assigned the newly joined Windsor subsidiaries to the new Healthcare
segment, in accordance with the new segmentation. At the same time, two new
companies were founded for this segment, Healthcare Solutions GmbH and
Nutri Care GmbH. MPH AG primarily intends to provide consultation services
to pharmacies and physicians, which in our opinion represents a new and
promising sales channelfor the already existing business. The existing
main revenue source of MPH AG, HAEMATO PHARM AG, is bundled in the new
Pharma segment.
As before, the main sales contribution came from the subsidiary HAEMATO
PHARM AG also in the last reporting period, with EUR87.03 million (PY:
EUR70.27 million). The sales increase of +23.9% achieved compared to the
previous year fits into the previously high sales dynamics in the field of
Generics and Parallel Imports. Furthermore, the company is profiting from
an attractive market environment characterised by savings efforts in the
healthcare industry. In addition, MPH AG also shows inorganic sales growth.
Due to the consolidation of Windsor AG, now fully assigned to the
Healthcare segment, total sales for the first half of 2012 amounted to
EUR99.30 million. Windsor AG thus contributes sales through the
pharmaceutical subsidiaries and the sale of realestate projects amounting
to EUR12.26 million.
Inorganic sales growth in addition caused a significant increase in
operating earnings. The EBITDA increased in total to EUR11.00 million,
significantly exceeding the previous year's figure of EUR6.53 million by
+68.4%. According to our calculations,the organic EBITDA increased by
+4.1%. The principal part of earnings growth can thus be explained through
inorganic effects, particularly with the sale of real estate projects at
the Windsor level. The already existing business of MPH AG therefore shows
solid margin development while sales continue to develop dynamically.
We have formulated our forecasts for the current and the coming financial
year building on this foundation. On a full-year basis for 2012, we expect
increased sales of EUR200.62 million. This sales expectation corresponds
with our unchanged stand-alone forecasts, in addition to the sales
contribution by Windsor AG. We applied the same procedure also to our sales
forecasts for the coming financial year 2013 (EUR230.71 million). On the
level of operating earnings (EBITDA), we included an improvement in the
EBITDA margin in the calculation, which includes, on theone hand, the
expected higher margin levels of the Pharma companies of Windsor AG and, on
the other hand, possible scale effects. The forecast EBITDA margin for the
coming financial year 2013 of 8.7% (EUR20.02 million) serves our DCF
valuation model as a target value to be reached in the long term.
Within the DCF model, we calculated a fair value per share of EUR4.70 on
the basis of the financial year 2013. The valuation thus shows a strong
upward potential. We therefore confirm the BUY rating and regard MPH
Mittelständische Pharmaholding AG as an attractive investment.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/11756.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research(at)gbc-ag.de
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Datum: 24.09.2012 - 10:07 Uhr
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News-ID 185848
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