10:01 | 11.10.2018
M1 Kliniken AG
Original-Research: M1 Kliniken AG – von GBC AG
Einstufung von GBC AG zu M1 Kliniken AG
Unternehmen: M1 Kliniken AG
Anlass der Studie: Research Note
Kursziel: 19.00 Euro
Analyst: Cosmin Filker; Marcel Goldmann
Strong growth in revenue achieved in the first half-year
The half-year figures for M1 Kliniken AG are in line with our expectations.
Both the 30% growth in revenue to EUR 28.93 million and an EBIT margin of
12.0% form an excellent basis for achieving our revenue and earnings
forecast for 2018. We continue to view the location expansions that have
been implemented as well as those that are expected as the biggest growth
factor, which represents an extended basis for an increase in treatment
capacities and trading revenues. With both of the locations that were newly
added in the first half-year of 2018, the Company has more than 20
outpatient specialist centres and a clinic in Berlin. In the second half-
year, more specialist centres are to be opened and a second specialist
clinic location will be established in Essen. In addition, the Company is
planning an international roll-out with the opening of a specialist centre
in Austria. By the financial year 2020, we even see the number of locations
rising to 50 as a realistic scenario. New treatment fields, such as the
addition of laser treatments (hair removal, tattoo removal, etc.), are
currently also in the pipeline and could contribute to further growth
stimulus in the future.
The development of further revenue streams is currently being implemented,
according to corporate specifications. Therefore, in the first quarter of
2018, the field of aesthetic dentistry was added to the service portfolio.
This area is interesting, as there is a much higher demand here, with a
similarly high price sensitivity among customers. Over the coming financial
years, 10-15 dental locations are to be developed in Germany.
For the rapid implementation of the location expansion, M1 Kliniken AG
recently suc-cessfully carried out a capital increase. After a total of 1
million shares were issued at a price of EUR 15.30, the gross issuing
proceeds amounted to EUR 15.30 million. The newly raised capital should
support the planned location expansion over the next financial years.
According to our information, the total investment amount per specialist
centre is in the low six-digit range respectively. Although dental clinics
are accompanied by slightly higher levels of investment compared to
specialist centres, we believe the newly acquired capital is sufficient in
order to achieve the planned number of clinics.
In addition, the company will continue to push the commercial sector for
the higher-margin own-brands for the retail segment. To this effect, the
roll-out of the B2C business took place at the beginning of 2018, which
sees care products sold online and in specialist centres under the brand
name M1 Select (m1-select.de). The placement in stationary retail is
planned for the medium term and should open up new sales potential out of
In our updated DCF model, we have also taken into consideration the capital
increase that was carried out along with the associated slight dilutive
effect. In contrast, due to the largely guaranteed financing of the
location expansion, we have slightly increased the revenue momentum in the
continuity phase of our valuation model to 9.0% (previously: 8.0%), which
resulted in the target price increasing slightly to EUR 19.00 (previously:
EUR 18.50). Based on the current share price of EUR 15.80, we are
maintaining our BUY rating.
Die vollständige Analyse können Sie hier downloaden:
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Datum (Zeitpunkt)Fertigstellung: 24.09.18 (13:42 Uhr)
Datum (Zeitpunkt) erste Weitergabe: 11.10.18 (10:00 Uhr)
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