Original-Research: M1 Kliniken AG - von GBC AG
Einstufung von GBC AG zu M1 Kliniken AG
Unternehmen: M1 Kliniken AG
Anlass der Studie: Researchstudie (Anno)
Kursziel: 21,30 Euro
Kursziel auf Sicht von: 31/12/2020
Letzte Ratingänderung: 06/08/2019
Analyst: Cosmin Filker, Marcel Goldmann
Company maintains high growth rate; Plans to double the number of sites by
the end of 2020; Focus on strong foreign growth and new treatment areas
In financial year 2018, M1 Kliniken AG was again able to maintain its high
growth rate, and with a 38.2% revenue growth to EUR 65.21 million (previous
year: EUR 47.19 million), even exceeded our previous forecasts. The on-
schedule continued opening of new sites, taking the number of specialist
centres to 24 (previous year: 19) and the corresponding increase in the
number of medical treatments to around 190,000 (previous year: approx.
150,000), formed the basis for the increased growth momentum. In addition
to the new sites, the M1 Group had widened the range of treatments in 2018
to include laser treatments and aesthetic dentistry.
Although the company recorded an EBIT increase to EUR 6.46 million
(previous year: EUR 5.72 million) as a result of revenue growth, this was -
as expected - disproportionately low, which was evident from the fall of
the EBIT margin to 9.9% (previous year: 12.1%). In particular, investments
in the construction of the new specialist centres and the typical start-up
phases, characterised by low earnings levels, were responsible for this. In
addition, the company showed slightly stronger development in the lower-
margin retail sector (trading in medicines and supplying treatment
For the current and upcoming financial year, M1-Management is anticipating
a significant expansion of its network of clinics. By the end of 2020, the
number of beauty clinics in operation is set to increase to 50, with around
20 sites abroad. In our view, this planned expansion should be financially
achievable. We anticipate investments in the amount of approx. EUR 100,000
per site (operating equipment, treatment instruments, etc.), which would
correspond to an investment volume of EUR 2.6 million by the end of 2020.
At the same time, M1 Kliniken AG is planning to extend its network of
clinics offering aesthetic dental treatments. We assume that the number of
M1 Dental sites will have increased to ten by 2020. This area is
particularly interesting, as there is high demand, with high price
sensitivity among customers. Here, as in the beauty sector, M1 Kliniken AG
is also positioning itself as a cost leader.
We see a further growth driver in the expansion of the company's own
cosmetic product brand, M1 Select. 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, new revenue potential should be tapped
through the planned medium-term placement in the stationary retail sector.
In line with the corporate guidance, we expect the double-digit revenue
growth to continue in the coming financial years on this basis. Our
earnings forecasts take into account the typical expansion expenses, and we
therefore expect a disproportionately low increase in earnings for 2019 and
2020. Rising margin levels are therefore expected to reach the 'steady'
state again from financial year 2021.
Under our updated DCF valuation model, we have calculated a stock price
target of EUR 21.30 (previously: EUR 19.00). The roll-over effect due to
the change in the price target horizon to the end of financial year 2020
(previously: 2019) and the first-time consideration of the higher forecasts
for 2021 led to the increase in the price target. We continue to assign a
Die vollständige Analyse können Sie hier downloaden:
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Date and time of completion (german version): 05/08/2019 (4:13 pm)
Date and time of first distribution (german version): 06/08/2019 (10:00 am)
Date and time of completion (english version): 12/08/2019 (5:17 pm)
Date and time of first distribution (english version): 13/08/2019 (10:00 am)
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