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January 30th, 2020 | 07:34 CET

After M1 now CR Capital with price jump: When does MPH share react?

  • Clinic
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The holding company MPH Health Care AG can be pleased about the positive development of its investments. After the share price of M1 Klinken AG had increased significantly in recent weeks, driven among other things by positive analyst comments and the successful international expansion, the share of CR Capital Real Estate AG yesterday rose by 12.4% to EUR 36.20. The MPH share should also benefit from this development. The value of the M1 participation alone meanwhile exceeds the total market capitalisation of MPH of EUR 178 million. Thus, investors will receive the 50-percent shareholdings in CR Capital and Haemato AG with a combined market value of EUR 100 million free of charge. When does the MPH share react?

time to read: 2 minutes | Author: Mario Hose
ISIN: DE000A0L1H32 , DE000A0STSQ8 , DE000A2GS625

Table of contents:

    CR Capital +12.4 % after notification

    CR Captial Real Estate yesterday announced the expansion of its business model and preliminary results for the expired fiscal year 2019. According to this, the real estate company will not only create affordable housing in the future, but also interesting investment opportunities.

    CR Director Christiane Bohm commented: "Terrabau GmbH was able to expand the construction of affordable houses with high quality standards for owner-occupiers and institutional investors. The potential and growth prospects for the investment focus - the surrounding area of Berlin - are excellent. Terrabau will form the core of our business, around which additional business areas will be developed to expand our customer base, such as digital financing models as well as interesting and politically desired investment opportunities for private individuals with smaller investment budgets. The aim is to achieve an attractive asset mix around real estate as well as growth while maintaining a high level of cost discipline. Only in this way can a continuous dividend policy be successful".

    Unaudited net profit rises from EUR 7.8 to over 90 million

    In order to set the course for future growth and the expansion of the business model into a real estate investment company, CR has changed its accounting to IFRS 10. The real estate company has increased its preliminary unaudited net income for 2019 from EUR 7.8 million to over EUR 90 million. The preliminary unaudited equity was approximately EUR 200 million at the end of 2019 (previous year: EUR 35.4 million).

    M1 with operational expansion and positive analyst comments

    Before CR, the M1 clinics were already making significant gains. The market leader in beauty medicine in Germany opened 12 specialist centres in 2019, which is significantly more than in previous years (average 6 p.a.). This means that the Group now operates 36 (of which 28 in Germany) outpatient centers for aesthetic medicine. International expansion has been added as an additional growth driver in 2019.

    Following the opening of the first international "M1 Med Beauty" specialist centre for aesthetic medicine in Vienna in December 2018, 7 foreign locations were added in 2019. In addition to a further location in Austria (Linz), the company successfully entered the Dutch, Swiss and Australian markets. This should have a positive effect on M1's sales and profit development.

    Analysts convinced of M1

    M1 also benefited from positive analyst comments in January. Initially, GBC Research reaffirmed the Buy recommendation and the price target of EUR 21.30 for the M1 share. In addition, Berenberg's analysts started coverage of M1 and also recommended the stock as a buy. Thanks to a combination of high quality treatments and cost leadership based on economies of scale in treatments and purchasing, M1 clinics have begun to build a strong brand across Germany and launch their own M1 Select skincare line. There is no end in sight to this growth.

    Thus, Berenberg forecasts an average sales growth of 17% p.a. and an average EBIT growth of 30% p.a. from 2018 to 2022. Their price target for the M1 share is EUR 18 (current EUR 16.20). Analysts from Commerzbank, Kempler and Bankhaus Metzlers also recommend buying. So things are going well for M1 and CR. Even if investment companies usually have to live with a discount to the NAV, this currently appears high at MPH.

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    Der Autor

    Mario Hose

    Born and raised in Hannover, Lower Saxony follows social and economic developments around the globe. As a passionate entrepreneur and columnist he explains and compares the most diverse business models as well as markets for interested stock traders.

    About the author

    Related comments:

    Commented by Mario Hose on January 23rd, 2020 | 05:50 CET

    Berenberg says "buy": Next recommendation for MPH investment M1 Kliniken AG

    • Clinic

    The analysts at Berenberg have begun coverage of M1 Klinken AG and have recommended the share as a buy. With more than 70 doctors and over 200,000 treatments annually, M1 is the market leader for beauty medicine in Germany. Thanks to its strategy "highest quality at the best price", the company has been able to achieve annual growth rates of around 30% since 2014. The investment of MPH Health Care, which is also listed on the stock exchange, should also grow significantly in the future. The driving forces are the increasing market penetration in Germany and the international rollout. The analysts expect EBIT to grow by 30% annually until 2022 and recommend buying the M1 share with a price target of EUR 18. Analysts from Commerzbank, Kempler or GBC also recommend buying.