First Berlin reiterates buy on MPH Health Care, raises price target to EUR 40

First Berlin Equity Research reiterated a Buy rating on MPH Health Care AG, raising its 12-month target price to EUR 40 from EUR 37. The update followed M1 Kliniken's six-month report, highlighting 11% year-on-year beauty sales growth to EUR 56.9 million. Beauty EBIT rose 24% to EUR 18.6 million, lifting the margin to 32.7%, well above M1's ~20% target. MPH net asset value increased about 2% in the first half to EUR 248 million. Analyst Ellis Acklin cited M1's share strength as a potential driver of further NAV upside in the second half.