MPH Health Care AG
Original-Research: MPH Mittelständische Pharma Holding AG (von GBC AG): BUY
Original-Research: MPH Mittelständische Pharma Holding AG – von GBC AG
Einstufung von GBC AG zu MPH Mittelständische Pharma Holding AG
Unternehmen: MPH Mittelständische Pharma Holding AG
ISIN: DE000A0L1H32
Anlass der Studie: GBC Managementinterview
Empfehlung: BUY
Kursziel: 5.10 Euro
Kursziel auf Sicht von: End FY 2016
Letzte Ratingänderung:
Analyst: Cosmin Filker
With the publication of preliminary results for the preceding financial
year 2015 MPH Mittelständische Pharma Holding AG announces sales growth to
€264 million (previous year: €219.25 million). For the first time MPH
reports as an investment entity according to IFRS 10. The preliminary IFRS
net income from the transitional consolidation reporting amounts to about
€87 million (previous year: €8.45 million). The preliminary IFRS earnings
per share totalled approximately €2 (previous year: €0.19).
The analyst of GBC, Cosmin Filker, has talked to the Management Board
member, Dr. Christian Pahl, about the development in 2015 as well as the
future potentials.
GBC AG: Dr. Pahl, with sales of €264 million a growth of about 20 % was
achieved. What are the key factors for this success?
Dr. Pahl: Our investments HAEMATO AG and M1 Beauty AG expanded their market
share. This shows the customer satisfaction in these areas.
GBC AG: In the preceding financial year MPH generated a profit of 87
million Euro. How was that possible?
Dr. Pahl: In the last years MPH has evolved into an investment entity.
Shares in HAEMATO were sold. Shares in CR Capital Real Estate AG were
bought. The M1 Beauty AG was founded and was established as a market leader
in important segments of the aesthetic medicine and plastic surgery. With
the financial statements of 2015 we change over to an accounting as
investment entity according to IFRS 10. The high profit is a combined
result of three components.
The first component is the result of the operative business development.
The growth in sales of about 20 % reflects the customer satisfaction and an
increase of market shares. Our investments are facing intense competition
that they meet by focusing continuously on customers.
The second component is the increase of hidden reserves. In the interim
report 2015 we have already indicated the high reserves in the share
portfolio. With the annual report 2015 we are taking the consistent step of
changing-over our accounting as investment entity. In the balance sheet of
MPH, financial assets are now valued at their current stock market prices.
At the end of the year this figure amounts to €150 million.
The third component is the deconsolidation of non-controlling interests
from MPH equity recognized through statement of income. In prior years MPH
achieved a profit of €16 million from the sale of shares in HAEMATO. Within
the scope of the common full consolidation of a controlled company, it was
not allowed to recognize this profit in the statement of income, but had to
be recorded directly in equity, not affecting net income. Within the
consolidated equity capital non-controlling interests were reported to the
amount of €25.96 million. The profit contribution of €16 million from the
deconsolidation of these non-controlling interests relates to other
periods.
GBC AG: What profit are you expecting in 2016?
Dr. Pahl: We expect a high profit in 2016. In the first quarter 2016 the
operating development of our investments is promising. So it would be
natural, when the share prices reflect this development.
GBC: Equity rose to about €139 million. The investments valued at €150
million at the end of the year. What was the sum of assets and to which
amount you use borrowed capital?
Dr. Pahl: The balance sheet sum of MPH amounted to about €151 million.
Borrowed capital was around €12 million. Thereof about €10 million are
interest-bearing bank loans with midterm maturities and interest
obligations of approximately 3.5 %.
GBC AG: In the year 2009 Group sales totalled €62 million and group equity
was €43 million. In the following 6 years sales level increased to €264
million and equity rose to €139 million. Additionally a steady dividend
strategy was followed. Which recommendation will you make for the vote
regarding the dividend at the next general meeting?
Dr. Pahl: First, I would like to mention, that the company issued so called
bonus shares to the shareholders in a ratio of 25:1 in connection with a
capital increase from company funds. As reserves were converted into share
capital, equity remained unchanged. Nevertheless, shareholders could
benefit, because these 1.6 million shares with a par value of €1.6 million
had a market value of about €5 million. Further it should be noted, that in
the last 6 years MPH payed dividends to their shareholders to the amount of
€36 million.
We know from our discussion with investors that on the one hand dividend
payments are appreciated. On the other hand we notice comments from
investors that they prefer to let the money work within the company, to
increase the company value. I assume, that the shareholders will continue
to resolve a dividend. However, in the healthcare market there are still
existing attractive investment opportunities. Hence, I recommend that the
company constantly maintains sufficient scope for investments.
GBC AG: Dr. Pahl, thank you for talking with us.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13633.pdf
Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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