M1 Kliniken: Berenberg sees growth potential, starts with "buy"
16/01/2020 07:34
** Berenberg initiates Germany-based healthcare services
provider M1 Kliniken M12.DE with a "buy" rating and a price
target of EUR 18
** The brokerage says it thinks there is significant further
growth potential from higher penetration in Germany and the
international roll-out
** It expects the company's international expansion to drive
growth, forecasting about 17% sales CAGR and about 30% EBIT CAGR
in 2018-2022, driven mostly by the Beauty segment
** Citing attractive roll-out economics with limited risk,
the broker says it sees M1 Kliniken generating an attractive
ROCE of more than 20% by 2021
((marta.frackowiak@thomsonreuters.com))