First Berlin Reaffirms Buy Rating for MPH Health Care AG

First Berlin Equity Research GmbH has released a research update on MPH Health Care AG, maintaining its buy recommendation with a target price of €37. This assessment follows a notable reduction in the net asset value (NAV) by 30%, attributed mainly to a decline in the value of CR Energy holdings during the first half of 2025. Although the NAV decline was less severe in the September quarter at 5%, the firm's performance is now primarily influenced by its core investment in M1 Kliniken.

Despite the NAV challenges, M1 Kliniken has reported solid quarterly results with sustained growth and rising margins. Haemato AG, with an 85% stake in M1, intends to sell its subsidiary’s trading operations, pending regulatory approval. This restructuring is anticipated to increase focus on the profitable injectables business, potentially acting as a catalyst for M1's stock and improving MPH's NAV. The buy rating remains, with prospects for a 111% upside.