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goetzpartners balance LimitedMauna Kea Technologies SA (MKEA-FR): H1 after-effects reflect connected focus on the US

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Published to the bazaar and investors on 25th September 2018 @ 9.39am (London time).

Mauna Kea Technologies SA (MKEA-FR): H1 after-effects reflect connected focus on the USRecommendation: OUTPERFORMTarget Price: EUR4.10Current Price: EUR2.90 (COB on 24th September 2018)

KEY TAKEAWAY

Mauna Kea appear H1/2018 banking after-effects broadly in band with our expectations. The net accident of EUR6.8m (18% YoY) was mainly due to a 14% abatement in absolute acquirement associated with the acquirement lag beneath the new assignment business model, and a 4% admission in operating costs accompanying to deepening of the bartering basement in the US. We see the able appear beforehand in installed abject of assignment systems as a key achievement indicator and apprehend acquirement on the aback of new arrangement placements to be realised from Q3/2018E, enabling the aggregation to accommodated our afresh adapted FY2018E sales of EUR8.3m. On our view, low utilisation of assignment systems represents the capital risk, but we apprehend the able bartering basement in the US to anatomy a solid foundation for adequate approaching growth. We beforehand and reiterate both our OUTPERFORM advocacy and EUR4.10 ambition price.

Results reflect cardinal investments to strengthen bartering infrastructure

As ahead reported, YoY sales decreased by 18% in H1/2018 mainly apprenticed by a 48% and 87% abatement in EMEA and LATAM ytic sales, respectively. Mauna Kea additionally appear a 4% admission in operating costs due to added authoritative costs and investments in sales & business associated with restructuring of the sales aggregation in the US. These added investments are reflected by the able amplification of Cellvizio’s installed abject in H1/2018, which paves the way for actual top-line beforehand in the a future. The aggregation appear a banknote position of EUR15.1m and a almost abiding banknote bake of EUR5.9m vs. EUR5.7m in the aforementioned aeon aftermost year.

Installed abject beforehand the key achievement indicator

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As expected, the time lag amid arrangement placement, utilisation and acquirement bearing beneath the new assignment business archetypal has connected to affect gross margin, which decreased from 68% in H1/2017 to 64% in H1/2018. However, of the absolute 16 systems placed in the US in H1/2018, 11 were boarded in Q2, advertence accelerating momentum. We apprehend to abide seeing this trend in H2/2018 as accomplishment of the US sales aggregation added improves. With a continuously accretion installed base, the focus more lies on utilisation of assignment systems, which poses the better accident to alternating acquirement and adequate approaching growth, in our view.

Increased focus on ytic and geographic amplification for Cellvizio

Going forward, the aggregation intends to abide to focus on the amount ytic business in the US, while at the aforementioned time accretion its bounded attendance and ytic alms in added key markets such as China. Analytic sales in the APAC arena added 29% in H1/2018, apprenticed primarily by sales of Youhe Medical, Mauna Kea’s administration accomplice in China. The Asian bazaar offers ample allowance for amplification in both ytic appliance and bounded attendance and administration accent its able intentions to added admission the APAC bazaar in accession to growing its ytic business in the US and exploring bartering avenues in Europe.

We beforehand and reiterate our ambition amount of EUR4.10

We beforehand and reiterate our ambition amount of EUR4.10 per share, which is based on an EV/Sales assorted admission application our EUR25.1m acquirement appraisal for 2022E, a assorted of 4.0x, a abatement amount of 11% and a anticipation amount of 75%. We abide to accept that Mauna Kea is well-positioned to admission a aeon of accelerated beforehand as the new bartering activity and able sales basement alpha to pay off and revenues from systems boarded in H1/2018 activate to be realised. We beforehand and reiterate our OUTPERFORM recommendation.

Kind regards,

Martin Brunninger | Analyst

goetzpartners Healthcare Analysis Aggregation | Analysis Team

goetzpartners balance Limited

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The Stanley Building, 7 Pancras Square, London, N1C 4AG, England, UK.

T 44 (0) 203 859 7725 | [email protected] / [email protected]

www.goetzpartnerssecurities.com

Registered in England No. 04684144.

Managing Directors: Dr Stephan Goetz, Martin Brunninger and Ulrich Kinzel.

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GPSL has a academic applicant accord with Mauna Kea Technologies SA.

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