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10.09.2019 - 14:03:24

Original-Research: MagForce AG : BUY

Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG


Anlass der Studie: Research Report (Anno)

Empfehlung: BUY

Kursziel: 13.50 EUR

Kursziel auf Sicht von: 31/12/2020

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

USA approval underway, Roll-out plan in Europe is currently being

implemented, Sound financial base following capital increase

MagForce AG has made a significant in obtaining approval for prostate

treatment in the USA. Following FDA approval for a registration trial at

the beginning of 2018, MagForce AG enrolled its first patients in mid-2018.

With the announcement dated 27.08.2019, the company announced the

successful completion of the first phase of study. During this study phase,

the treatment processes were successfully established with only minor side

effects in the treated patients. In the next stage of the study the

technology aims to be tested on up to 110 patients in three urological

centres by the next financial year. The aim of the registration trial is to

demonstrate that prostate cancer patients are able to remain in the Active

Surveillance programmes for longer periods of time. A longer stay in such a

programme would imply that the progression of the disease is stable, which

means that there is no need for treatments with a large number of side

effects. According to our expectations, market approval should be complete

by Q3/Q4 2020 and, accordingly, should ensure an increase in treatment

revenues in this area from the end of 2020.

MagForce AG reached further milestones in the 2018 financial year in its

efforts to promote its self-developed technology and to obtain approval for

medical device commercialisation in the USA. Expansion plans continued in

Europe with NanoTherm(R) technology, which has been approved for the

treatment of malignant brain tumours. Following the development of the

mobile NanoTherm(R) system in the past financial year, two cooperation

agreements have now been concluded with treatment centres. The mobile

treatment system was installed for the first time in April 2019 at the

Independent Public Clinical Hospital No. 4 in Lublin, Poland. Another

cooperation was concluded with the Paracelsus Clinic in Zwickau, Germany,

with a further mobile treatment centre to be installed in the second half

of 2019.

At the same time, the Company should be in a position to increase its

commercial treatment revenues in Europe too, which now are at a very low

level. The basis for this should partly be the recently opened treatment

centres and partly the continued expansion plans. The mobile system allows

new cooperations to be implemented quickly as there is no need for a fixed

installation within the hospital infrastructure. In addition to expansion

in Germany, the company intends to gain the initial market entry in Spain

and Italy in the near future.

Our forecasts indicate a significant increase in commercial treatment

revenues for Europe, particularly from the 2020 financial year on. We have

assumed in our forecasts that the development of the much larger segment in

the USA will take effect from the end of the 2020 financial year. This

should enable MagForce AG to achieve a larger number of treatments quite

quickly. Accordingly, the volume of sales should rise significantly from

2021 onwards, reaching a sustainable EBITDA break-even point.

We have calculated a new stock price target of EUR13.50 (previously:

EUR15.30) using the updated DCF valuation model. The reduced stock price

target is due in part to the delay in market approval for the treatment of

prostate cancer in the USA. Partly though, we have set a slightly more

conservative revenue and earnings target for Europe. We have also taken

into account a dilution effect as a consequence of the recent capital

increase (1.18 million new shares at EUR4.25 per share). We continue to

assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0



Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:



Date and time of completion: 10/09/2019 (10:55 am)

Date and time of first distribution: 10/09/2019 (2:00 pm)

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


@ dpa.de