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MAGFORCE NANOTECHNOLOGIES AG, DE000A0HGQF5

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28.11.2019 - 11:32:25

Original-Research: MagForce AG : BUY

Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG

ISIN: DE000A0HGQF5

Anlass der Studie: Research Note

Empfehlung: BUY

Kursziel: 13.50 EUR

Kursziel auf Sicht von: 31/12/2020

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

Half-year figures in line with our expectations, target price and rating

confirmed

As stated in our most recently published research study (see study dated

10/09/2019), the operating performance of MagForce AG is currently marked

by the expansion of the commercialisation of NanoTherm technology to treat

glioblastoma in Europe and by the progress made in gaining approval for

treating prostate cancer in the USA.

The values achieved in the first six months of 2019 are in line with our

expectations. Based on the European roll-out and the continuing development

expected with regard to the approval of the MagForce technology for

prostate cancer treatment in the USA, we expect an increase in revenue from

the coming financial year onwards, however, significant revenues will most

likely only be generated from 2021.

According to our expectations, the Company should first benefit from the

European roll-out. In addition to the further regional expansion of the

range of treatments in Germany (Zwickau), the newly opened treatment centre

in Lublin (Poland), where the mobile NanoTherm(R) technology was

commissioned in April 2019, plays an important role here. Given the fact

that more than 40% of the enquiries received in 2018 from over 700 patients

came from this region, it is understandable that the Polish market should

be addressed accordingly. Proximity to the treatment centre is essential to

such patients because glioblastoma is a rapidly progressing disease

associated with severe mobility restrictions. Although cover for treatment

costs continues to accelerate in Poland, the current focus is on the self-

financing of treatment costs (including crowdfunding). Additional market

entries in Italy and Spain currently feature in the company's concrete

plans.

In Germany, too, cover for costs is expected to be increased, thus

increasing the number of treatments performed. MagForce AG can already

report its first success in this respect. Previously, individual patient

costs had been covered, but in future, due to the increasing number of

cases, treatment centres may be able to negotiate their budgets with the

health insurance funds. However, the issue of cost coverage will continue

to be explored in the coming financial years.

We assume that the registration trial on prostate treatment in the USA,

which will include up to 120 patients, will be completed in the coming

financial year. In this indication area, which is characterised by a

significantly higher population, the first significant revenues should be

generated from the financial year 2021 onwards.

As there are no changes in our assumptions from our last research study

(see research study dated 10/09/2019), we confirm our revenue and earnings

forecasts. We continue to assume an increase in commercial treatment

revenues for Europe from the financial year 2020 onwards and an increase in

revenues for the glioblastoma indication from 2021.

Our expectations show that the break-even point should be achieved across

all operating levels when the strong increase in revenue is achieved after

the approval for prostate cancer treatment in the USA in financial year

2021.

On the basis of the unchanged forecasts and the unchanged DCF valuation

model, we confirm the stock price target of EUR13.50. Based on the current

share price, we therefore maintain our BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/19509.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 § 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:

http://www.gbc-ag.de/de/Offenlegung

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Date and time of completion: 28/11/2019 (9:21 am)

Date and time of first distribution: 28/11/2019 (11:30 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