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18.12.2020 - 09:34:28

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 Comment

Empfehlung: Buy

Kursziel: 11.00 EUR

Kursziel auf Sicht von: 31.12.2021

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

Capital increase of EUR4.7m successfully implemented to finance growth

strategy, high share price potential, BUY rating confirmed

Since our last research study (see research study dated 12.11.2020), the

share price of MagForce AG has developed significantly positively. Within

just one month, the share price has risen significantly by approximately

115% from EUR2.50 to the current level of EUR5.38. Against this background,

the capital increase carried out by the company is easily understandable.

According to the company's announcement of 15 December 2020, a total of

1.17 million new shares, which corresponds to 4.2% of the share capital,

were successfully placed with institutional and qualified investors at a

price of EUR 4.00. In total, the issue proceeds amount to around EUR 4.7

million. The newly raised funds will be used to finance the growth strategy

and strengthen the balance sheet overall.

The growth strategy includes the continuation and acceleration of the roll-

out of the MagForce treatment technology in Europe. For this purpose, it is

planned to build treatment devices and install them at focal centres for

the treatment of brain tumours. Most recently, the company announced the

successful commissioning of the treatment centre at the Hufeland Clinic in

Mühlhausen. Now that the final acceptance test has taken place, the first

brain tumour patients at this hospital are to be treated with MagForce

technology as early as December. With this installation, the company now

has three treatment locations in Germany and one in Poland. Although

expansion activities in other European countries were delayed this year due

to the Covid 19 pandemic, new devices are to be installed here in 2021,

particularly in Spain and Italy, and the treatment base is to be

significantly expanded.

At the same time, the prostate cancer treatment study in the USA is being

conducted by the subsidiary MagForce USA, Inc. Start of the final stage of

the study, Stage 2b, is expected to begin in early 2021. While the study is

being completed, MagForce will already begin preparations for

commercialization, which is anticipated to start in mid or the second half

of 2021.

MagForce AG has established several options for financing these two

commercialisation paths of the MagForce technology. In addition to the

current successful capital increase, the Company has concluded a financing

agreement with the European Investment Bank (EIB) for a total of EUR35

million, of which a total of EUR13 million had been drawn down as at the

reporting date of 30 June 2020. In addition, a convertible bond programme

totalling EUR15 million was agreed with Yorkville. As of the reporting date

30 June 2020, convertible bonds totalling EUR 2.5 million had been issued.

We have included the current capital increase in our DCF valuation model

and confirmed the target price of EUR 11.00 (previously: EUR 11.00). In

addition to a slight price target reduction, which is purely technical in

nature, the capital increase has slightly reduced the risk. Both effects

cancel each other out. We continue to assign the rating BUY.

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 (time) of completion: 17/12/2020 (4:52 pm)

Date (Time) first distribution: 18/12/2020 (9:30 am)

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