Original-Research: MagForce AG (von GBC AG)

Original-Research: MagForce AG - von GBC AG Einstufung von GBC AG zu MagForce AG Unternehmen: MagForce AG ISIN: DE000A0HGQF5 Anlass der Studie: Research Report (Anno) Empfehlung: Buy Kursziel: 11.00 EUR Kursziel auf Sicht von: 31.12.2022 Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann - Approval for prostate treatment imminent, - New treatment devices to be installed in Europe, - Strong growth and break-even expected from 2022 onwards Despite pandemic-related restrictions, MagForce AG made further progress in 2020 in the commercialisation of its own technology. For the already- approved treatment of malignant brain tumours in Europe, the company had achieved a significant increase in treatment numbers before the start of the corona pandemic, but this could not be continued over the course of the year. Nevertheless, commercial treatments increased to a new record of EUR 0.53 million (PY: EUR 0.09 million), but could have been significantly higher. As expected, the company continued to report a negative EBIT of EUR -6.96 million (previous year: EUR -6.20 million), adjusted for other operating income. This development also reflects the continuation of the roll-out strategy. In 2020, for example, two NanoActivator devices were put into operation at the Paracelsus Clinic in Zwickau and at the Hufeland Clinic in Mühlhausen. The planned installation in Spain and Italy, two countries particularly affected by Covid-19, was delayed due to the pandemic. However, a treatment site is to be opened at a partner clinic in Spain before the end of 2021. In addition, the company is in advanced negotiations with potential partners in Austria, Germany and Italy, so that glioblastoma treatments can be carried out at eight locations in Europe from 2022. MagForce AG has also made further progress in the approval of the technology for the treatment of prostate cancer in the USA. In 2020, Study Phase 2a, also with a streamlined study protocol, was successfully started and completed at the beginning of 2021. In the ten patients included in Study Phase 2a, only the expected minimal side effects were observed in the streamlined treatment procedure, thus confirming the known very good safety and tolerability profile. Building on this success, patients are currently being recruited for the final Phase 2b trial, in which up to 100 men will be treated. The trial will be conducted at all three currently available MagForce sites in the US, which will also ensure that the corresponding treatment centres are operational directly after approval. According to the company, this final phase of the trial is expected to be completed before the end of the second half of 2021, with commercialisation starting in mid-2022. In addition, the company plans to treat prostate patients in the USA within the framework of its own so-called 'Focal Treatment Centres', which will be operated by its own specialist staff. This would mean that the entire treatment value chain would be covered by MagForce AG, which would be associated with significantly higher and more sustainable revenue potential than the sale of treatment devices. In our forecasts, we have assumed a visible increase in sales and earnings from the coming financial year 2022 on. Both an increase in commercial glioblastoma treatments and the start of prostate treatments are depicted here. According to our estimates, MagForce AG should thus be able to break even at all operational levels. Within the framework of our DCF valuation model, we have determined an unchanged target price of EUR 11.00 (previously: EUR 11.00). On the one hand, the roll-over effect of the model results in an increase in the target price. However, this is offset by an increase in the weighted average cost of capital (WACC), which has had a balancing effect on the model result overall. We continue to assign the BUY rating. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22685.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ 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 +++++++++++++++ Date and time of completion of the study: 19.07.2021 (3:18 pm) Date and time of the first disclosure of the study: 20.07.2021 (10:00 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.