AG - von GBC AG
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Einstufung von GBC AG zu MagForce
Anlass der Studie: Research Report (Anno)
Kursziel: 11.00 Euro
Kursziel auf Sicht von: 31/12/2021
Analyst: Cosmin Filker, Marcel Goldmann
Significant treatment revenues generated for the first time, roll-out in
Europe and Germany to be continued; Approval for prostate treatment
expected in 2021
In the first six months of 2020, MagForce
AG treated a significant number
of glioblastoma patients for the first time. By treating 11 patients in
Germany and six patients in Poland, the company garnered treatment revenues
of EUR 0.38 million (previous year: EUR 0.03 million). Although the revenue
level is still low, which with an EBIT of EUR -3.42 million (previous year:
EUR -3.61 million) means an unchanged negative earnings level, the first
half of 2020 could mark the beginning of a high growth dynamic in the
number of treatments. The basis for this has been laid by the expansion
strategy implemented in previous reporting periods. In April 2019, the
first NanoActivator device was installed in Poland, a region from which
MagForce AG had received an above-average number of enquiries. Another
treatment device was also installed in Germany in Zwickau, at the
Paracelsus Clinic. From November 2020, the Hufeland Clinic in Mühlhausen
will be the third location in Germany.
Parallel to the technology roll-out in Poland and Germany, MagForce
successfully continued a clinical study for approval for the treatment of
prostate cancer in the USA. After successfully completing patient
recruitment for the first stage of the study in August 2019, MagForce
received approval from the FDA for the second stage in April 2020. In the
first stage, only minimal treatment-related side effects were observed. The
multi-stage, single-arm study is currently being conducted due to COVID-19
only at a MagForce-owned treatment centre in the USA. Since MagForce
established a streamlined procedure in which the treatment of a patient can
be completed within one day, an accelerated study duration can be assumed.
The treatments of the next and final stage will then take place in three
MagForce-owned treatment centres. We expect approval in the second half of
2021 and the first significant sales revenues from the 2022 financial year
Under the agreement with the European Investment Bank (EIB) and the agreed
convertible bond program with Yorkville, MagForce
AG can raise a
substantial amount of capital. Of the agreed EIB volume of EUR35 million,
EUR13 million had been drawn down as of the balance sheet date. As of June
30, 2020, convertible bonds amounting to EUR2.5 million had been issued
under the Yorkville agreement, which has a total volume of EUR15 million.
We expect the growth momentum in commercial glioblastoma treatment to
continue, with strong revenue growth from 2022 onwards in prostate cancer
patients. In 2022, we expect the EBITDA break-even point to be reached, and
from 2023 onwards, we also expect to break even at the level of after-tax
As part of the DCF valuation model, we have determined a fair value per
share of EUR11.00 (previously: EUR13.50). The reduction in the price target
is due, on the one hand, to the time lag in sales revenues in both
indication areas. On the other hand, we have adopted a somewhat more
conservative approach to medium-to-long-term sales expectations and assume
a lower growth dynamic. We continue to assign the BUY rating.
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Date and time of completion of the study: 12.11.2020 (08:35 am)
Date and time of first distribution of the study: 12.11.2020 (10:00 am)
übermittelt durch die EQS Group AG.
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