Original-Research: MagForce AG (von GBC AG): BUY
Donnerstag, 28.11.2019 11:31 von EQS Research Channel
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 ++++++++++++++++ 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: 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.=