10.09.2019 MagForce AG  DE000A0HGQF5

Original-Research: MagForce AG (von GBC 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 Report (Anno) Empfehlung: BUY
Kursziel: 13.50 EUR
Kursziel auf Sicht von: 31/12/2020
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

USA approval underway, Roll-out plan in Europe is currently being implemented, Sound financial base following capital increase

MagForce AG has made a significant in obtaining approval for prostate treatment in the USA. Following FDA approval for a registration trial at the beginning of 2018, MagForce AG enrolled its first patients in mid-2018. With the announcement dated 27.08.2019, the company announced the successful completion of the first phase of study. During this study phase, the treatment processes were successfully established with only minor side effects in the treated patients. In the next stage of the study the technology aims to be tested on up to 110 patients in three urological centres by the next financial year. The aim of the registration trial is to demonstrate that prostate cancer patients are able to remain in the Active Surveillance programmes for longer periods of time. A longer stay in such a programme would imply that the progression of the disease is stable, which means that there is no need for treatments with a large number of side effects. According to our expectations, market approval should be complete by Q3/Q4 2020 and, accordingly, should ensure an increase in treatment revenues in this area from the end of 2020.

MagForce AG reached further milestones in the 2018 financial year in its efforts to promote its self-developed technology and to obtain approval for medical device commercialisation in the USA. Expansion plans continued in Europe with NanoTherm(R) technology, which has been approved for the treatment of malignant brain tumours. Following the development of the mobile NanoTherm(R) system in the past financial year, two cooperation agreements have now been concluded with treatment centres. The mobile treatment system was installed for the first time in April 2019 at the Independent Public Clinical Hospital No. 4 in Lublin, Poland. Another cooperation was concluded with the Paracelsus Clinic in Zwickau, Germany, with a further mobile treatment centre to be installed in the second half of 2019.

At the same time, the Company should be in a position to increase its commercial treatment revenues in Europe too, which now are at a very low level. The basis for this should partly be the recently opened treatment centres and partly the continued expansion plans. The mobile system allows new cooperations to be implemented quickly as there is no need for a fixed installation within the hospital infrastructure. In addition to expansion in Germany, the company intends to gain the initial market entry in Spain and Italy in the near future.

Our forecasts indicate a significant increase in commercial treatment revenues for Europe, particularly from the 2020 financial year on. We have assumed in our forecasts that the development of the much larger segment in the USA will take effect from the end of the 2020 financial year. This should enable MagForce AG to achieve a larger number of treatments quite quickly. Accordingly, the volume of sales should rise significantly from 2021 onwards, reaching a sustainable EBITDA break-even point.

We have calculated a new stock price target of EUR13.50 (previously: EUR15.30) using the updated DCF valuation model. The reduced stock price target is due in part to the delay in market approval for the treatment of prostate cancer in the USA. Partly though, we have set a slightly more conservative revenue and earnings target for Europe. We have also taken into account a dilution effect as a consequence of the recent capital increase (1.18 million new shares at EUR4.25 per share). We continue to assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/18977.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: 10/09/2019 (10:55 am) Date and time of first distribution: 10/09/2019 (2:00 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.



Die wichtigsten Finanzdaten auf einen Blick
  2012 2013 2014 2015 2016 2017 2018 2019e
Umsatzerlöse1 0,95 5,44 7,63 2,58 0,47 0,72 0,07 1,40
EBITDA1,2 -4,61 -1,48 -0,75 -1,32 -6,55 -6,74 7,43 -6,00
EBITDA-Marge3 -485,26 -27,21 -9,83 -51,16 -1.393,62 -936,11 10.614,29 -428,57
EBIT1,4 -4,89 -1,60 -0,97 -1,88 -7,46 -7,41 6,83 -6,60
EBIT-Marge5 -514,74 -29,41 -12,71 -72,87 -1.587,23 -1.029,17 9.757,14 -471,43
Jahresüberschuss1 -5,72 -1,63 -1,01 -1,55 -7,23 -7,47 4,36 -6,85
Netto-Marge6 -602,11 -29,96 -13,24 -60,08 -1.538,30 -1.037,50 6.228,57 -489,29
Cashflow1,7 -5,47 -6,79 -8,70 -5,13 -6,58 -5,34 -7,11 -6,50
Ergebnis je Aktie8 -0,24 -0,07 -0,04 -0.06 -0,28 -0,28 0,16 -0,22
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2018 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: AIOS

INVESTOR-INFORMATIONEN
©boersengefluester.de
MagForce
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0HGQF 4,075 Kaufen 112,63
KGV 2020e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 32,63 0,000 -6,56
KBV KCV KUV EV/EBITDA
6,17 - 1.681,11 17,314
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
Hauptversammlung
0,00 0,00 0,00 08.08.2019
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
31.10.2019 20.06.2019
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,92% -12,78% -21,93% -29,74%
    
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