MagForce AG

15.12.2015 - Equity Research Einzelstudie // kaufen

Research Note – MagForce AG - english - buy

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Unternehmen: MagForce AG
Branche: Biotechnologie-Pharma
Rating: kaufen
Kurs bei Erstellung in €: 5,12
Kursziel in €: 14,30
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;5b;11

By the end of the first half of 2015, NanoActivator® devices had been installed at a total of seven treatment centres in Germany. While these are mainly included in the current ongoing post-marketing trial for glioblastoma indication in Europe, the first commercial treatments can also be carried out at the same time. Since 2010, MagForce Technology has held the appropriate CE certification in Europe. The first patients were treated commercially at the University Hospitals in Münster, Kiel and Cologne.

In the current phase, the turnover attained is still at a low level, due to the small number of patients being treated commercially. The greatest proportion of the total output of the first half of 2015, amounting to EUR 3.69 million (previous year: EUR 7.08 million) came, just as it did in the previous year, from the transfer of marketing and development rights to the subsidiary MagForce USA Inc. Although the EBIT gained a positive result with EUR 0.36 million (previous year: EUR 3.71 million) for the second consecutive year, this is primarily due to one-off effects on earnings.

Due to the cash outflow resulting from the adjusted growth in earnings, the financial resources that are freely available have been reduced to EUR 5.45 million (31/12/14: EUR 9.15 million). As part of the expected acceleration in market sales, the cash burn should, however, be reduced in the subsequent periods. In addition, MagForce AG has equity amounting to EUR 24.99 million (31/12/14: EUR 24.43 million) and an equity ratio amounting to 92.8% (31/12/14: 85.1%) due to very solid balance sheet ratios with a very low level of leverage.

In May 2015, MagForce AG submitted an application to the American regulatory authority FDA to carry out a clinical trial for the treatment of patients with prostate cancer. This submission is an important milestone for the American authorisation process. We expect the beginning of the trial in late 2015 and the receiving of marketing approval by the middle of 2017. In this regard, the first NanoActivator® for the treatment of prostate cancer has already been successfully installed in the USA (Seattle).

We confirm our previous target price of EUR 14.30 per share which was con-firmed in the DCF valuation model. Based on the current share price we therefore confirm our “BUY” recommendation.


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