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 Note
Empfehlung: BUY
Kursziel: 14,30 Euro
Kursziel auf Sicht von: End FY 2016
Letzte Ratingänderung:
Analyst: Cosmin Filker, Felix Gode, CFA

By the end of the first half of 2015, NanoActivator(R) 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(R) 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.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/13441.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 §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
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