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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