Original Research: MagForce AG (via GBC AG): Buy

Research Reason: Research Original Research: MagForce AG – by GBC AG

Classification from GBC AG to MagForce AG

Company: MagForce AG


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Research Reason: Research (Anno)

Recommendation: Buy

Target price: EUR 9.15

The target price for the period from: 31/12/2023

Last rating change:

Analysts: Cosmin Filker, Marcel Goldmann

– Phase 2b of the US validation study is ongoing

– American Medical Association Billing Code available

– Break-even point expected from 2024

In the last fiscal year 2021, MagForce AG completed the planned

European implementation in the treatment of malignant brain tumors

(glioblastoma) continued or resumed. Currently four

NanoActivator devices installed in Germany and Poland are to be carried out

you can add another location in Spain. In September 2021

in this regard with the Spanish clinic Complejo Hospitalario Integral

Privado (CHIP) has entered into a cooperation agreement. After that

All approvals should be available from the second half of the year

Financial year 2022 first commercial treatments in Spain

take place.

Also in the past fiscal year 2021 there was treatment for glioblastoma

in four active treatment centers in the pandemic area

impact on closure measures. The resulting decline

Patient inquiries led to a decline in sales to EUR 0.35 million.

EUR (previous year: EUR 0.62 million). On the level of earnings, due to

consistently low level of sales, persistent negative picture of earnings

before. EBIT was EUR -6.74 million (previous year adjusted EBIT: -6.93

million euro).

Another major success on the way to market acceptance was:

Prostate cancer area indication reached. After the beginning of 2021

the successful completion of the penultimate step 2a of the main study

was handed over, the final study protocol was to be in December 2021.

FDA before. Thus, the company was able to complete the last stage 2b

start a pivotal trial in the US. At the current stage 2b

The results of the previous stage were confirmed in up to 100 patients

will be. The research is currently being conducted at MagForce AG’s own sites in:

San Antonio, Seattle and Sarasota have performed. Another important one

A milestone for approval in the US is that received in April 2022.

American Medical Association (AMA) Billing Code approval.

This gives rise to the assumption of the cost of the clinical trial

Medicare before and after price negotiations with payers

successful approval.

MagForce AG has the consent to reimburse the costs for

The surveyed patients and the so-called CPT codes for commercial purposes

patients are also available. This means MagForce has already

the costs of treating patients included in the study are reimbursed. This

guarantees a smooth transition from test reimbursement

for commercial treatments.

MagForce AG expects the FDA application to be approved at the turn of the year

2022/2023. Because the current study at MagForce’s own centers

is carried out from a smooth transition to

going to commercialization. However, we are leaving for the financial year 2022

in the treatment of prostate cancer with very low treatment revenues,

in connection with taking over the costs of a clinical trial

Medicare booth. Only in the coming financial years very much

the high sales potential of this indication area is visible. in

We take glioblastoma as a clue for the period ahead

Financial years, further expansion of treatment centers, and hence

accompanied by an increase in the number of treatments. It should be

against the background of the expected elimination of corona restrictions

take place.

As part of our forecasting model, MagForce AG should be able to

from fiscal year 2024, break-even at all earnings levels

reception. On this basis, under our DCF

pricing model a target price of EUR 9.15 and we grant it

continue to BUY the evaluation.

You can download the full analysis here:


Contact for questions


Halderstraße 27

86150 Augsburg

0821/241133 0

[email protected]


Disclosure of possible conflicts of interest in accordance with Section 85 of the WpHG and Art. 20 MAR. The following possible conflict of interest exists in the company analyzed above: (5a, 5b, 11); A catalog of possible conflicts of interest can be found at:



End date (time): 07/12/2022 (16:16)

Date (time) of first publication: 07/13/2022 (10:00)

——————- Sent by EQS Group AG .——————-

Publisher or

responsible for the author of the study. This announcement is not an investment advice

or inducing to enter into specific stock exchange transactions.


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