€118.2m market cap
€4.31 last close
MagForce has a European approved nanotechnology-based therapy to treat brain cancer. Nanoparticles are injected into the tumour and activated by an external magnetic field, producing heat and thermally destroying or sensitising the tumour.
Investment summary
MagForce is making progress in its strategy to drive the uptake of its thermal ablation treatment, NanoTherm. It is approved in Europe for brain tumours and in a registrational US study for prostate cancer. Sales in Europe have been slow to date, but MagForce’s realigned commercial strategy in Europe could be the catalyst for meaningful growth in the top line and enable sustainable profitability from 2022. In the pivotal US study, enrolment of the first phase has completed, with approval and launch expected in Q420. Long-term growth depends on commercial treatments in the US. We value MagForce at €269.7m or €9.8/share.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 0.7 | (8.8) | (9.5) | (36.0) | N/A | N/A |
| 2018A | 0.1 | (7.1) | (8.7) | (32.8) | N/A | N/A |
| 2019E | 0.7 | (9.6) | (10.5) | (38.7) | N/A | N/A |
| 2020E | 2.9 | (5.3) | (6.6) | (23.7) | N/A | N/A |
Industry outlook
MagForce’s NanoTherm therapy is designed to directly target cancerous tissue while sparing surrounding healthy tissue. Magnetic nanoparticles are directly instilled into a tumour or a resection cavity and activated by specialist equipment (NanoActivator). This can either thermally ablate tumours or sensitise them to other treatments (chemotherapy or radiotherapy).
Last updated on 19/11/2019
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 20.2 |
| Forecast gearing ratio (%) | 160 |
Price performance
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Key management |
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|---|---|
| Ben Lipps | Chairman & CEO |
| Christian von Volkmann | CFO |
| Barbara von Frankenberg | VP Communications & Investor Relations |
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