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 is in a registrational US study for prostate cancer. Sales in Europe have been slow so far 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 first phase of the study has completed, approval and launch is expected in Q420. Long-term growth depends on the commercial treatments in the US. We value MagForce at €269.7m or €9.8/share.