DGAP-News: Silvia Quandt&Cie. AG, Merchant&Investment Banking: Analyst Harald Gruber lifts target price to EUR47.50 (EUR36)
(firmenpresse) - Silvia Quandt&Cie. AG, Merchant&Investment Banking / Research Update
01.07.2010 15:01
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Magforce liable to boost Nanostart's fair value, target price lifted to
EUR47.5 (EUR36)
Rating: Buy
Target price: EUR47.5(36.0)
Close 30/06/10: EUR23.25
RIC: NNSG.DE
We raise the target price for Nanostart AG to EUR47.5, from EUR36.0, owing
to our latest upgrade of nano-cancer treatment company Magforce's intrinsic
value.
Magforce is by far Nanostart's most important portfolio stake (76%
ownership) in terms of contribution of at-the-market equity value and as
such is liable to boost it's fair value on the back of the former's
approval of their first cancer treatment (brain tumors) beginning of this
week.
The headroom for Magforce stock price to our target price set at EUR67
equates to approx. EUR85m which translates into some EUR65m additional
value relating to Nanostart's 76% stake in the company. On a per-share
basis, this gives EUR11.5 incremental value which then needs to inflate
Nanostart's target price. In our recent appraisal of Nanostart's intrinsic
value we referred to Price-to-Book value, making reference to it US peer's
rating, Harris&Harris.
We now believe, however, that reference for appraisal of fair value of
Nanostart should be made by accounting for the substantial scope for value
enhancement of its major investment, Magforce, instead, now that the latter
has finally reached a point from where commercialization of its business
model can seriously occur and at very large scale so. This should fuel
share price enhancement of Nanostart likewise.
Harald Gruber
+49 69 95929093-03
gruber(at)silviaquandt.de
01.07.2010 15:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 01.07.2010 - 15:01 Uhr
Sprache: Deutsch
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