Original-Research: Marinomed Biotech AG (von First Berlin Equity Research GmbH): Buy
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Original-Research: Marinomed Biotech AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Marinomed Biotech AG
First Berlin Equity Research hat ein Research Update zu Marinomed Biotech AG (ISIN: ATMARINOMED6) veröffentlicht. Analyst Alexander Rihane bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 50,00. Zusammenfassung: Marinomed legte Halbjahresergebnisse vor, die unseren Schätzungen entsprachen. Der Umsatz hat sich im Vergleich zum Vorjahr fast verdreifacht auf €7,2 Mio. (FBe: €7,2 Mio.), was in erster Linie auf die Vorauszahlung in Höhe von €5 Mio. für den Verkauf des Carragelose-Geschäfts von Marinomed zurückzuführen ist. Das EBITDA von €21,1 Mio. (FBe: €21,0 Mio.) wurde durch einen non-cash Restrukturierungsgewinn in Höhe von €18,9 Mio. positiv beeinflusst. Bereinigt um diesen Einmaleffekt erzielte das Unternehmen dennoch ein positives AEBITDA von €2,2 Mio. (H1/24: €-3,0 Mio.). Mit liquiden Mitteln in Höhe von €1,5 Mio. zum Ende des ersten Halbjahres kündigte Marinomed am 16. September eine Kapitalerhöhung um €1,1 Mio. an. Darüber hinaus hielt das Unternehmen am 23. September eine außerordentliche Hauptversammlung ab, um seine Fähigkeit zur Ausgabe von Finanzinstrumenten wiederherzustellen. Nach einstimmiger Zustimmung der Aktionäre wird Marinomed eine Wandelanleihe in Höhe von €2,5 Mio. begeben. Diese Maßnahmen verbessern die Liquidität des Unternehmens und stärken die Position von Marinomed bei Verhandlungen mit potenziellen Lizenzpartnern für seinen Wirkstoff Budesolv. Wir sehen dies als positives Zeichen für weitere Lizenzvereinbarungen in den kommenden Monaten. Ein aktualisiertes DCF-Modell ergibt ein unverändertes Kursziel von €50. Wir behalten unsere Kaufempfehlung bei (Aufwärtspotenzial: 151%). First Berlin Equity Research has published a research update on Marinomed Biotech AG (ISIN: ATMARINOMED6). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 50.00 price target. Abstract: Marinomed presented H1 results which were within a whisker of FBe. Sales nearly tripled y/y to €7.2m (FBe: €7.2m), chiefly owing to the €5m upfront payment for the sale of Marinomed's Carragelose business. EBITDA of €21.1m (FBe: €21.0m) was positively impacted by an €18.9m non-cash restructuring gain. Adjusted for the one-off, the company still reported positive AEBITDA of €2.2m (H1/24: €-3.0m). Post reporting Marinomed announced a €1.1m capital increase on 16 September in order to bolster its end of H1 cash position of €1.5m. In addition to that, the company held an extraordinary general meeting on 23 September to reinstate its ability to issue financial instruments. After receiving unanimous shareholder approval, Marinomed will issue a €2.5m convertible bond. These measures improve the company's liquidity and strengthen Marinomed's position when negotiating with potential licensing partners for its Budesolv compound. We think this bodes well for further licensing deals in the coming months. An updated DCF model yields an unchanged price target of €50. We maintain our Buy recommendation (upside: 151%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: MARI_AV-2025-10-01_EN Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2206872 01.10.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 6,14 | 8,12 | 11,63 | 11,28 | 9,18 | 4,75 | 0,00 | |
| EBITDA1,2 | -5,88 | -5,39 | -3,54 | -4,24 | -4,45 | -6,54 | 0,00 | |
| EBITDA-Margin3 | -95,77 | -66,38 | -30,44 | -37,59 | -48,48 | -137,68 | 0,00 | |
| EBIT1,4 | -6,21 | -5,82 | -4,14 | -4,91 | -5,13 | -7,60 | 0,00 | |
| EBIT-Margin5 | -101,14 | -71,68 | -35,60 | -43,53 | -55,88 | -160,00 | 0,00 | |
| Net Profit (Loss)1 | -7,22 | -6,01 | -5,89 | -6,40 | -6,80 | -15,42 | 0,00 | |
| Net-Margin6 | -117,59 | -74,02 | -50,65 | -56,74 | -74,07 | -324,63 | 0,00 | |
| Cashflow1,7 | -7,64 | -6,89 | -4,87 | -5,20 | -4,53 | -2,40 | 0,00 | |
| Earnings per share8 | -5,10 | -4,10 | -4,00 | -4,30 | -4,50 | -8,67 | -3,40 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Marinomed Biotech | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2N9MM | ATMARINOMED6 | AG | 34,78 Mio € | 01.02.2019 | Halten | 8FWR88QM+8R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -10,50 | 0,00 | 0,00 | -4,16 | -1,33 | -14,49 | 7,33 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 11.06.2025 | 08.05.2025 | 17.09.2025 | 21.11.2024 | 16.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,29% | +12,69% | +19,93% | +65,32% | -75,53% |
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