Report
MaaT Pharma Model update
We update our model for MaaT post the FY23 results. MaaT's FY23 R&D increased to € 20.9m (FY22: € 14.3m), while SG&A also increased to € 5.4m (FY22: € 4.5m). We roll-over our model to 2024, which removes 1 year of negative cashflows, however this is offset by increasing our FY24 R&D estimate to € 32m (from € 27m), and outstanding shares to 11.6m (from 9.8m). All in all, we maintain our € 15 TP and BUY rating, and look forward to the phase 3 topline readout for MaaT013 (mid 4Q24) as the next big trigger for the stock.
Underlying
MAAT PHARMA SA
Provider
KBC Securities
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Jacob Mekhael
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