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Original-Research: MustGrow Biologics Corp. - from GBC AG
28.09.2026 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to MustGrow Biologics Corp.
Company Name: MustGrow Biologics Corp.
ISIN: CA62822A1030
Reason for the research: Research Update
Recommendation: Buy
Target price: 2.51 CAD
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
Bayer Milestone Achieved - Strong TerraSante Demand Remains
Supply-Constrained
MustGrow's equity story remains centred on the commercial scaling of
TerraSante and the longer-term value potential of its Bayer partnership. The
first Bayer development milestone resulted in C$1.36m of high-margin licence
revenue in H1 2026 and provides important external validation of the TerraMG
technology. Further upside could arise from potential additional milestone
payments as the programme advances. If commercial sales commence, MustGrow
would also be entitled to royalties and revenue from manufacturing sales.
TerraSante sales were constrained by manufacturing delays rather than
insufficient demand. The new production lines in India and Thailand have not
yet reached nameplate capacity, resulting in limited product availability.
Nevertheless, sales reached approximately C$0.90m by mid-August, around 46%
above the level achieved during the whole of 2025. Most volumes were
generated from repeat customers, supporting the product's commercial
acceptance. The existing facilities offer estimated annual revenue capacity
of C$15m to C$25m once fully operational.
Due to the slower production ramp-up, we reduce our FY2026 revenue forecast
from C$4.50m to C$3.50m and expect EBITDA of C$-4.58m. We maintain our
revenue forecasts of C$14.05m for FY2027 and C$31.56m for FY2028, as the
shortfall is primarily related to the timing of product availability. EBITDA
is forecast to improve to C$-1.08m in FY2027 and C$8.46m in FY2028 as higher
volumes, lower freight costs and operating leverage support profitability.
Based on our updated DCF model, we reduce our price target to C$2.51 from
C$2.70 due to the lower FY2026 forecast and the increase in the risk-free
rate. The revised target price continues to imply compelling upside from the
current trading level. We therefore reiterate our BUY rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ba00899099ee63b18f1ac58bdd76552a
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a, 11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
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Completion: 24.09.2026 (14:30)
First distribution: 28.09.2026 (10:00)
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2404992 28.09.2026 CET/CEST
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Quelle: dpa-AFX
