Polynovo Ltd

PNV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.10	Ptvj	Tykxthl

Polynovo: Market Appears Overly Optimistic

Shane Ponraj

Dec 7, 2023

We keep our AUD 1.00 fair value and earnings estimates for no-moat Polynovo. While acknowledging sales are lumpy, the firm disclosed sales in November 2023 were AUD 8.8 million with roughly 70% stemming from its main U.S. market. November 2023 sales are up 22% from May 2023, implying a CAGR of 49%. We maintain our full-year fiscal 2024 forecast of AUD 99 million, implying sales growth of 52% on the previous corresponding period.

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