Polynovo Ltd

PNV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.80	Qsmtx	Qbvwgkfr

Polynovo: Broadly Tracking to Our Expectations

Shane Ponraj

Jul 23, 2024

No-moat Polynovo’s fiscal 2024 sales rose 54% to AUD 92 million, 2% ahead of our forecast, with 75% stemming from the main United States market. We raise our fair value estimate by 5% to AUD 1.05 primarily due to the time value of money and slightly higher revenue forecasts. Our forecast five-year revenue compound annual growth rate increases to 26% from 25%. We expect the firm’s bolstered sales team to support market share gains.

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