Polynovo Ltd

PNV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.00	Ttzb	Ydhmfqm

Polynovo: Tracking to Our Expectations

Shane Ponraj

Jan 22, 2024

We maintain our AUD 1.00 fair value estimate for no-moat Polynovo. First-half fiscal 2024 sales rose 55% to AUD 42 million with 76% stemming from the main U.S. market. Our earnings estimates are broadly unchanged. We maintain our full-year fiscal 2024 revenue forecast of AUD 99 million, including AUD 9 million in government funding, implying revenue growth of 52% on the previous corresponding period.

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