Polynovo Ltd

PNV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Polynovo: Shares Still Overvalued Despite Recent Selloff

Shane Ponraj

Dec 20, 2024

We maintain our AUD 1.10 fair value estimate for no-moat Polynovo. Shares have fallen more than 25% since August 2024 but remain materially overvalued. We suspect the market is too optimistic about the speed and magnitude of Polynovo’s commercial rollout and the research and development spending required to stay competitive long-term. The burns market has many competing products, and management highlights the importance of continuing to invest in R&D to future-proof the business. Further, group profitability is likely to be diluted as lower-margin developing markets grow as a proportion of revenue.

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Polynovo Ltd

Polynovo: Shares Still Overvalued Despite Recent Selloff

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