Nanosonics Ltd

NAN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nanosonics: Shares Undervalued as Headwinds Are Largely Temporary

Shane Ponraj

Jan 3, 2025

We think recent earnings headwinds such as hospital budgetary constraints, abnormally low ultrasound procedural volumes, and investment for Nanosonics’ pipeline product are largely temporary, and forecast EBIT to grow at a five-year compound annual growth rate of 51% to AUD 67 million by fiscal 2029. We maintain our AUD 4 per share fair value and earnings estimates for narrow-moat Nanosonics. Shares in Nanosonics have declined roughly 20% since October 2024 and currently trade at roughly a 25% discount to our unchanged fair value estimate.

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Nanosonics Ltd

Nanosonics: Shares Undervalued as Headwinds Are Largely Temporary

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