Polynovo Ltd

PNV: XASX (AUS)
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Polynovo: Shares Overvalued With Sales Tracking in Line With Our Expectations

No-moat Polynovo’s first-half fiscal 2025 sales were AUD 54 million, up 9% on second-half fiscal 2024. Its main market remains the US, with 76% of first-half sales stemming from there. December 2024 revenue of AUD 10 million was broadly flat on November 2024. Our revenue forecasts are broadly unchanged despite a slight strengthening of the US dollar. We maintain our fair value estimate of AUD 1.15 per share.

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