Polynovo Ltd

PNV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Polynovo Earnings: Shares Overvalued With Sales Growth Slowing

Shane Ponraj

Feb 24, 2025

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 sales stemming from there. December 2024 revenue of AUD 10 million was broadly flat on November 2024. We cut our fiscal 2025 revenue forecast by 6% due to a weaker US dollar and non-US sales falling by 4% on second-half fiscal 2024. Our fiscal 2025 EBIT forecast decreases by 9% to AUD 13 million, with the first half having generated AUD 6 million. However, we leave our long-term estimates broadly unchanged and maintain our fair value estimate of AUD 1.15 per share.

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Polynovo Ltd

Polynovo Earnings: Shares Overvalued With Sales Growth Slowing

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