POLYNOVO LIMITED (PNV)
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PNV

PNV - POLYNOVO LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: 2.19
Index: ASX200 | ASX300 | ALL-ORDS

PolyNovo is an Australian medical devices company developing and commercialising its NovoSorb technology for the treatment of burns, wounds and negative pressure wound therapy. It has been a listed company since 1998.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.46

11 Sep
2025

0.060

OPEN

$1.42

4.29%

HIGH

$1.48

2,282,393

LOW

$1.38

TARGET
$1.897 29.9% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
PNV: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 1.9 2.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 22.2% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 60.4 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx1.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx127.2 M
Book Value Per Share xxxxxxxxxxxxxxx12.1
Net Operating Cash Flow xxxxxxxxxxxxxxx3.9 M
Net Profit Margin xxxxxxxxxxxxxxx10.38 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx17.01 %
Return on Invested Capital xxxxxxxxxxxxxxx14.44 %
Return on Assets xxxxxxxxxxxxxxx11.11 %
Return on Equity xxxxxxxxxxxxxxx17.01 %
Return on Total Capital xxxxxxxxxxxxxxx4.77 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-10.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx15 M
Total Debt xxxxxxxxxxxxxxx17 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx34 M
Price To Book Value xxxxxxxxxxxxxxx9.92

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx13.9 M
Capex % of Sales xxxxxxxxxxxxxxx10.95 %
Cost of Goods Sold xxxxxxxxxxxxxxx82 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx40 M
Research & Development xxxxxxxxxxxxxxx8 M
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Morgans

26/08/2025

1

Speculative Buy

$1.69

15.75%

As PolyNovo had pre-released its FY25 results in late July, Morgans states there were few surprises, with no formal guidance for FY26 offered, as is usually the case.

Positively, the new MTX product generated sales of $6.7m, at 5% of sales, compared to 1H25 at $2.1m and 2H25 at $4.6m. The analyst likes this result and expects sales growth for FY26 can reach 25.3%.

Growth is likely to improve in the UK, Canada, and India. Construction of the new manufacturing facility in Melbourne is targeted to expand production fivefold.

Morgans believes PolyNovo will be removed from the ASX200 at the September rebalance, which could create some share price volatility.

Speculative Buy. No change to target price at $1.69.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.80 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Wilsons

01/09/2025

1

Upgrade to Overweight from Market Weight

$1.62

10.96%

PolyNovo's FY25 sales rose 29% y/y and met Wilsons' forecast, while EBITDA more than tripled to $11.2m, beating the broker's original forecast of $8.3m.

The broker notes MTX is emerging as a key growth driver, wth sales more than doubling in FY25 and estimated to double again in FY26. BTM performance was subdued, but the forecast is for 6% volume growth, with the ongoing PMA trial seen as a long-term catalyst.

The broker's revised forecast is for FY26 US sales of US$70m, up 23% in constant currency terms. Group forecasts are largely unchanged, but FY26 EBITDA forecast is upgraded by 4%.

Target unchanged at $1.62. Rating upgraded to Overweight from Market Weight, with the broker noting the stock is trading at a discount to DCF and historical multiples.

FORECAST
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.40 cents.
Access Extra Coverage Research History >

PNV STOCK CHART

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