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: 3.94
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

$1.265

05 May
2025

-0.015

OPEN

$1.29

-1.17%

HIGH

$1.30

833,755

LOW

$1.27

TARGET
$2.55 101.6% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
PNV: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 0.8 1.1 xxx
DPS (cps) xxx N/A 0.0 xxx
EPS Growth xxx N/A 44.7% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 115.0 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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx0.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx103.2 M
Book Value Per Share xxxxxxxxxxxxxxx10.4
Net Operating Cash Flow xxxxxxxxxxxxxxx5.1 M
Net Profit Margin xxxxxxxxxxxxxxx5.10 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.65 %
Return on Invested Capital xxxxxxxxxxxxxxx6.40 %
Return on Assets xxxxxxxxxxxxxxx5.21 %
Return on Equity xxxxxxxxxxxxxxx7.65 %
Return on Total Capital xxxxxxxxxxxxxxx1.38 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2.2 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx3 M
Long Term Debt xxxxxxxxxxxxxxx13 M
Total Debt xxxxxxxxxxxxxxx15 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx46 M
Price To Book Value xxxxxxxxxxxxxxx23.45

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx2.9 M
Capex % of Sales xxxxxxxxxxxxxxx2.81 %
Cost of Goods Sold xxxxxxxxxxxxxxx67 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx35 M
Research & Development xxxxxxxxxxxxxxx11 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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Macquarie

26/02/2025

1

Outperform

$2.80

121.34%

Total sales for PolyNovo in H1 were in line with Macquarie's forecast. Revenue grew 28% year-on-year to $54.1m, with order volumes rising by 58%.

Biomedical Advanced Research and Development Authority (BARDA) revenue exceeded expectations at $5.4m.

US sales increased 28% year-on-year to $32.2m, while European sales grew 50%, now contributing 14% of commercial revenue, highlights the analyst.

Earnings (EBITDA) fell -13.3% year-on-year to $2.6m, impacted by higher employee costs and a -$4.6m unrealised currency loss, explains the broker.

Macquarie lowers the target price to $2.80 from $2.85 and retains an Outperform rating, citing strong product pipeline momentum and new market expansion.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.40 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.20 cents.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
Access Stockbroker Research History >
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

03/03/2025

3

Downgrade to Market Weight from Overweight

$1.85

46.25%

PolyNovo's 1H25 revenue miss vs Wilsons was reported in January, so the disappointment in the result was underlying EBITDA of $2.6M which was lower than the broker's $4.6m forecast.

Both overall and US sales were lower than the broker's estimate, leading to -3-5% revenue cuts in FY25-27. EBITDA estimates are down -29-15%, with the -29% adjustment for FY25 due to the -$2.0m 1H25 miss and an additional -$2m opex in 2H.

Target price cut to $1.85 from $3.00 mainly due to a lower multiple of 8x FY26 forecast EV/revenue. Rating downgraded to Market Weight from Overweight.

FORECAST
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.10 cents.
Access Extra Coverage Research History >

PNV STOCK CHART

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