Baillieu Research released a report yesterday.
In short they maintain a "Hold", but have upgraded their price target from $1.36 to $1.50. They continue to exclude any revenue from the hernia repair product in their forecasts despite the plans for it to be launched next year. A conservative approach indeed.
Investment view: HOLD maintained. Revised DCF valuation (prev. A$1.36) and price target (prev. A$1.35) of A$1.50 – we have included FY22 forecasts in our valuation which has been rolled forward. The absence of a BUY call is solely valuation related. Whilst investors should consider the current share price versus their respective entry price, we view PNV as a keeper given: 1) BTM commercialisation has been franked; 2) market disruption is likely to attract M&A; 3) heavy commitments for R&D/trials continue to be underwritten by third party sponsors/partners; 4) proximity of the mid-2020 launch of the hernia repair application, which does not require further regulatory approval in the US; and 5) other product applications, which are in larger addressable markets, are yet to be considered in our forecasts and valuation.
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$2.63 |
Change
-0.020(0.75%) |
Mkt cap ! $1.802B |
Open | High | Low | Value | Volume |
$2.62 | $2.64 | $2.58 | $1.335M | 512.6K |
Buyers (Bids)
No. | Vol. | Price($) |
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36 | 25347 | $2.62 |
Sellers (Offers)
Price($) | Vol. | No. |
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$2.63 | 9405 | 28 |
View Market Depth
No. | Vol. | Price($) |
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32 | 23993 | 2.620 |
18 | 49696 | 2.610 |
14 | 114217 | 2.600 |
12 | 21582 | 2.590 |
7 | 187807 | 2.580 |
Price($) | Vol. | No. |
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2.630 | 12748 | 28 |
2.640 | 45845 | 20 |
2.650 | 110844 | 22 |
2.660 | 17345 | 12 |
2.670 | 282673 | 16 |
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