Ann: 2021 AGM - Investor Presentation, page-3

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Monday, 22 November 2021

MVF - MONASH IVF GROUP LIMITED

Macquarie rates MVF as Outperform (1) - Macquarie raises FY22-4 EPS forecasts by 2% for Monash IVF Group following a 1Q trading update and 1H22 profit guidance which was a 5% beat versus the broker's forecast. The target price lifts to $1.15 from $1.10.

Australian fresh cycles growth in the 1Q implies to the analyst share gains of around 190 basis points. The Outperform rating is maintained.

Target price is $1.10 Current Price is $0.93 Difference: $0.17 If MVF meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges). Current consensus price target is $1.10, suggesting upside of 17.9%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.30 cents and EPS of 6.70 cents . At the last closing share price the estimated dividend yield is 4.62%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.88. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.3, implying annual growth of -17.8%. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 4.40 cents and EPS of 6.30 cents . At the last closing share price the estimated dividend yield is 4.73%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.76. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.6, implying annual growth of 5.7%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6.

Market Sentiment: 1.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources