ExcerptsFrom Today's Broker CallMonday, 25 February 2019MYX -...

ExcerptsFrom Today's Broker Call

Monday, 25 February 2019

MYX - MAYNE PHARMAGROUP LIMITED

UBS rates MYX as Neutral (3) - Mayne Pharma's result was a bigimprovement on a weak previous period but was currency-assisted anddisappointed nonetheless. Specialty brands stood out in revenue terms, thebroker notes, but costs were elevated for various reasons.

Factoring in higher costs and adjusting for FX forecasts see thebroker downgrade earnings forecasts by -11%. Target falls to 78c from 83c.Neutral retained, on a balance of an opportunity to improve operating leveragebut little chance of re-rating until there is evidence of such.

Target price is $0.78 Current Price is $0.76 Difference: $0.02If MYX meets the UBS target it will return approximately 3% (excludingdividends, fees and charges). Current consensus price target is $0.90,suggesting upside of 18.1%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of3.00 cents .At the last closing share price the stock's estimated Price toEarnings Ratio (PER) is 25.33. How do these forecasts compare to marketconsensus projections?

Current consensus EPS estimate is 3.4, implying annual growth ofN/A.Current consensus DPS estimate is N/A, implying a prospective dividendyield of N/A.Current consensus EPS estimate suggests the PER is 22.4.Forecastfor FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of4.00 cents .At the last closing share price the stock's estimated Price toEarnings Ratio (PER) is 19.00. How do these forecasts compare to marketconsensus projections?

Current consensus EPS estimate is 4.6, implying annual growth of35.3%.Current consensus DPS estimate is N/A, implying a prospective dividendyield of N/A.Current consensus EPS estimate suggests the PER is 16.5.MarketSentiment: 0.3All consensus data are updated until yesterday. FNArena'sconsensus calculations require a minimum of three sources

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