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Friday, 20 December 2024

MVF - MONASH IVF GROUP LIMITED

Macquarie rates MVF as Outperform (1) - Macquarie observes total IVF cycles rose 3.5% in November compared to the previous year, with fresh cycles up 1.7% and frozen cycles increasing 6%.

Approximately 114k carrier screening tests have been conducted since it was added to the medical benefit scheme, with Monash IVF anticipating volume growth from carrier screening.

The broker forecasts 15bps of market share growth, driven by 2H25 gains of 30bps.

Macquarie believes Monash IVF is well positioned to benefit from structural growth and sees upside from genetic testing in the medium term.

Outperform rating and $1.50 target are retained. No changes to earnings forecasts.

Target price is $1.50 Current Price is $1.22 Difference: $0.28 If MVF meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges). Current consensus price target is $1.45, suggesting upside of 19.1%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 4.00 cents and EPS of 7.90 cents . At the last closing share price the estimated dividend yield is 3.28%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.44. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of N/A. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 5.00 cents and EPS of 8.70 cents . At the last closing share price the estimated dividend yield is 4.10%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.02. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.5, implying annual growth of 9.0%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.9All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources