Monash IVF: Cycling along nicely
About the author:
- Author name:
- By Emily Porter
- Job title:
- Associate Analyst
- Date posted:
- 23 August 2023, 9:00 AM
- Sectors Covered:
- Monash IVF's (ASX:MVF) FY23 was in line with guidance of underlying NPAT of $25.5m (up 14.%). EBITDA margins were maintained at 25% with cost pressures offset by price rises.
- We think FY24 is set for another strong year of growth benefitting from a full year contribution of acquisitions (PIVET and ART), rebound in ultrasound procedures, growth in South East Asia, price rises (5-8%), industry volumes returning to growth and continued market share gains (organic and recruitment of new specialists).
- We have made minor changes to our forecasts, increasing revenue by ~5% to incorporate price rises expected in 1H24 and have reset our cost base expectations and interest on higher debt, resulting in ~2% downgrade to underlying NPAT. We maintain our Add recommendation with a (login to view) price target.
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