Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Monash IVF's full-year fiscal 2018 results were mixed and highlighted the negative impact of lower volumes on EBITDA margins given lower operating leverage. After adjusting for one-off costs of AUD 1.2 million, largely related to legal fees and recruitment of key personnel, reported net profit after tax, or NPAT, of AUD 21.4 million, down 27.9% year on year, was slightly below our forecast of AUD 23.2 million. Although average revenue per blended fresh IVF cycle was albeit 5% higher than…

We maintain our AUD 1.60 fair value estimate for no-moatrated Monash IVF Group following the most recent release of Medicare IVF fresh and frozen volume data (Medicare items 13200, 13201, 13202, 13218) for May 2018. Total fresh and frozen cycle volumes at a national level, on a combined 12-month rolling basis, increased by 2.8% and thus came in broadly in line with our volume growth assumptions for the industry.
Analyst: Chris Kallos, CFA

We reduce our fair value estimate for no-moat-rated Monash IVF Group to AUD 1.60 from AUD 1.80, following guidance provided at the annual general meeting that flagged first-half 2018 net profit after tax of around AUD 12 million, or 20% lower than the previous corresponding period. This was due to a combination of one-off expenses related to legal costs and CEO recruitment, amounting to around AUD 600,000 pretax, and a 6.6% decline on the prior corresponding period in Monash fresh IVF volumes…

Australia

Monash IVF Group Ltd. is a fertility research and treatment center. The Company researches and develops reproduction supportive medications.

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