Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a>, a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. Ltd (SOL AU)</a> &amp; Genesis Capital.</li>
<li>The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis <a href="https://announcements.asx.com.au/asxpdf/20251124/pdf/06sd9nmj7g6yqg.pdf" target="_blank" rel="noopener">declared</a> terms "opportunistic in timing and materially undervalues the company". </li>
<li>Genesis/Soul Patts collectively hold 19.6% in MVF.  MVF's share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down. </li>
</ul>



Monash IVF (MVF AU), a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from Washington H. Soul Pattinson and Co. Ltd (SOL AU) &amp; Genesis Capital.
The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis declared terms "opportunistic in timing and materially undervalues the company". 
Genesis/Soul Patts collectively hold 19.6% in MVF.  MVF's share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down. 


Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.afr.com/street-talk/pe-bidder-comes-calling-for-monash-ivf-amid-embryo-mix-up-debacle-20251123-p5nhpd" target="_blank" rel="noopener">AFR reports</a> that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for <a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a> at A$0.80, a 31.1% premium to the last close.</li>
<li>On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.</li>
<li>It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light. </li>
</ul>


The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for Monash IVF (MVF AU) at A$0.80, a 31.1% premium to the last close.
On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.
It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light. 


Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

<ul>
<li>On the 26th September, precision parts manufacturer <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.</li>
<li>The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Spindex_Scheme%20Document.ashx?App=Announcement&amp;FileID=868915" target="_blank" rel="noopener">The Scheme Booklet is now out,</a> with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".</li>
</ul>


On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.
The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.

The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".


Spindex Inds (SPE SP): 18th Dec Vote On MBO

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a> announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.</li>
<li>The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.</li>
<li>Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.</li>
</ul>



Monash IVF (MVF AU) announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.
The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.
Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.


Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>The IVF industry is booming, driven by couples having children later in life as well as infertility problems.</li>
<li>There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.</li>
<li>One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.</li>
</ul>


The IVF industry is booming, driven by couples having children later in life as well as infertility problems.
There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.
One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.


Australia

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Monash IVF (MVF AU)

Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

Trading 10% through the indicative terms. Perhaps 8-9 turns of EBITDA may get board support. I think this needs a A$1+ handle, at a minimum, to...

David Blennerhassett

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal. The timing is opportunistic, and the...

Arun George

Spindex Inds (SPE SP): 18th Dec Vote On MBO

Clean deal. Trading at 1.4%/7.7% gross/annualised. If small, illiquid arbs are your thing, and not in, it may be worth a punt. Otherwise look...

David Blennerhassett

Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....

Tina Banerjee

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

Trading 10% through the indicative terms. Perhaps 8-9 turns of EBITDA may get board support. I think this needs a A$1+ handle, at a minimum, to...

David Blennerhassett

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal. The timing is opportunistic, and the...

Arun George

Spindex Inds (SPE SP): 18th Dec Vote On MBO

Clean deal. Trading at 1.4%/7.7% gross/annualised. If small, illiquid arbs are your thing, and not in, it may be worth a punt. Otherwise look...

David Blennerhassett

Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

​Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....

Tina Banerjee

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....