Australia's Polynovo rises; Morningstar says shares appear materially overvalued

Polynovo

07/12/2023 03:58

** Analysts at Morningstar say shares of medical-device
maker Polynovo's  PNV.AX  appear overvalued 
    ** Shares of Polynovo rise as much as 3.3% to A$1.5575,
their highest since Aug 24
    ** Morningstar says overvalue in shares reflects market's
too optimistic and excited view about potential new indications
of co's NovoSorb technology
    ** Broker maintains fair value estimate of A$1 and FY24
sales forecast of A$99 mln ($64.64 mln) while recognising
"lumpy" sales in Nov 
    ** Morningstar maintains five-year group revenue compound
annual growth rate forecast of 26% to fiscal 2028 
    ** Stock down 24.8% this year, as of last close

    ($1 = 1.5316 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))