ASX:MVF

Stock Analysis Report

Executive Summary

Monash IVF Group Limited provides assisted reproductive and specialist women imaging services in Australia and Malaysia.


Snowflake Analysis

Very undervalued average dividend payer.

Share Price & News

How has Monash IVF Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MVF's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.8%

MVF

4.0%

AU Healthcare

5.0%

AU Market


1 Year Return

-58.8%

MVF

-14.7%

AU Healthcare

-19.2%

AU Market

Return vs Industry: MVF underperformed the Australian Healthcare industry which returned -10.7% over the past year.

Return vs Market: MVF underperformed the Australian Market which returned -19.4% over the past year.


Shareholder returns

MVFIndustryMarket
7 Day4.8%4.0%5.0%
30 Day-52.5%-20.4%-20.3%
90 Day-58.0%-23.8%-25.8%
1 Year-56.5%-58.8%-12.1%-14.7%-15.6%-19.2%
3 Year-73.1%-77.1%-12.1%-20.3%-3.6%-16.8%
5 Year-64.5%-72.5%-12.7%-25.4%6.6%-17.5%

Price Volatility Vs. Market

How volatile is Monash IVF Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Monash IVF Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MVF (A$0.45) is trading below our estimate of fair value (A$1.46)

Significantly Below Fair Value: MVF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MVF is good value based on its PE Ratio (5.8x) compared to the Healthcare industry average (12.3x).

PE vs Market: MVF is good value based on its PE Ratio (5.8x) compared to the Australian market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: MVF is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: MVF is good value based on its PB Ratio (0.6x) compared to the AU Healthcare industry average (1.2x).


Next Steps

Future Growth

How is Monash IVF Group forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

4.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MVF's forecast earnings growth (6.7% per year) is above the savings rate (1.1%).

Earnings vs Market: MVF's earnings (6.7% per year) are forecast to grow slower than the Australian market (9.7% per year).

High Growth Earnings: MVF's earnings are forecast to grow, but not significantly.

Revenue vs Market: MVF's revenue (3.7% per year) is forecast to grow slower than the Australian market (4% per year).

High Growth Revenue: MVF's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MVF's Return on Equity is forecast to be low in 3 years time (10.5%).


Next Steps

Past Performance

How has Monash IVF Group performed over the past 5 years?

-0.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MVF has high quality earnings.

Growing Profit Margin: MVF's current net profit margins (12.1%) are lower than last year (12.6%).


Past Earnings Growth Analysis

Earnings Trend: MVF's earnings have declined by -0.3% per year over the past 5 years.

Accelerating Growth: MVF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MVF had negative earnings growth (-3.3%) over the past year, making it difficult to compare to the Healthcare industry average (8.7%).


Return on Equity

High ROE: MVF's Return on Equity (10.4%) is considered low.


Next Steps

Financial Health

How is Monash IVF Group's financial position?


Financial Position Analysis

Short Term Liabilities: MVF's short term assets (A$19.6M) do not cover its short term liabilities (A$24.4M).

Long Term Liabilities: MVF's short term assets (A$19.6M) do not cover its long term liabilities (A$120.0M).


Debt to Equity History and Analysis

Debt Level: MVF's debt to equity ratio (55.3%) is considered high.

Reducing Debt: MVF's debt to equity ratio has reduced from 66% to 55.3% over the past 5 years.

Debt Coverage: MVF's debt is well covered by operating cash flow (29%).

Interest Coverage: MVF's interest payments on its debt are well covered by EBIT (8.5x coverage).


Balance Sheet

Inventory Level: MVF has a low level of unsold assets or inventory.

Debt Coverage by Assets: MVF's debt is not covered by short term assets (assets are 0.2x debt).


Next Steps

Dividend

What is Monash IVF Group's current dividend yield, its reliability and sustainability?

13.79%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MVF's dividend (13.33%) is higher than the bottom 25% of dividend payers in the Australian market (3.17%).

High Dividend: MVF's dividend (13.33%) is in the top 25% of dividend payers in the Australian market (8.18%)


Stability and Growth of Payments

Stable Dividend: MVF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MVF has only been paying a dividend for 5 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (65.5%), MVF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MVF's dividends in 3 years are forecast to be covered by earnings (63.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Michael Knaap

1.5s

Tenure

AU$520,165

Compensation

Mr. Michael D. Knaap serves as Chief Executive Officer, Managing Director and Director of Monash IVF Group Limited since April 15, 2019. Mr. Knaap served as an Interim Chief Executive Officer of Monash IVF ...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD319.10K) is about average for companies of similar size in the Australian market ($USD246.06K).

Compensation vs Earnings: Michael's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Michael Knaap
CEO, MD & Director1.5yrsAU$520.17k0.039% A$40.9k
Malik Jainudeen
CFO & Company Secretary1.25yrsAU$279.24kno data
Brett Comer
Chief Operations Officer2yrsAU$376.84kno data
Richard Henshaw
Executive Director6yrsAU$317.12k0.44% A$462.0k
Pierre Haila
Chief Information Officer2.25yrsno datano data
Fiona Allen
Chief Marketing Officer0.75yrno datano data
Peggy North
Chief People & Culture Officerno datano datano data
Clementina Singh
General Manager of New South Wales2.25yrsno datano data

1.8yrs

Average Tenure

Experienced Management: MVF's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Michael Knaap
CEO, MD & Director1.5yrsAU$520.17k0.039% A$40.9k
Richard Henshaw
Executive Director6yrsAU$317.12k0.44% A$462.0k
Neil Broekhuizen
Independent Non-Executive Director5.83yrsAU$94.76k0.042% A$45.0k
Josef Czyzewski
Independent Non-Executive Director5.83yrsAU$111.24k0.069% A$72.9k
Richard Davis
Independent Chairman5.83yrsAU$155.53k0.058% A$61.7k
Zita Peach
Independent Non-Executive Director3.5yrsAU$94.76k0.024% A$25.2k
Christina Mary Boyce
Independent Non-Executive Director5.83yrsAU$111.24k0.049% A$52.3k

5.8yrs

Average Tenure

64yo

Average Age

Experienced Board: MVF's board of directors are considered experienced (5.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MVF insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Monash IVF Group Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Monash IVF Group Limited
  • Ticker: MVF
  • Exchange: ASX
  • Founded: 2014
  • Industry: Health Care Facilities
  • Sector: Healthcare
  • Market Cap: AU$106.104m
  • Shares outstanding: 235.79m
  • Website: https://www.monashivfgroup.com.au

Number of Employees


Location

  • Monash IVF Group Limited
  • Pelaco Building 1
  • Level 1
  • Richmond
  • Victoria
  • 3121
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MVFASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJun 2014
MVFCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJun 2014
MISDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2014

Biography

Monash IVF Group Limited provides assisted reproductive and specialist women imaging services in Australia and Malaysia. The company offers diagnosis and treatment of infertility, fertility research and treatment services, tertiary level prenatal diagnostic services, low intervention IVF services, and diagnostic ultrasound services. It operates 23 fertility clinics, 18 specialist women’s imaging sites, 9 service centers, 2 specialized diagnostic laboratories, and 2 day hospitals. The company was incorporated in 2014 and is based in Richmond, Australia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 12:43
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.