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Systematix Research Report
Poly Medicure Ltd. is a leader in disposable medical devices and is gradually transforming its portfolio to build a presence in categories that have high entry barriers and large growth potential.
At current market price, Poly Medicure trades at 32 times FY25E earnings per share, which accounts for the expected strong growth trajectory.
We estimate 19%, 25% and 25% compound annual growth rate in Poly Medicure's sales, Ebitda and net earnings, respectively, over FY22–25E, underpinned by the company's entry into the dialysis segment, ramp up in the U.S. market, and volume growth in base portfolio via higher market share and market expansion.
We are optimistic on the company's ability to maintain its growth trend but there is limited upside from CMP.
Key risk for Poly Medicure stems from the company's ability to effectively execute and compete with players at the global scale.
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