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Valuation of $0.360
Added 3 years ago
Cryosite Ltd has two lines of business: 1) Cord Blood and Tissue Storage - Provide long term storage for cord blood and tissue samples. 2) Clinical Trials & Biological Storage and Logistics - This business provides specialist temperature controlled storage, sourcing, labelling, status management, 2ndary packaging, distribution. returns, and biological storage to the clinical trial and research industry. The company is currently transitioning the business away from the lower margin, low growth cord blood / tissues storage business to the high growth, high margin clinical trial, storage and logistics business. The global clinical trials market is expected to growth at around 6% pa over the next 5 years (Grand View Research), providing a good tailwind for the business. According to Cryosite, the clinical trial logistics market is subject to very stringent international standards and Australian Govt. mandated compliance and licensing requirements, creating a significant barrier to entry. Checking their website: Cryosite hold a TGA license for the storage facility, Licensing arrangements with NSW health. In HY 2021, Cord Blood & tissue Storage revenue fell 7% from PCP, whilst Clinical Trials and Logistics revenue grew 30% from the PCP. Overall, revenue was up 19% over PCP. Profit for the half year was $285K, or 0.58 cents per share. Assuming 15% revenue growth per annum over the next 3 years, $16.5 M in revenue. With a profit margin of 10%, I come up with 2024 EPS of 3.2 cents. At a PER of 20, I come up with a share price of 65 cents per share. Discounting this back to present value @ 15%, I come up with a valuation of 36 cents per share.
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