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General Information

Mesoblast Limited
MSB
http://www.mesoblast.com
Biotechnology
1,328
337

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$3.94 $3.91 $3.94 $3.90 $3.90 148370 $0.04 ( 1.03% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Buy
29/07/2015
2

Company Overview

Business Description
Mesoblast Limited (MSB) is an Australian company engaging in the development of biologic products for the broad field of regenerative medicine. The key focus is on research and development of adult Mesenchymal Precursor Cells (MPCs), Mesenchymal Stem Cells (MSCs), Dental Pulp cells and Adipose cells. Its intellectual property covers a range of applications in key markets including the United States, Europe, Japan and China.
Strategy Analysis
MSB is developing a proprietary stem cell technology for the treatment of orthopaedic conditions such as bone fractures, degenerated knee cartilage and vertebral disc degeneration. Through an investment in and subsequent merger with Angioblast Systems, Inc. MSB is also developing stem cell treatments for cardiac and vascular diseases, and other degenerative conditions. MSB's strategy is to maximise shareholder value through both corporate partnerships and the rapid and successful completion of pre-clinical and clinical milestones to commercialise the technology. The firm already has TGA approval to manufacture and distribute patient-specific adult stem cell products to hospitals and physicians across Australia; this is the first culture-expanded adult stem cell product to receive manufacturing approval anywhere in the world. Mesoblast reported a net loss of $27.79m for the half-year ended 31 December 2012 (31 Dec 2011: $17.6m). The increased loss was driven by a reduction in revenue from continuing operations and other income of $4.3m and an increase in expenses from continuing operations of $5.9m. Revenues from ordinary activities were $14.73m, down 22% from the same period last year. Diluted EPS was (9.69) cents compared to (15.52) cents last year. The net operating cash outflow was $30.52m compared to an outflow of $36.89m in the pcp. No dividend was declared. In the second half of the financial year, the Company expects to continue to report on clinical outcomes from a number of Phase 2 programs and to initiate new programs in line with the overall corporate strategy.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F -122.7 -37.7 -5.5% -10.5 0.0 0.0% 0.0%
2015 F -131.5 -39.8 17.3% -9.9 0.0 0.0% 0.0%
2014 A -108.5 -34.0 14.7% -16.3 0.0 0.0% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Bionomics (BNO) $180M 0.0000 0.0000 0.0000 55.8442 0.0000 4.1267 0.00% 0.00% 0.00%
CSL (CSL) $44,787M 0.0899 0.3345 0.0817 33.7277 25.2735 23.3644 1.25% 1.65% 1.88%
Mesoblast (MSB) $1,314M 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00% 0.00% 0.00%
Monash IVF Group (MVF) $324M 0.0000 1.7120 0.3828 37.3641 13.7776 9.9638 0.00% 4.72% 6.52%
Sirtex Medical (SRX) $1,735M 0.2906 0.6077 0.6093 73.5351 45.7380 28.4204 0.46% 0.64% 1.04%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.00 0.00 2.19 0.00
Market 0.89 16.20 1.33 1.33
Sector 0.81 13.20 3.15 1.03

Directors

Name Position Start Date
Professor Silviu Itescu Chief Executive Officer, Executive Director 08/06/2004
Mr Brian Jamieson Non-Executive Chairman 22/11/2007
Mr Michael Robert Spooner Non-Executive Director 29/09/2004
Mr Donal O'Dwyer Non-Executive Director 29/09/2004
Dr Ben-Zion Weiner Non-Executive Director 09/05/2012
Dr Eric A Rose Non-Executive Director 15/04/2013
Mr William M Burns Non-Executive Director 06/03/2014

Management

Name Position
Charlie Harrison Company Secretary

Substantial Shareholders

Holding Name
68,244,642 (21.56%) Silviu Itescu
55,785,806 (17.62%) Cephalon International Holdings Inc
36,782,943 (11.40%) M&G Investment Funds
21,770,000 (6.80%) Capital Research Global Investors
18,029,407 (5.56%) Thorney Holdings Pty Ltd and Thorney Pty Ltd and associated entities

Calendar of Events

Date Event
11 February 2016 Report (Interim)
22 October 2015 Report (Annual)
25 August 2015 Report (Prelim)
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