Mesoblast (MSB)

Business description

Mesoblast is developing adult stem cell therapies based on its proprietary MPC and culture-expanded MSC platforms. It has six late-stage clinical trials across four areas.

Share price chart

Share chart

Stock data

Market cap.A$1335m
Last closeA$4.15
High / Low (52 weeks)A$6.6 / A$3.8
Stock market listingAU
Forecast net cash (A$m)110.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(2.8)(2.6)(31.1)
Relative *(6.5)0.2(31.5)

* % Relative to local index

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Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 24.2 (58.7) (48.8) (16.43) N/A N/A
2014A 27.5 (77.4) (68.8) (20.40) N/A N/A
2015E 16.2 (85.5) (78.6) (23.18) N/A N/A
2016E 16.2 (86.5) (83.2) (24.52) N/A N/A

Last updated on 30/10/2014

Investment summary

Mesoblast’s product pipeline continues to mature as key milestones are met. The filing of MSC-100-IV in graft vs host disease (GvHD) in Japan in early October marks its first product submission. Phase III trials started early this year for MPC-150-IM in congestive heart failure (CHF), while Phase III trials for MPV-06-ID in low back pain are expected to start by the end of 2014 following a productive meeting mid-year with the FDA. Mesoblast recently announced a new tiered product structure, whereby resources are being funnelled into its key late-stage products. We value Mesoblast at A$3.16bn (A$9.31/diluted share), more than twice its current share price.

Last updated on 30/10/2014

Industry outlook

Mesoblast is the leading mesenchymal stem development company, with two technology platforms (MPCs, MSCs) and nine clinical candidates in Phase III and Phase II. Its three alliances – with Teva, JCR and Lonza – underpin the key late-stage programmes.

Last updated on 30/09/2014

Key management

Company address

Level 39
55 Collins Street
Melbourne 3000
Australia
+61 3 9639 6036
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