Edison Investment Research - Polski Bank Komorek Macierzystych (BKM) PBKM - Onboarding a new majority shareholder

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Edison Investment Research

Sean Conroy

PBKM - Onboarding a new majority shareholder

Polski Bank KomÃ³rek Macierzystych (PBKM) is benefiting from market consolidation of cord blood banking services in Europe. It operates 14 stem cell banks cobranded under the FamiCord umbrella, covering one-third of the European market for newly acquired samples. Recent steady growth (2014â€“18 revenue CAGR of 17%) has been fuelled by both organic development and M&A. Further substantial acquisitions would require additional capital. The share price has stabilised at PLN62 â€“ the price of the forthcoming PLN218m capital raise. This implies an FY19e P/E of 11.5x, c 64% below the peer-group average.

11/11/2019 200 EN

Underlying

Polski Bank Komorek Macierzystych

Polski Bank Komorek Macierzystych SA (PBKM) is a Poland-based company that carries out full set of researches from umbilical cord blood. PBKM is the cord blood bank in Poland, which is one of public and private cord banks in Europe accredited by American Association of Blood Banks (AABB). The Company cooperates with the Institute of Human Genetics PAS (Polish Academy of Sciences), Medicover, LUX MED Salus Clinic, Medical Centers Salve, as well as Falck Sp z o o and Alab Laboratories, among others. The public cord blood bank aims to increase the resources of the stored cord blood and the use of cord blood for transplantation in Poland. The Company forms a part of the international group of banks of stem cells from umbilical cord blood, FamiCord, which consists of laboratories in Poland, Hungary, Romania, Spain and Turkey, and which collaborates with over 1100 hospitals throughout Europe.

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PLPBKM000012 Warsaw Stock Exchange Poland

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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PBKM - Onboarding a new majority shareholder

Polski Bank Komórek Macierzystych - European leader in stem-cell banking

Polski Bank Komórek Macierzystych - European leader in stem-cell banking

Monthly LMI Update Independent Investment Research

Intralot - Focus on business development in FY24

Headlam Group - Strategy for growth in tougher market

Lithium Power International - Termination of coverage

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