Mesoblast Continues to Burn Cash in 1Q as Expected, but Shares Remain Undervalued
We maintain our recently lowered AUD 2.35 fair value estimate for no-moat Mesoblast following first-quarter fiscal 2019 results which were in line with our expectations. The stock currently screens as undervalued, based on our risk-adjusted assessment of the company's development pipeline. The current discount to our valuation likely reflects concerns around product commercialisation and funding needs, particularly given disappointing trial results only a few days ago, but we believe the market ...Mesoblast is engaged in the development of regenerative medicine products. Co. has leveraged its proprietary technology platform, based on specialized cells known as mesenchymal lineage adult stem cells ("MLCs"), to establish a portfolio of late-stage product candidates. Co.'s allogeneic, "off the shelf" product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncology and hematologic conditions. Each MLC-derived product candidate has technical characteristics, target indications, reimbursement strategy, commercialization potential, and partnering opportunities.
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