AU : Monash IVF - Pent up demand will drive cycle growth

Following further M&A activity in the sector accompanied by strong industry fundamentals, we continue to view the IVF thematic as increasingly attractive for investors. MVF continue to expand their genetic capabilities through the introduction of the at home genetic carrier screening test, new clinical geneticists; all of which is supported by additional Medicare funding by the government. We maintain our Add recommendation and upgrade our target price to A$1.29 (was A$1.20).