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PBKM operates a group of stem-cell banks under the
FamiCord Group brand. The company is the largest
industry player in Europe operating in most countries,
mainly in Poland, Spain, Turkey and Portugal. PBKM
develops stem-cell therapy for the treatment of a
number of diseases, including ALS.

Investment summary

Polski Bank Komórek 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 (2014–18 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 – the price of the forthcoming PLN218m capital raise. This implies an FY19e P/E of 11.5x, c 64% below the peer-group average.