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.