MRVI – Market expectations are for Uniform ROA to fade; management may have concerns about the COVID vaccine and non-COVID application demand

February 7, 2022

  • Maravai LifeSciences (MRVI) currently trades below corporate averages relative to Uniform earnings, with a 10.7x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to fade to 66%, accompanied by 12% Uniform asset growth.
  • Meanwhile, analysts expect Uniform ROA to improve to 136% in 2022, accompanied by 78% Uniform asset growth.
  • If sustained in perpetuity, these levels would imply a stock price closer to $531, representing significant equity upside for the firm. That said, the firm is unlikely to sustain current pandemic-related growth boosts going forward.
  • Moreover, the firm’s most recent earnings call suggests management may have concerns about the COVID vaccine and non-COVID application demand.

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