The average last twelve months enterprise value to earnings before interest, taxes, depreciation, and amortization ratio (EV/EBITDA) for comparable in vitro fertilization assets of 13.8x implies a valuation for Monash IVF Group (ASX:MVF) of AU$1.62 per share, Jefferies said in a Monday note.

Monash IVF rejected a proposal from a consortium, holding a 19.6% stake and consisting of Genesis Capital Investment Management and WHSP Holding, to acquire the company's shares for AU$0.80 per share via a scheme of arrangement.

Monash IVF said that the offer materially undervalues the company and is not in the best interest of shareholders.

It guided to a fiscal year 2026 first half underlying net profit after tax of AU$10 million to AU$10.5 million. It also guided to a fiscal 2026 underlying net profit after tax to the bottom end of the previously guided AU$20 million to AU$23 million.

Declines in new patient registrations and domestic Monash IVF stimulated cycles led to EBITDA margins declining by 300 basis points compared to fiscal year 2025.

The investment firm maintained a buy recommendation on Monash IVF and reduced the price target to the bid price of AU$0.80 per share from AU$0.90 per share.