AFT Pharmaceuticals

NZ: AFT

Market CapNZD$379m

Last Close NZD$3.61

AFT Pharmaceuticals is a specialty pharmaceutical company that operates primarily in Australasia but has product distribution agreements across the globe. The company’s product portfolio includes prescription and over-the-counter (OTC) drugs to treat a range of conditions and a proprietary nebuliser.

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Investment summary

AFT Pharmaceuticals is a profitable New Zealand-based specialty pharmaceutical company that sells 130 proprietary branded and generic products through its own sales force in New Zealand and Australia, with offices in SE Asia and Europe to handle its growing export business. Despite COVID-19 headwinds, operating revenue in FY22 grew strongly by 15.2% y-o-y to NZ$130.3m, mainly aided by new product launches, solid recovery in Australia and sustained growth in New Zealand. Reported group operating profit almost doubled to NZ$20.4m in FY22 versus NZ$10.7m in the same period a year ago. AFT has given FY23 guidance for operating profit in the range of NZ$27–32m.

Y/E Mar
Revenue (NZ$m)
EBITDA (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2021A 113.1 11.8 8.2 7.1 50.8 N/A
2022A 130.3 21.4 18.9 19.2 18.8 30.8
2023E 155.9 30.6 27.0 20.4 17.7 20.6
2024E 194.2 47.1 43.5 30.0 12.0 11.1
Industry outlook

AFT is a multi-product company targeting pharmacy prescription, OTC and hospital markets. Data for Maxigesic offer it a competitive advantage in a fragmented industry.

Last updated on 30/06/2022
Content on AFT Pharmaceuticals
AFT Pharmaceuticals – Re-acceleration leveraging its platform
Healthcare | research Update | 16 June 2022
AFT Pharmaceuticals – Recovery driven by strong H222
Healthcare | research Flash note | 25 May 2022
AFT Pharmaceuticals – 14% revenue growth despite COVID-19 headwinds
Healthcare | research Update | 22 November 2021
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Share price graph
Balance sheet
Forecast net debt (NZ$m) 21
Forecast gearing ratio (%) 28
Price performance
%
1m
3m
12m
Actual (14.3) 0 (22)
Relative* (10.5) 12 (6.8)
52-week high/low NZ$5.0/NZ$3.1
*% relative to local index
Key management
David Flacks Chairman
Dr Hartley Atkinson CEO
Malcolm Tubby Chief Financial Officer
Michael Weinmann Member of the Board of Directors
Nathan D. Hukill Member of the Board of Directors