AFT Pharmaceuticals

NZ: AFT

Market CapNZD$452.3m

Last Close NZD$4.32

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 125 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. In H122, operating revenue grew strongly by 14% year-on-year to NZ$55.5m, despite the impact of COVID-19 across the business (extended lockdowns in Australia and delayed launches in international markets were the biggest COVID-related headwinds). Reported group operating profit was NZ$5.5m compared to NZ$2.4m in the same period a year ago. Importantly, AFT is continuing to guide for operating profit of NZ$18–23m in FY22.

Y/E Mar
Revenue (NZ$m)
EBITDA (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 105.6 12.5 3.4 3.3 130.9 19.1
2021A 113.1 11.8 8.2 7.1 60.8 104.0
2022E 130.2 20.5 16.6 15.4 28.1 21.6
2023E 150.3 33.0 29.4 22.3 19.4 13.3
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 18/01/2022
Content on AFT Pharmaceuticals
AFT Pharmaceuticals – Growth despite COVID-19 challenges
Healthcare | Update | 24 November 2020
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Share price graph
Balance sheet
Forecast net debt (NZ$m) 16.2
Forecast gearing ratio (%) 27
Price performance
%
1m
3m
12m
Actual 2.9 6.9 (16.1)
Relative* 2.1 8.9 (13.8)
52-week high/low NZ$5.2/NZ$4.0
*% 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