AFT Pharmaceuticals

NZ: AFT

NZD$340.6m market cap

NZD$3.5 last close

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 drugs to treat a range of conditions and a proprietary nebuliser.

Investment summary

AFT Pharmaceuticals is a New Zealand-based specialty pharmaceutical company that currently sells over 130 prescription specialty generics and OTC products through its own salesforce in New Zealand, Australia and South-East Asia. The company recently reported its H120 results. Operating revenue grew by a strong 22.1% year-on-year as there was growth across all regional segments, notably South-East Asia and Rest of World, which grew by 111.9% and 64.4%, respectively. Importantly, the company reported an operating profit of NZ$13.7m (with all regions contributing profit), up from a loss of NZ$0.1m in the first half of FY19.

Y/E Mar
Revenue (NZ$m)
EBITDA (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 81.2 (10.5) (12.9) (13.30) N/A N/A
2019A 85.1 5.8 (2.5) (2.70) N/A 35.4
2020E 100.9 9.6 3.7 3.77 92.8 34.7
2021E 120.8 22.4 16.4 16.83 20.8 16.8
Industry outlook

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

Last updated on 11/12/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (NZ$m) 43.6
Forecast gearing ratio (%) 337
Price performance
%
1m
3m
12m
Actual 22.0 11.8 59.1
Relative* 18.0 11.7 26.4
52-week high/low NZ$3.5/NZ$1.7
*% 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