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.
AFT Pharmaceuticals is a multi-product company targeting pharmacy prescription, OTC and hospital markets. Data for Maxigesic offer it a competitive advantage in a fragmented industry.
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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
Forecast net debt (NZ$m)
7.6
Forecast gearing ratio (%)
7
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (0.7) | (2.3) | (18.0) |
Relative | (5.9) | (5.4) | (18.5) |
52 week high/low | 3.8/2.6 |
AFT Pharmaceuticals continues to make inroads in expanding its strategic market footprint. Most recently, it announced the entry into China with the distribution of Crystaderm (approved by Chinese regulators in November 2023) through an agreement with Hainan Haiyao Co. We expect this to provide AFT with access to China’s offline retail and hospital segments, which represent roughly 75% of the country’s OTC market, a significant bump from AFT’s current Chinese e-commerce presence. This announcement comes on the heels of the news on Maxigesic Rapid securing a non-exclusive distribution partnership in the US with Alexso, a specialist distributor focused on non-opioid pain-management products. Given the notable size of both the US and Chinese markets, we expect these new market launches (both expected within CY24) to support top-line traction internationally.
Y/E Mar | Revenue (NZ$m) | EBITDA (NZ$m) | PBT (NZ$m) | EPS (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2023A | 156.6 | 21.4 | 16.7 | 11.0 | 27.3 | 29.5 |
2024A | 195.4 | 26.2 | 23.0 | 15.8 | 19.0 | 20.2 |
2025E | 232.4 | 26.6 | 23.6 | 16.5 | 18.2 | 19.3 |
2026E | 278.3 | 43.4 | 40.8 | 28.3 | 10.6 | 11.0 |