AFT Pharmaceuticals (AFT)

Business description

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.

Stock data

Market cap.NZ$228.7m
Last closeNZ$2.35
High / Low (52 weeks)NZ$3.2 / NZ$2.2
Stock market listingNZ
Forecast net debt (NZ$m)10.5
Forecast gearing ratio (%)54
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual2.2(2.1)(26.1)
Relative *1.1(7.7)(28.1)

* % Relative to local index

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Y/E Mar Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 64.0 (7.8) (10.8) (11.12) N/A N/A
2017A 69.2 (15.1) (18.5) (19.12) N/A N/A
2018E 97.7 1.3 (0.6) (0.61) N/A 299.1
2019E 124.2 16.5 14.7 15.10 15.6 17.1

Last updated on 31/05/2017

Investment summary

AFT Pharma recently reported its FY17 results. Operating revenue grew 8.1% compared to FY16, mainly due to 19% growth in the Australian market, which currently comprises 53% of company revenue. New Zealand was weak due to Metoprolol issues and weak pharmacy demand. Maxigesic continues to do well internationally and is now launched in eight countries. Additionally, a licence agreement was recently announced in France, the world’s second largest market for similar products.

Last updated on 31/05/2017

Industry outlook

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

Last updated on 02/05/2017

Key management

David Flacks, Chairman
Dr Hartley Atkinson, CEO
Nathan D. Hukill, Member of the Board of Directors
Malcolm Tubby , Chief Financial Officer
Michael Weinmann, Member of the Board of Directors

Company address

Level 1, 129 Hurstmere Road
Takapuna
Auckland
0622
New Zealand
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