company background image
AHX

Apiam Animal Health ASX:AHX Stock Report

Last Price

AU$0.73

Market Cap

AU$128.2m

7D

-2.0%

1Y

-24.6%

Updated

23 Sep, 2022

Data

Company Financials +
AHX fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance1/6
Financial Health5/6
Dividends2/6

AHX Stock Overview

Apiam Animal Health Limited, a vertically integrated animal health company, provides veterinary products and services to production and companion animals in Australia.

Apiam Animal Health Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Apiam Animal Health
Historical stock prices
Current Share PriceAU$0.73
52 Week HighAU$0.99
52 Week LowAU$0.63
Beta0.44
1 Month Change-9.26%
3 Month Change7.30%
1 Year Change-24.62%
3 Year Change53.13%
5 Year Change-8.13%
Change since IPO-41.67%

Recent News & Updates

Sep 02
Apiam Animal Health (ASX:AHX) Has Announced That Its Dividend Will Be Reduced To A$0.004

Apiam Animal Health (ASX:AHX) Has Announced That Its Dividend Will Be Reduced To A$0.004

Apiam Animal Health Limited ( ASX:AHX ) is reducing its dividend to A$0.004 on the 21st of Octoberwhich is 67% less...

Shareholder Returns

AHXAU HealthcareAU Market
7D-2.0%-4.6%-2.7%
1Y-24.6%-20.7%-11.0%

Return vs Industry: AHX underperformed the Australian Healthcare industry which returned -19.9% over the past year.

Return vs Market: AHX underperformed the Australian Market which returned -9.7% over the past year.

Price Volatility

Is AHX's price volatile compared to industry and market?
AHX volatility
AHX Average Weekly Movement5.2%
Healthcare Industry Average Movement5.2%
Market Average Movement9.6%
10% most volatile stocks in AU Market16.9%
10% least volatile stocks in AU Market4.3%

Stable Share Price: AHX is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: AHX's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1998950Chris Richardshttps://www.apiam.com.au

Apiam Animal Health Limited, a vertically integrated animal health company, provides veterinary products and services to production and companion animals in Australia. The company operates through three segments: Dairy and Mixed, Feedlots, and Pigs. It engages in the provision of veterinary wholesale, diagnostics laboratories, custom vaccines, logistics, and other ancillary services.

Apiam Animal Health Fundamentals Summary

How do Apiam Animal Health's earnings and revenue compare to its market cap?
AHX fundamental statistics
Market CapAU$128.22m
Earnings (TTM)AU$4.64m
Revenue (TTM)AU$157.06m

27.6x

P/E Ratio

0.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AHX income statement (TTM)
RevenueAU$157.06m
Cost of RevenueAU$125.09m
Gross ProfitAU$31.97m
Other ExpensesAU$27.33m
EarningsAU$4.64m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.027
Gross Margin20.35%
Net Profit Margin2.95%
Debt/Equity Ratio38.7%

How did AHX perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

47%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is AHX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AHX?

Other financial metrics that can be useful for relative valuation.

AHX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.2x
Enterprise Value/EBITDA13.5x
PEG Ratio1.6x

Price to Earnings Ratio vs Peers

How does AHX's PE Ratio compare to its peers?

AHX PE Ratio vs Peers
The above table shows the PE ratio for AHX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average23.9x
SLA SILK Laser Australia
19.2x20.9%AU$122.7m
CAJ Capitol Health
31.2x24.9%AU$334.3m
IDX Integral Diagnostics
41x24.0%AU$598.5m
ACL Australian Clinical Labs
4.2x-45.1%AU$747.0m
AHX Apiam Animal Health
27.6x17.5%AU$128.2m

Price-To-Earnings vs Peers: AHX is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the peer average (23.9x).


Price to Earnings Ratio vs Industry

How does AHX's PE Ratio compare vs other companies in the Global Healthcare Industry?

Price-To-Earnings vs Industry: AHX is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the Global Healthcare industry average (17.4x)


Price to Earnings Ratio vs Fair Ratio

What is AHX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AHX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.6x
Fair PE Ratio23.2x

Price-To-Earnings vs Fair Ratio: AHX is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the estimated Fair Price-To-Earnings Ratio (23.2x).


Share Price vs Fair Value

What is the Fair Price of AHX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AHX (A$0.74) is trading below our estimate of fair value (A$1.61)

Significantly Below Fair Value: AHX is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


Discover undervalued companies

Future Growth

How is Apiam Animal Health forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


17.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AHX's forecast earnings growth (17.5% per year) is above the savings rate (1.8%).

Earnings vs Market: AHX's earnings (17.5% per year) are forecast to grow faster than the Australian market (6.7% per year).

High Growth Earnings: AHX's earnings are forecast to grow, but not significantly.

Revenue vs Market: AHX's revenue (8.2% per year) is forecast to grow faster than the Australian market (3.8% per year).

High Growth Revenue: AHX's revenue (8.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AHX's Return on Equity is forecast to be low in 3 years time (9.2%).


Discover growth companies

Past Performance

How has Apiam Animal Health performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


6.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AHX has a large one-off loss of A$1.6M impacting its June 30 2022 financial results.

Growing Profit Margin: AHX's current net profit margins (3%) are lower than last year (4%).


Past Earnings Growth Analysis

Earnings Trend: AHX's earnings have grown by 6% per year over the past 5 years.

Accelerating Growth: AHX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AHX had negative earnings growth (-7.9%) over the past year, making it difficult to compare to the Healthcare industry average (-7.9%).


Return on Equity

High ROE: AHX's Return on Equity (4.2%) is considered low.


Discover strong past performing companies

Financial Health

How is Apiam Animal Health's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AHX's short term assets (A$35.9M) exceed its short term liabilities (A$28.8M).

Long Term Liabilities: AHX's short term assets (A$35.9M) do not cover its long term liabilities (A$61.6M).


Debt to Equity History and Analysis

Debt Level: AHX's net debt to equity ratio (36.1%) is considered satisfactory.

Reducing Debt: AHX's debt to equity ratio has reduced from 44.6% to 38.7% over the past 5 years.

Debt Coverage: AHX's debt is well covered by operating cash flow (35.7%).

Interest Coverage: AHX's interest payments on its debt are well covered by EBIT (6.1x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Apiam Animal Health current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.18%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AHX's dividend (2.18%) isn’t notable compared to the bottom 25% of dividend payers in the Australian market (2.77%).

High Dividend: AHX's dividend (2.18%) is low compared to the top 25% of dividend payers in the Australian market (6.8%).


Stability and Growth of Payments

Stable Dividend: AHX has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: AHX has only been paying a dividend for 6 years, and since then payments have not increased.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (46.8%), AHX's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (26.3%), AHX's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

Chris Richards

6.83yrs

Tenure

AU$504,931

Compensation

Dr. Christopher Irwin Richards, also known as Chris, BSc, BVSc, MAICD, has been Managing Director of Apiam Animal Health Limited since November 1, 2015. Dr. Richards founded Chris Richards & Associates in...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD334.97K) is about average for companies of similar size in the Australian market ($USD280.89K).

Compensation vs Earnings: Chris's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: AHX's management team is considered experienced (2.7 years average tenure).


Board Members

Experienced Board: AHX's board of directors are considered experienced (6.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: AHX insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

ASX:AHX Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
08 Sep 22BuyAU$184,110Christopher RichardsIndividual243,854AU$0.76
06 Sep 22BuyAU$11,464Christopher RichardsIndividual14,512AU$0.79
06 Sep 22SellAU$354,317Christopher RichardsIndividual458,366AU$0.77
01 Sep 22BuyAU$476,179Regal Partners LimitedCompany602,759AU$0.79
01 Sep 22SellAU$476,179Regal Partners LimitedCompany602,759AU$0.79
24 Jun 22BuyAU$34,347Andrew VizardIndividual49,067AU$0.70
24 Jun 22BuyAU$496Richard DennisIndividual709AU$0.70
24 Jun 22BuyAU$8,652Jan TennentIndividual12,360AU$0.70
03 Jun 22BuyAU$4,507,193Christopher RichardsIndividual6,438,846AU$0.70
23 Mar 22BuyAU$29,484Christopher RichardsIndividual33,581AU$0.88
02 Mar 22SellAU$10,119Richard DennisIndividual11,538AU$0.88
01 Nov 21BuyAU$95,963Christopher RichardsIndividual101,142AU$0.95

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 29.6%.


Top Shareholders

Top 22 shareholders own 57.64% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
22.16%
Christopher Richards
38,650,000A$28.4m-0.51%no data
12.18%
PETstock Pty Ltd
21,240,500A$15.6m0%no data
9.06%
Regal Partners Limited
15,803,149A$11.6m0%0.75%
3.31%
MAM Pty Limited
5,769,410A$4.2m0%0.27%
1.58%
Scolexia Commodity Pty
2,755,777A$2.0m0%no data
1.07%
J & S Wright Family Trust
1,872,006A$1.4m0%no data
0.9%
Hamilton Animal Health Pty Ltd
1,564,270A$1.1m0%no data
0.84%
Brian Scutt
1,464,319A$1.1m-2.61%no data
0.79%
Four Post Investments Pty Ltd
1,386,700A$1.0m0%no data
0.79%
Rachel O'Meara
1,377,888A$1.0m0%no data
0.73%
Sarah Jalim
1,275,673A$937.6k0%no data
0.73%
Simon Robinson
1,275,673A$937.6k0%no data
0.73%
Michael Whiteford
1,275,673A$937.6k0%no data
0.7%
Kate Malin
1,229,161A$903.4k0%no data
0.69%
Sonjaswright Pty Limited
1,211,846A$890.7k0%no data
0.51%
Roger Carmody
885,896A$651.1k40.77%no data
0.51%
Maris Carmody
885,895A$651.1k40.77%no data
0.16%
Andrew Vizard
284,591A$209.2k0%no data
0.083%
Matthew White
145,421A$106.9k17.52%no data
0.064%
Michael van Blommestein
111,268A$81.8k0%no data
0.041%
Jan Tennent
71,691A$52.7k0%no data
0.0069%
Richard Dennis
12,000A$8.8k0%no data

Company Information

Apiam Animal Health Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Apiam Animal Health Limited
  • Ticker: AHX
  • Exchange: ASX
  • Founded: 1998
  • Industry: Health Care Services
  • Sector: Healthcare
  • Implied Market Cap: AU$128.222m
  • Shares outstanding: 174.45m
  • Website: https://www.apiam.com.au

Number of Employees


Location

  • Apiam Animal Health Limited
  • 27-33 Piper Lane
  • East Bendigo
  • Bendigo
  • Victoria
  • 3550
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AHXASX (Australian Securities Exchange)YesOrdinary SharesAUAUDDec 2015
AHXCHIA (Chi-X Australia)YesOrdinary SharesAUAUDDec 2015

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/23 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.