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Aspen Pharmacare Holdings

DB:LDZA
Snowflake Description

Undervalued with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LDZA
DB
ZAR46B
Market Cap
  1. Home
  2. DE
  3. Pharmaceuticals & Biotech
Company description

Aspen Pharmacare Holdings Limited, together with its subsidiaries, manufactures and supplies specialty, branded, and generic pharmaceutical products worldwide. The last earnings update was 109 days ago. More info.


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LDZA Share Price and Events
7 Day Returns
2%
DB:LDZA
2.6%
DE Pharmaceuticals
1.6%
DE Market
1 Year Returns
-61.5%
DB:LDZA
-27.2%
DE Pharmaceuticals
-7.4%
DE Market
LDZA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aspen Pharmacare Holdings (LDZA) 2% 4.6% 13% -61.5% -69.3% -69.2%
DE Pharmaceuticals 2.6% 1.7% -4.1% -27.2% -20.9% 9.8%
DE Market 1.6% 1.5% 3% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • LDZA underperformed the Pharmaceuticals industry which returned -27.2% over the past year.
  • LDZA underperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
LDZA
Industry
5yr Volatility vs Market

Value

 Is Aspen Pharmacare Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aspen Pharmacare Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aspen Pharmacare Holdings.

DB:LDZA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:LDZA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.643 (1 + (1- 28%) (137.61%))
1.187
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.19
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.187 * 5.96%)
7.3%

Discounted Cash Flow Calculation for DB:LDZA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aspen Pharmacare Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:LDZA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ZAR, Millions) Source Present Value
Discounted (@ 7.3%)
2019 7,005.00 Analyst x2 6,528.19
2020 5,463.43 Analyst x3 4,744.99
2021 7,418.13 Analyst x3 6,004.12
2022 9,739.00 Analyst x1 7,346.05
2023 10,679.83 Est @ 9.66% 7,507.39
2024 11,409.34 Est @ 6.83% 7,474.29
2025 11,962.69 Est @ 4.85% 7,303.36
2026 12,376.99 Est @ 3.46% 7,041.97
2027 12,685.52 Est @ 2.49% 6,726.23
2028 12,915.55 Est @ 1.81% 6,382.07
Present value of next 10 years cash flows ZAR67,058.65
DB:LDZA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ZAR12,915.55 × (1 + 0.23%) ÷ (7.3% – 0.23%)
ZAR182,947.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ZAR182,947.13 ÷ (1 + 7.3%)10
ZAR90,401.17
DB:LDZA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ZAR67,058.65 + ZAR90,401.17
ZAR157,459.82
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR157,459.82 / 455.97
ZAR345.33
DB:LDZA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:LDZA represents 0.06255x of JSE:APN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06255x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 345.33 x 0.06255
€21.60
Value per share (EUR) From above. €21.60
Current discount Discount to share price of €6.32
= -1 x (€6.32 - €21.60) / €21.60
70.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aspen Pharmacare Holdings is available for.
Intrinsic value
>50%
Share price is €6.32 vs Future cash flow value of €21.6
Current Discount Checks
For Aspen Pharmacare Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aspen Pharmacare Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aspen Pharmacare Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aspen Pharmacare Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aspen Pharmacare Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:LDZA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in ZAR ZAR11.97
JSE:APN Share Price ** JSE (2019-06-24) in ZAR ZAR101
Germany Pharmaceuticals Industry PE Ratio Median Figure of 6 Publicly-Listed Pharmaceuticals Companies 27.43x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 20.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aspen Pharmacare Holdings.

DB:LDZA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:APN Share Price ÷ EPS (both in ZAR)

= 101 ÷ 11.97

8.44x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aspen Pharmacare Holdings is good value based on earnings compared to the DE Pharmaceuticals industry average.
  • Aspen Pharmacare Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Aspen Pharmacare Holdings's expected growth come at a high price?
Raw Data
DB:LDZA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.44x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
1.5%per year
Europe Pharmaceuticals Industry PEG Ratio Median Figure of 34 Publicly-Listed Pharmaceuticals Companies 1.99x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:LDZA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.44x ÷ 1.5%

5.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aspen Pharmacare Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Aspen Pharmacare Holdings's assets?
Raw Data
DB:LDZA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in ZAR ZAR114.67
JSE:APN Share Price * JSE (2019-06-24) in ZAR ZAR101
Germany Pharmaceuticals Industry PB Ratio Median Figure of 7 Publicly-Listed Pharmaceuticals Companies 2.32x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:LDZA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:APN Share Price ÷ Book Value per Share (both in ZAR)

= 101 ÷ 114.67

0.88x

* Primary Listing of Aspen Pharmacare Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aspen Pharmacare Holdings is good value based on assets compared to the DE Pharmaceuticals industry average.
X
Value checks
We assess Aspen Pharmacare Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Aspen Pharmacare Holdings has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Aspen Pharmacare Holdings expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aspen Pharmacare Holdings expected to grow at an attractive rate?
  • Aspen Pharmacare Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Aspen Pharmacare Holdings's earnings growth is positive but not above the Germany market average.
  • Aspen Pharmacare Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:LDZA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:LDZA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 1.5%
DB:LDZA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 3.4%
Germany Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 17.1%
Germany Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:LDZA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:LDZA Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 42,604 10,200 1
2022-06-30 46,523 10,251 3
2021-06-30 44,374 9,808 7,598 8
2020-06-30 42,270 9,418 6,683 9
2019-06-30 40,278 9,725 7,819 8
DB:LDZA Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2018-12-31 42,760 5,726 5,466
2018-09-30 42,678 6,372 5,738
2018-06-30 42,596 7,017 6,010
2018-03-31 40,564 6,654 5,734
2017-12-31 40,922 6,289 5,743
2017-09-30 41,068 6,388 5,436
2017-06-30 41,213 6,487 5,128
2017-03-31 39,557 5,694 4,414
2016-12-31 37,900 4,900 3,700
2016-09-30 36,750 4,050 4,000
2016-06-30 35,600 3,200 4,300
2016-03-31 35,583 3,406 5,220

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aspen Pharmacare Holdings's earnings are expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
  • Aspen Pharmacare Holdings's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:LDZA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Aspen Pharmacare Holdings Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LDZA Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30
2022-06-30 20.24 20.24 20.24 1.00
2021-06-30 16.95 19.03 14.18 5.00
2020-06-30 15.09 17.53 12.56 6.00
2019-06-30 16.93 26.13 11.54 6.00
DB:LDZA Past Financials Data
Date (Data in ZAR Millions) EPS *
2018-12-31 11.97
2018-09-30 12.57
2018-06-30 13.17
2018-03-31 12.56
2017-12-31 12.58
2017-09-30 11.91
2017-06-30 11.24
2017-03-31 9.67
2016-12-31 8.11
2016-09-30 8.76
2016-06-30 9.42
2016-03-31 11.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Aspen Pharmacare Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Aspen Pharmacare Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aspen Pharmacare Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Aspen Pharmacare Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aspen Pharmacare Holdings's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aspen Pharmacare Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Aspen Pharmacare Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Aspen Pharmacare Holdings's 1-year earnings growth is negative, it can't be compared to the DE Pharmaceuticals industry average.
Earnings and Revenue History
Aspen Pharmacare Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aspen Pharmacare Holdings Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LDZA Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 42,760.00 5,466.00 10,839.00
2018-09-30 42,678.00 5,738.00 10,698.00
2018-06-30 42,596.00 6,010.00 10,557.00
2018-03-31 40,563.50 5,734.00 9,872.00
2017-12-31 40,922.00 5,743.00 9,786.00
2017-09-30 41,067.50 5,435.50 9,635.50
2017-06-30 41,213.00 5,128.00 9,485.00
2017-03-31 39,556.50 4,414.00 9,292.50
2016-12-31 37,900.00 3,700.00 9,100.00
2016-09-30 36,750.00 4,000.00 8,850.00
2016-06-30 35,600.00 4,300.00 8,600.00
2016-03-31 35,583.35 5,219.85 8,553.10
2015-12-31 35,566.70 6,139.70 8,506.20
2015-09-30 35,833.35 5,669.85 8,503.10
2015-06-30 36,100.00 5,200.00 8,500.00
2015-03-31 35,836.05 5,368.65 8,070.50
2014-12-31 35,572.10 5,537.30 7,641.00
2014-09-30 32,543.60 5,272.45 6,847.40
2014-06-30 29,515.10 5,007.60 6,053.80
2014-03-31 25,901.15 4,387.95 5,199.90
2013-12-31 22,287.20 3,768.30 4,346.00
2013-09-30 20,797.60 3,644.20 4,027.75
2013-06-30 19,308.00 3,520.10 3,709.50
2013-03-31 18,028.00 3,261.65 3,521.15
2012-12-31 16,748.00 3,003.20 3,332.80
2012-09-30 16,001.90 2,830.90 3,201.00
2012-06-30 15,255.80 2,658.60 3,069.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aspen Pharmacare Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aspen Pharmacare Holdings used its assets less efficiently than the DE Pharmaceuticals industry average last year based on Return on Assets.
  • Aspen Pharmacare Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aspen Pharmacare Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aspen Pharmacare Holdings has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Aspen Pharmacare Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aspen Pharmacare Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aspen Pharmacare Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aspen Pharmacare Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Aspen Pharmacare Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aspen Pharmacare Holdings Company Filings, last reported 5 months ago.

DB:LDZA Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 52,290.00 63,375.00 9,868.00
2018-09-30 52,290.00 63,375.00 9,868.00
2018-06-30 50,095.00 57,944.00 11,170.00
2018-03-31 50,095.00 57,944.00 11,170.00
2017-12-31 44,300.00 51,500.00 8,500.00
2017-09-30 44,300.00 51,500.00 8,500.00
2017-06-30 43,138.00 47,833.00 10,709.00
2017-03-31 43,138.00 47,833.00 10,709.00
2016-12-31 39,600.00 45,100.00 9,500.00
2016-09-30 39,600.00 45,100.00 9,500.00
2016-06-30 42,500.00 43,600.00 10,900.00
2016-03-31 42,500.00 43,600.00 10,900.00
2015-12-31 43,198.80 43,895.20 10,387.10
2015-09-30 43,198.80 43,895.20 10,387.10
2015-06-30 34,100.00 38,700.00 8,700.00
2015-03-31 34,100.00 38,700.00 8,700.00
2014-12-31 30,742.80 39,554.50 10,935.70
2014-09-30 30,742.80 39,554.50 10,935.70
2014-06-30 28,876.10 37,980.80 8,225.60
2014-03-31 28,876.10 37,980.80 8,225.60
2013-12-31 25,168.00 36,656.40 10,425.60
2013-09-30 25,168.00 36,656.40 10,425.60
2013-06-30 22,798.90 17,072.80 6,018.60
2013-03-31 22,798.90 17,076.20 6,018.60
2012-12-31 18,976.10 14,182.70 3,754.90
2012-09-30 18,976.10 14,182.70 3,754.90
2012-06-30 17,398.10 10,397.20 3,313.50
  • Aspen Pharmacare Holdings's level of debt (121.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (145.5% vs 121.2% today).
  • Debt is not well covered by operating cash flow (9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.6x coverage).
X
Financial health checks
We assess Aspen Pharmacare Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aspen Pharmacare Holdings has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Aspen Pharmacare Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.12%
Current annual income from Aspen Pharmacare Holdings dividends. Estimated to be 3.31% next year.
If you bought €2,000 of Aspen Pharmacare Holdings shares you are expected to receive €62 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aspen Pharmacare Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Aspen Pharmacare Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:LDZA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Germany Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:LDZA Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 4.07 1.00
2022-06-30 3.69 3.00
2021-06-30 3.58 9.00
2020-06-30 3.28 10.00
2019-06-30 3.02 10.00
DB:LDZA Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2018-09-13 3.150 2.488
2017-10-30 2.870 1.071
2017-09-14 2.870 0.923
2016-10-24 2.480 0.873
2016-09-14 2.480 0.793
2015-10-22 2.160 0.683
2015-09-09 2.160 0.710
2014-09-12 1.880 0.498
2013-09-12 1.570 0.569
2012-09-12 1.570 0.868
2011-10-21 1.050 0.934
2011-09-13 1.050 1.171

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Aspen Pharmacare Holdings has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Aspen Pharmacare Holdings only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Aspen Pharmacare Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.9x coverage).
X
Income/ dividend checks
We assess Aspen Pharmacare Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aspen Pharmacare Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aspen Pharmacare Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Aspen Pharmacare Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stephen Saad
COMPENSATION ZAR17,154,000
AGE 54
TENURE AS CEO 19.4 years
CEO Bio

Mr. Stephen Bradley Saad, BCom, CA(SA), has been the Group Chief Executive Officer of Aspen Pharmacare Holdings Limited since 2000. Mr. Saad served as a Joint Chief Executive of Aspen Pharmacare Holdings Limited from 1999 to 2000. He serves as a Director of Aspen Asia Pacific Pty Ltd. He has been an Executive Director of Aspen Pharmacare Holdings Limited since January 1999. Mr. Saad is a CA from South Africa Institute of CAs and holds a B.Com from the University of Natal in South Africa.

CEO Compensation
  • Stephen's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Stephen's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Aspen Pharmacare Holdings management team in years:

4.3
Average Tenure
48
Average Age
  • The tenure for the Aspen Pharmacare Holdings management team is about average.
Management Team

Stephen Saad

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR17M
AGE
54
TENURE
19.4 yrs

Gus Attridge

TITLE
Deputy Group Chief Executive & Executive Director
COMPENSATION
ZAR14M
AGE
57

Sean Capazorio

TITLE
Group Finance Officer
AGE
51

Lorraine Hill

TITLE
Group Operating Officer
AGE
54
TENURE
5.6 yrs

Riaan Verster

TITLE
Company Secretary
AGE
42

Carnie van der Linde

TITLE
Group Commercial Head
AGE
48
TENURE
3.1 yrs

Trevor Ziman

TITLE
Chief Executive Officer of Asia Pacific
AGE
46
TENURE
5.4 yrs

Dennis Dencher

TITLE
Chief Executive Officer of Commercial Business Europe
AGE
44
TENURE
2.1 yrs

Samer Kassem

TITLE
Chief Executive Officer of Aspen Global Incorporated
AGE
43
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Aspen Pharmacare Holdings board of directors in years:

7.6
Average Tenure
51.5
Average Age
  • The tenure for the Aspen Pharmacare Holdings board of directors is about average.
Board of Directors

Kuseni Dlamini

TITLE
Independent Non-Executive Chairman
COMPENSATION
ZAR1M
AGE
51
TENURE
3.5 yrs

Stephen Saad

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR17M
AGE
54
TENURE
20.4 yrs

Gus Attridge

TITLE
Deputy Group Chief Executive & Executive Director
COMPENSATION
ZAR14M
AGE
57
TENURE
20.4 yrs

Sindi Zilwa

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR701K
AGE
51
TENURE
12.8 yrs

Babalwa Ngonyama

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR622K
AGE
44
TENURE
3.2 yrs

Linda de Beer

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR45K
AGE
49
TENURE
0.9 yrs

Roy Andersen

TITLE
Lead Independent Non Executive Director
COMPENSATION
ZAR664K
AGE
70
TENURE
10.8 yrs

Chris Mortimer

TITLE
Non-Executive Director
COMPENSATION
ZAR345K
AGE
57
TENURE
20.4 yrs

David Redfern

TITLE
Non-Executive Director
COMPENSATION
ZAR284K
AGE
52
TENURE
4.3 yrs

Themba Mkhwanazi

TITLE
Independent Non-Executive Director
AGE
48
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
19. Oct 18 Buy Stephen Saad Individual 19. Oct 18 19. Oct 18 600,000 €9.51 €5,658,846
19. Oct 18 Buy Michael Attridge Individual 19. Oct 18 19. Oct 18 100,000 €9.51 €943,141
14. Sep 18 Buy Christopher Mortimer Individual 14. Sep 18 14. Sep 18 10,000 €11.82 €118,210
X
Management checks
We assess Aspen Pharmacare Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aspen Pharmacare Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Aspen Pharmacare Holdings Limited, together with its subsidiaries, manufactures and supplies specialty, branded, and generic pharmaceutical products worldwide. The company offers various oral solid dose, liquids, semi-solids, steriles, biogicals, active pharmaceutical ingredients, and infant nutritional products. It also provides various therapeutic products, including anaesthetics; and injectable anticoagulants comprising orgaran for the treatment of HIT under the Thrombosis brand. In addition, the company offers oncology, endocrinology, and women’s health products, as well as consumer healthcare products. Aspen Pharmacare Holdings Limited is headquartered in Durban, South Africa.

Details
Name: Aspen Pharmacare Holdings Limited
LDZA
Exchange: DB
Founded:
ZAR2,815,817,908
455,970,333
Website: http://www.aspenpharma.com
Address: Aspen Pharmacare Holdings Limited
Aspen Place,
9 Rydall Vale Park,
Durban,
KwaZulu-Natal, South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE APN Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 23. Feb 1995
OTCPK APNH.F Ordinary Shares Pink Sheets LLC US USD 23. Feb 1995
DB LDZA Ordinary Shares Deutsche Boerse AG DE EUR 23. Feb 1995
OTCPK APNH.Y ADR Pink Sheets LLC US USD 23. Jan 2009
Number of employees
Current staff
Staff numbers
10,321
Aspen Pharmacare Holdings employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 20:58
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/20
Last earnings filing: 2019/03/07
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.