Adcock Ingram Holdings Limited

JSE:AIP Stock Report

Market Cap: R9.9b

Adcock Ingram Holdings Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: AIP (ZAR67.8) is trading below our estimate of fair value (ZAR76.24)

Significantly Below Fair Value: AIP is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As AIP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AIP. This is calculated by dividing AIP's market cap by their current earnings.
What is AIP's PE Ratio?
PE Ratio12.2x
EarningsR814.01m
Market CapR9.88b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AIP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20x
APN Aspen Pharmacare Holdings
17.2x22.4%R76.1b
ASC Ascendis Health
10.7xn/aR450.5m
4569 KYORIN Pharmaceutical
17.8x-11.9%JP¥85.7b
603590 Beijing Konruns PharmaceuticalLtd
34.5x34.3%CN¥4.0b
AIP Adcock Ingram Holdings
12.2xn/aR9.9b

Price-To-Earnings vs Peers: AIP is good value based on its Price-To-Earnings Ratio (12.2x) compared to the peer average (20.1x).

Price to Earnings Ratio vs Industry

How does AIP's PE Ratio compare vs other companies in the African Pharmaceuticals Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
AIP 12.2xIndustry Avg. 10.2xNo. of Companies7PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AIP is expensive based on its Price-To-Earnings Ratio (12.2x) compared to the African Pharmaceuticals industry average (10.2x).

Price to Earnings Ratio vs Fair Ratio

What is AIP'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.

AIP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AIP's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

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

The above table shows the analyst AIP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR67.80
R62.00
-8.6%
8.1%R67.00R57.00n/a2
Nov ’25R68.06
R62.00
-8.9%
8.1%R67.00R57.00n/a2
Oct ’25R69.01
R62.00
-10.2%
8.1%R67.00R57.00n/a2
Sep ’25R64.50
R56.00
-13.2%
1.8%R57.00R55.00n/a2
Aug ’25R58.15
R56.00
-3.7%
1.8%R57.00R55.00n/a2
Jul ’25R61.00
R56.00
-8.2%
1.8%R57.00R55.00n/a2
Jun ’25R56.78
R56.00
-1.4%
1.8%R57.00R55.00n/a2
May ’25R55.69
R56.00
+0.6%
1.8%R57.00R55.00n/a2
Apr ’25R55.00
R56.00
+1.8%
1.8%R57.00R55.00n/a2
Mar ’25R55.65
R56.00
+0.6%
1.8%R57.00R55.00n/a2
Feb ’25R55.10
R55.97
+1.6%
1.7%R56.94R55.00n/a2
Jan ’25R60.10
R55.97
-6.9%
1.7%R56.94R55.00n/a2
Dec ’24R54.00
R55.97
+3.6%
1.7%R56.94R55.00n/a2
Nov ’24R55.50
R55.97
+0.8%
1.7%R56.94R55.00R68.062
Oct ’24R57.00
R54.00
-5.3%
1.9%R55.00R53.00R69.012
Sep ’24R55.68
R54.00
-3.0%
1.9%R55.00R53.00R64.502
Aug ’24R53.55
R54.00
+0.8%
1.9%R55.00R53.00R58.152
Jul ’24R56.30
R54.00
-4.1%
1.9%R55.00R53.00R61.002
Jun ’24R51.70
R54.00
+4.4%
1.9%R55.00R53.00R56.782
May ’24R50.10
R54.00
+7.8%
1.9%R55.00R53.00R55.692
Apr ’24R51.25
R54.00
+5.4%
1.9%R55.00R53.00R55.002
Mar ’24R53.00
R54.00
+1.9%
1.9%R55.00R53.00R55.652
Feb ’24R51.30
R54.00
+5.3%
1.9%R55.00R53.00R55.102
Jan ’24R50.50
R52.50
+4.0%
4.8%R55.00R50.00R60.102
Dec ’23R49.80
R52.50
+5.4%
4.8%R55.00R50.00R54.002
Nov ’23R47.50
R52.50
+10.5%
4.8%R55.00R50.00R55.502

Analyst Forecast: Target price is lower than the current share price.

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