The Analysts at Emerald Financial recently released a report on Apiam Animal Health (ASX: AHX) with a Buy rating on the stock. Here are some of the key highlights:
- Revenue of $126.2m, +6.6% (FY20: $118.3m);
- NPAT of $5.1m, +24.1% (FY20: $4.1m);
- 117% cash conversion to earnings ratio with additional funding headroom to expand via acquisition in a buyer-friendly market;
- Network growth in animal health businesses risen to 61, including 10 acquired or built over the past 12 months;
- 15% growth in pet ownership through the pandemic driving new revenue from companion animal market;
- 5,557 members of the Apiam Best Mates membership program, increase of 76% in FY21 driving cross-sell opportunities between Apiam products and services;
- Regional population growth accelerated by pandemic and wide scale acceptance to working from home;
- Political and regulatory tailwinds from equine market driving growth in Apiam equine hubs, including $16m acquisition in Queensland breeding and racing epicentre;
- 2-year R&D program with Iowa State University; into residual efficacy of Zoono disinfectant technology against key viruses successfully complete;
- Takeover Target: Higher – Apiam is the only remaining ASX-listed veterinary operator.
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*AHX has engaged Principal IR, which is a related entity to Emerald Financial, on retainer to assist with Investor Communications. Directors of Emerald Financial Group hold shares in AHX.
- Emerald Financial Research Note – Apiam Animal Health - September 10, 2021
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