Avior Capital Markets - Aspen Pharmacare Holdings Limited (109J) APN | Vitamin EM for the pain

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Avior Capital Markets

APN | Vitamin EM for the pain

Aspen Pharmacare (APN) has delivered returns in excess of 100% since listing in 1998. We attribute this to the Group's ability to mitigate price pressures through competitive manufacturing and procurement. This has been enhanced by strategic acquisitions. However, increased competition from generics, constraints in the value chain and pricing regulations (especially in developed markets) have diluted APN's competitive advantage.

18/10/2017 1 EN

Underlying

Aspen Pharmacare Holdings Limited

Aspen is a holding company supplying and manufacturing branded and generic pharmaceutical products as well as infant nutritionals and consumer healthcare products in selected territories. Co. supplies branded and generic pharmaceuticals to approximately 150 countries worldwide. Co. manufactures a range of product-types including oral solid dose, liquids, semi-solids, steriles, biologicals, active pharmaceuticals ingredients (API) and nutritionals Co.'s business unit include International, South Africa, Asia Pacific, and sub-Saharan Africa.

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ZAE000066692 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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