Initiating Coverage of Narrow-Moat Australian Pharmaceutical Industries With FVE of AUD 2.15
We are initiating coverage of Australian Pharmaceutical Industries, or API, with a AUD 2.15 fair value estimate and a narrow moat rating. Our intrinsic valuation represents a fiscal 2017 price/earnings ratio of 20.0 times and enterprise value/EBITDA of 9.2 times. Our discounted cash flow modelling assumes the addition of 20 new Priceline Pharmacy franchise stores annually for the next five years, which is consistent with management targets and below three-year historical trends.API is one of th...
Australian Pharmaceutical Industry is a service provider to the pharmacy industry. Co. operates two segments, Australia and New Zealand. The Australia segment is engaged in the distribution of pharmaceutical, medical, health, beauty and lifestyle products to pharmacies, the purchase and sale of various health, beauty and lifestyle products within the retail industry and provider of retail services to pharmacies. The New Zealand segment is engaged as a manufacturer and owner of rights of pharmaceutical medicines and consumer toiletries.
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