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Aspen Pharmacare (APN) USD

At a glance: strengths & risks
✗Profit falling (-125%)✗Loss-making last FY✗Margins compressing (28%→25%)

Sector: Pharma

ZA_APN

Price chart

147.04 ZARDay 2.37%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
147.04 ZAR · 2.37%
Market cap
4.1 bn USD

Growth

Δ revenue y/y
-1.5%
Δ EBITDA y/y
-22.3%

Multiples

P/E (LTM)
—
P/B (FY)
0.9x
P/E (ann.)
24.7x
EV/EBITDA (LTM)
58.4x
EV/EBITDA (ann.)
100.8x

Cash return

Dividend yield
1.4%
FCF yield (LTM)
-114.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-74.1%
↓ details

Liquidity

Daily turnover (listing)
5.6 mln ZAR

Shares: yahoo_fundamentals_timeseries/APN.JO

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31H1 2026 (6M)OK958.7
y/y -1.5%
102.2
y/y -32.4%
53.7
y/y 8.2%
155.8
y/y -22.3%
82.6
y/y -36.5%
200.8-1128.07737.8
y/y 7.0%
4900.1
y/y 8.8%
3.4%27323.0Link
2025-06-30H2 2025 (6M)OK1386.4
y/y 11.1%
318.2
y/y -14.1%
64.1
y/y 17.7%
382.3
y/y -10.0%
-189.1
y/y -271.6%
182.3-3858.07642.0
y/y 0.1%
4774.0
y/y 2.5%
-1.3%29210.0Link
2024-12-31H1 2025 (6M)OK972.9
y/y -16.0%
151.0
y/y -21.3%
49.6
y/y -4.1%
200.6
y/y -17.6%
130.2
y/y 2.6%
98.4-1197.07233.6
y/y -4.4%
4505.7
y/y -3.1%
5.7%28667.0Link
2024-06-30H2 2024 (6M)OK1247.3
y/y —
370.4
y/y —
54.4
y/y —
424.8
y/y —
110.2
y/y —
200.3-4043.07635.4
y/y 7.7%
4659.4
y/y 2.3%
5.1%23522.0Link
2023-12-31H1 2024 (6M)OK1158.6
y/y —
191.8
y/y —
51.7
y/y —
243.5
y/y —
126.8
y/y —
134.7-1492.07564.3
y/y —
4648.5
y/y —
5.5%20540.0Link
2023-06-30FY 2023 (12M)OK2254.1
y/y —
456.6
y/y —
99.0
y/y —
555.6
y/y —
289.5
y/y —
305.6-3181.07090.7
y/y —
4553.6
y/y —
—18207.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

05001 0001 5002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-20%0%20%40%60%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (ZAR mln)

-300-200-10001002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (ZAR mln)

010 00020 00030 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.06x of reported net profit; after capex, 0.41x. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit0.83x1.06x1.41x—
accruals, % of assets1.0%-0.2%-1.3%-4.6%
net debt / EBITDA 2.7x · capex 2.2x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -74.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (156 − 201) × 3.55
-159
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 080 + 27 323) ÷ 554
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (30.0 + 8) ÷ 2
19.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 344 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-159 × 19.0 + 0) ÷ 4 080
-74.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -3% vs +10% the year before — a -12.8 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 +5% · 2024 +10% · 2025 -3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-10-01211 ZAREx-dividend: 211 ZAR per sharePaidYahoo Finance (ex-div)
2024-09-18359 ZAREx-dividend: 359 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-20342 ZAREx-dividend: 342 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-21326 ZAREx-dividend: 326 ZAR per sharePaidYahoo Finance (ex-div)
2021-09-21262 ZAREx-dividend: 262 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.aspenpharma.com/investor-relations/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aspen Pharmacare (APN) — from primary filings.

Aspen Pharmacare manufactures and markets specialty and branded pharmaceutical products, including injectables, over-the-counter medicines, and prescription drugs, across multiple global regions. It also produces active pharmaceutical ingredients and various dosage forms for export.

Frequently asked questions

What is Aspen Pharmacare (APN)'s EV/EBITDA?
Aspen Pharmacare (APN) trades at 58.4x EV/EBITDA.
What is Aspen Pharmacare (APN)'s P/B ratio?
Aspen Pharmacare (APN) trades at a P/B of 0.9x.
What is Aspen Pharmacare (APN)'s dividend yield?
Aspen Pharmacare (APN)'s trailing 12-month dividend yield is 1.4%.
What is Aspen Pharmacare (APN)'s return on equity (ROE)?
Aspen Pharmacare (APN)'s ROE is 3.4%.
What is Aspen Pharmacare (APN)'s market capitalization?
Aspen Pharmacare (APN)'s market cap is 4.1 bn USD.

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