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Aspen Pharmacare (APN) ZAR

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

Sector: Pharma

ZA_APN

Price chart

144.4 ZARDay 1.78%

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
144.4 ZAR · 1.78%
Market cap
64.1 bn ZAR

Growth

Δ revenue y/y
-4.3%
Δ EBITDA y/y
-24.6%

Multiples

P/E (LTM)
—
P/B (FY)
0.8x
P/E (ann.)
21.8x
EV/EBITDA (LTM)
9.3x
EV/EBITDA (ann.)
16.5x

Cash return

Dividend yield
1.4%
FCF yield (LTM)
2.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-43.7%
↓ details

Liquidity

Daily turnover (listing)
273.4 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 B ZAR, 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.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2025-12-31H1 2026 (6M)OK17.1
y/y -4.3%
1.8
y/y -34.3%
1.0
y/y 5.1%
2.8
y/y -24.6%
1.5
y/y -38.4%
3.6-1.1128.0
y/y -6.3%
81.1
y/y -4.7%
3.5%27.3Link
2025-06-30H2 2025 (6M)OK25.5
y/y 8.3%
5.9
y/y -15.7%
1.2
y/y 14.6%
7.0
y/y -11.8%
-3.5
y/y -266.1%
3.4-3.9135.9
y/y -2.3%
84.9
y/y 0.0%
-1.3%29.2Link
2024-12-31H1 2025 (6M)OK17.8
y/y -15.6%
2.8
y/y -20.8%
0.9
y/y -3.6%
3.7
y/y -17.2%
2.4
y/y 3.2%
1.8-1.2136.6
y/y -1.9%
85.1
y/y -0.6%
5.6%28.7Link
2024-06-30H2 2024 (6M)OK23.6
y/y —
6.9
y/y —
1.0
y/y —
8.0
y/y —
2.1
y/y —
3.8-4.0139.1
y/y 3.6%
84.9
y/y -1.6%
5.2%23.5Link
2023-12-31H1 2024 (6M)OK21.1
y/y —
3.5
y/y —
0.9
y/y —
4.4
y/y —
2.3
y/y —
2.5-1.5139.3
y/y —
85.6
y/y —
5.4%20.5Link
2023-06-30FY 2023 (12M)OK40.7
y/y —
8.2
y/y —
1.8
y/y —
10.0
y/y —
5.2
y/y —
5.5-3.2134.3
y/y —
86.2
y/y —
—18.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

010 00020 00030 0002023 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)

-4 000-2 00002 0002023 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: -43.2%

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)
= (2 776 − 3 681) × 3.53
-3 198
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (64 117 + 27 323) ÷ 9 809
9.3x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (9.3 + 8) ÷ 2
8.7x
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
= (-3 198 × 8.7 + 0) ÷ 64 117
-43.2%

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 9.3x EV/EBITDA.
What is Aspen Pharmacare (APN)'s P/B ratio?
Aspen Pharmacare (APN) trades at a P/B of 0.8x.
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 3.5%.
What is Aspen Pharmacare (APN)'s market capitalization?
Aspen Pharmacare (APN)'s market cap is 64.1 bn ZAR.

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