LONDON, UK / ACCESSWIRE / November 26, 2019 / AFT Pharmaceuticals is a New Zealand-based specialty pharmaceutical company that currently sells over 130 prescription specialty generics and OTC products through its own salesforce in New Zealand, Australia and South-East Asia. The company recently reported its H120 results. Operating revenue grew by a strong 22.1% year-on-year as there was growth across all regional segments, notably South-East Asia and Rest of World, which grew by 111.9% and 64.4%, respectively. Importantly, the company reported an operating profit of NZ$13.7m (with all regions contributing profit), up from a loss of NZ$0.1m in the first half of FY19.
We are increasing our valuation from NZ$495m or NZ$5.09 per share to NZ$539m or NZ$5.53 per share, mainly due to rolling forward our NPV and increased revenue estimates, particularly in South-East Asia, as they were stronger compared to our expectations. This increase was offset in part by slightly higher net debt.
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