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  1. #1
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    Default AFT Pharmaceuticals

    http://www.afr.com/street-talk/aft-p...0150930-gjymsn

    Thoughts?

    (clearly no details yet, but from a macro/investor perspective, I think this could be good...)

  2. #2
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    Thumbs up from me.. Good business to be in. But depends on valuation. Orion is a good example, good fundamentals but very high price multiple hence fared poorly for those who put money in IPO.

  3. #3
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    I don't know anything about the industry, but I understand pharmaceuticals are a key component of the Trans-Pacific Partnership Agreement, would it have any impact on AFT?

  4. #4
    6 pointer GoldenStag's Avatar
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    Officially announced yesterday or the day before.

    A couple of articles here:
    http://www.scoop.co.nz/stories/BU151...zx-and-asx.htm
    and here:
    http://home.nzcity.co.nz/news/article.aspx?id=216784

    and a fact sheet available from brokers.

    Anyone interested in this one?
    Stagalicious

  5. #5
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    That's a fair loss (-$12.9M) on a fairly mature company ($56.2M), R&D spend ~$4M with 'Maxigesic' their major IP. Be interested to know the valuation, unless it's a steal I'll be shying away.

  6. #6
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    Some more detailed information: (worth a read!)

    http://www.sharechat.co.nz/pdf/AFT_P...Fact_Sheet.pdf

  7. #7
    Divorced from logic Hectorplains's Avatar
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    Quote Originally Posted by trader_jackson View Post
    Some more detailed information: (worth a read!)

    http://www.sharechat.co.nz/pdf/AFT_P...Fact_Sheet.pdf
    A couple of links providing an Aust perspective:
    http://www.afr.com/street-talk/aft-p...0150930-gjymsn
    http://www.afr.com/street-talk/imed-...0150930-gjyobj

    Given they're going for a dual listing, it looks like they might have to be set a very realisitic strike price. FWIW: IDX made a brief climb to $1.95, today it dug a new low of $1.76.
    Last edited by Hectorplains; 18-11-2015 at 08:42 PM.

  8. #8
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    I am hearing good whispers on AFT... will be interesting to see if they do go fully ahead with the IPO (although I think they will do), and even more interesting to see what price it is...

  9. #9
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    Quote Originally Posted by kiwidollabill View Post
    That's a fair loss (-$12.9M) on a fairly mature company ($56.2M), R&D spend ~$4M with 'Maxigesic' their major IP. Be interested to know the valuation, unless it's a steal I'll be shying away.
    Thats a bit harsh Bill - they are expensing all their R and D annually and ramping up the Australian side - I will have a close look at this if the IPO goes ahead. I quite like their company story so far

  10. #10
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    thats alot of R&D (sales 80mil-up from 60mil)but a 12.9mil loss.--this is a familiar story in the Biotec sector (which is why they are normally spec stocks)--If they come up with a major product from their R&D then it could be big but.....
    Of course it depends on list price and sometimes these can go ballistic on hype,but at a time when most are leaning towards div. paying co.s with strong balance sheets you would certainly want to do your homework and keep it a smaller % of the portfolio. IMO--they would be up against some pretty tough competition worldwide. Maxigesic--Isnt that a combination of Ibuprofin and paracetimal?--a novel idea to combine the 2 ,but both those ingredients have been around for ages so hardly earth shattering in terms of R&D and new products.

  11. #11
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    ^ Skid has most of my thoughts here. I'd be viewing this as a speculative 'startup' type bet considering where it appears their business plan is at the moment. From the info sheet it appears AFT was cash +ve (sustainable growth) then did a big drive into Oz which increased rev but at a loss. I think their details around growing their global market are also bit sparse.

    Be interested to see what their GM is (cant find anything in that info sheet), generic drugs are typically low margin plus coupled with the fact they use contract manufacturers (likely Douglas, GMP etc) I cant imagine there is alot of meat left.

    DYOR but I'd ask alot more questions on this one before plunging in.

  12. #12

  13. #13
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    Does any one have any thoughts/comments re the company and the float? Shares will list at NZ$2.80.
    Shepherd

  14. #14
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    http://www.business.govt.nz/disclose...86073257672360

    There is some valuable information on this page, such as previous recent financial statements.

    What is interesting is the loan they have at 13.5% interest rate (why is this so high??)
    Also interesting is how fast australian sales have grown
    Also $1m in dividends were paid in 2015 (I think I saw this), so if they don't pay dividends when they list, this will be a 'automatic' cash flow saving

    Just a few interesting things I have seen... but also interested to know what others think (i've already signed up...)

  15. #15

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