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General information

Sector: Health Care

The company is not available at Interactive Brokers

Adcock Ingram (JSE:AIP) is a leading South African pharmaceutical manufacturer. The Company's mission is to provide quality products that improve the health and lives of people in the markets it serves.

The Company manufactures, markets, and distributes a wide range of healthcare products and is a leading supplier to both the private and public sectors of the market.

Adcock Ingram started as a small Krugersdorp pharmacy almost 130 years ago and now ranks as the second-largest local manufacturer in the private pharmaceutical market and the second-largest supplier to the public sector in South Africa. Beyond the borders of South Africa, the Company serves markets in other African countries and also conducts operations out of India.

Adcock Ingram operates through a decentralised, autonomous operational structure that consists of four business units, each one structured to serve specific consumer needs and to meet specific regulatory requirements.



  • Bad financial results growth rate -12.2% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (-0.0%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 7.0% (LTM)
  • Share price is 28.7% higher than minimum and 9.1% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (9.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)55.00
Share price, USD: 2.96
Common stocks: 161 272 727

Dividend Yield:  0.0%
FCF Yield LTM: 7.0%
EV / LTM EBITDA: 9.7x
Last revenue growth (y/y):  -13.5%
Last growth of EBITDA (y/y):  -10.8%
Historical revenue growth:  +4.2%
Historical growth of EBITDA:  -4.4%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 478
Net Debt ($m): 12
EV (Enterprise Value): 490
EBITDA LTM ($m): 51
EV / LTM EBITDA: 9.7x
Price to Book: 1.68x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

Reuters Headlines

S.African drugmaker Adcock warns of margin pressure in coming months

South African drugmaker Adcock Ingram said on Tuesday its margins would be under pressure over the next 12 months as a government-allowed price increase on regulated drugs would not be enough to cover the cost of local inflation and power cuts.

2023-02-21

JSE:AIP

S.African drugmaker Adcock warns of margin pressure in coming months

Company says govt allowed price hike not enough to beat inflation

2023-02-21

JSE:AIP JSE:MPT

CORRECTED-UPDATE 2-S.African drug firm Adcock Ingram full-year profit slips 3%

South African pharmaceutical firm Adcock Ingram posted a 3% dip in annual earnings on Wednesday as pandemic-related restrictions helped people avoid flu in the winter months of June and July, hurting sales of related drugs.

2021-08-25

JSE:AIP

UPDATE 1-S.Africa`s Adcock Ingram scraps dividend on weak outlook

South African drugmaker Adcock Ingram Holdings scrapped its dividend on Wednesday, warning the coronavirus crisis could wipe out revenue growth in its new financial year.

2020-08-26

JSE:AVI JSE:AIP JSE:MPT

UPDATE 2-South Africa`s Bidvest confirms Madisa as CEO-in-waiting

* Bidvest shares down 0.07 pct to 211.46 rand at 1350 GMT (Recasts with CEO designate)

2019-03-04

JSE:BVT JSE:AVI JSE:AIP JSE:ISA

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Releases

2022-07-15
Trading statement
2022-03-30
Acquisition of ordinary shares from a wholly-owned subsidiary
2022-03-08
Dealings in securities
2022-02-23
Unaudited interim results for the six months ended 31 December 2021 and cash dividend declaration
2022-02-21
Conference call and audio webcast following the interim results announcement
2022-01-26
Further trading statement
2021-12-14
Trading statement
2021-12-07
Acceptance of conditional share award allocations
2021-11-24
Results of the annual general meeting (AGM)
2021-10-26
No change statement and notice of annual general meeting
2021-10-25
Dealing in securities by the Adcock Ingram Holdings Limited Employee Share Trust (2008)
2021-10-01
B-BBEE annual compliance report
2021-08-25
Audited Group Financial Results and Cash Dividend Declaration for the year ended 30 June 2021

SENS Announcements

2024-04-17
Dealings in securities by Adcock Ingram Limited Employee Share Trust (2008) and Executive Director
2024-03-16
Test
2024-03-08
Dealing in securities by the Adcock Ingram Limited Employee Share Trust (2008)
2024-02-21
Unaudited interim results for the six months ended 31 December 2023 and cash dividend declaration
2024-02-15
Audio webcast and conference call following the interim financial results publication
2024-01-02
Dealing in securities by the Adcock Ingram Limited Employee Share Trust (2008)
2023-12-28
Dealings in securities by Adcock Ingram Limited Employee Share Trust (2008) and executive director
2023-12-19
Dealings in securities by Adcock Ingram Limited Employee Share Trust (2008) and executive directors
2023-12-11
Dealings in securities by the Adcock Ingram Holdings Limited Employee Share Trust (2008)
2023-12-07
Dealings in securities by the Adcock Ingram Holdings Limited Employee Share Trust (2008)
2023-11-23
Results of the annual general meeting (AGM) and availability B-BBEE annual compliance report
2023-10-30
Acquisition of ordinary shares from a wholly-owned subsidiary
2023-10-20
Availability of integrated report and notice of annual general meeting (“AGM”)
2023-10-05
Dealings in securities by the Adcock Ingram Holdings Limited Employee Share Trust (2008)
2023-10-02
Dealings in securities by the Adcock Ingram Holdings Limited Employee Share Trust (2008)
2023-09-28
Dealings in securities by Adcock Ingram Holdings Limited Employee Share Trust (2008) and Executive Directors
2023-09-05
Acceptance of conditional share award allocations
2023-08-23
Audited Group financial results and cash dividend declaration for the year ended 30 June 2023
2023-08-16
Audio webcast and conference call following the annual financial results announcement
2023-06-22
Disclosure of significant holding of the Company’s ordinary shares
2023-06-20
General Repurchase Announcement
2023-02-22
Changes to the board
2023-02-21
Unaudited interim results for the six months ended 31 December 2022 and cash dividend declaration
2023-02-14
Audio webcast and conference call following the interim financial results publication
2022-11-23
Results of the annual general meeting (AGM)
2022-10-25
No change statement and notice of annual general meeting
2022-10-14
Dealings in securities by Adcock Ingram Limited and executive directors
2022-10-06
Acceptance of conditional share award allocations
2022-09-30
B-BBEE annual compliance report
2022-08-29
Appointment of independent non-executive director and changes to the composition of board committees
2022-08-25
Audited Group financial results and cash dividend declaration for the year ended 30 June 2022
2022-08-18
Audio webcast and conference call following the annual financial results announcement
2022-08-18
Further trading statement
2022-07-15
Trading statement