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Nigerian International Securities Limited

Pharmaceutical Sector Brief: In Search of Value | Mar-17 | 13 Pages

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IN SEARCH OF VALUE -Nigerian Pharmaceutical Sector Brief-

March 2017








Brief Sector Overview

Current FX regime weighs down on 2016 performances: The performance of

the companies in the health sector in 2016 was heavily pressured by the

subsisting FX crisis, due to the high dependence of local pharmaceutical

companies on imported raw materials, inflexible foreign exchange market and

the depreciation of the Naira against the Dollar which dragged down both

revenue and earnings of players in the industry.

Headwinds expected to persist in the short term: Given that we expect the

challenge surrounding FX liquidity and market liberalization to persist in the

short term, we believe it will pose more operating challenges to the operators

in the healthcare sector. In light of this, we expect the operations of companies

within the healthcare space to remain drab, while adopting aggressive cost

management strategies in order to remain profitable.

Long-term opportunities will emerge based on expected favourable FGN

policies: Long term investments in few of these companies pose significant

upsides and returns to discerning investors, as we expect policy

pronouncements by the Federal government regarding local manufacturing

plus the news flow about the anticipated ban of importation on some

healthcare products, should drive informed investments by the companies.

Export prospects emerge for the sector: Additional company certifications by

the World Health Organization (WHO) on Good Manufacturing Practice (GMP)

to that of May & Baker Pharmaceutical Ltd, Evans Pharmaceutical Ltd, Chi

Pharmaceutical Ltd, and Swiss Pharma Nigeria Ltd in terms of drug production

is expected to help boost investor sentiments in the domestic pharmaceutical

sector, as products from the companies gets eligible for export, increasing

market penetration and competition across the continent and on the global

stage.

Below is a brief SWOT analysis of the domestic pharmaceutical industry.

Strength Large population and favourable demographics. Increasing number of global drug manufacturing certifications in

addition to accreditations by local agencies. Strong demand for healthcare products in an economy of

growing population.

Weakness

Consumers’ penchant for imported drugs/foreign medical treatment.

Poor fiscal allocation to the sector, thus inhibiting Research & Development.

High cost of production in addition to a seeming unhealthy business climate for local manufacturers.

Opportunities Sound policy implementations/support expected to boost the

performance of local drug manufacturers. Tax reliefs for R&D activities, provided they are carried out in

Nigeria and are connected to businesses to which allowances are granted.

Free Trade Zones and Export Processing Zones reliefs.

Threats High interest rate plus short tenure of funds are poor incentives

for accessing loans. Poor enforcement of regulations against sales of fake and

substandard drugs. Corruption and policy inconsistency. Growing acceptance of uncertified herbal remedies.

NISL Research

[email protected]

+234 8098720003

Analyst

Oluwasegun Tunmbi

[email protected]

+234 7030389024

mailto:[email protected]

mailto:[email protected]








Company Overview

FIDSON

Fidson Healthcare Plc (FIDSON) has its primary activities in manufacture and

distribution of pharmaceutical products, commencing its local manufacturing

activities in Jul-2002. The company has an ultramodern facility equipped with

six production lines – tablets, capsules, liquids, cream and ointment, dry

powder, and intravenous fluids. Also, the company currently produces several

range of drugs such as Arthemed (treatment of malaria medication), Astyfer

(blood building supplement), Astymin (amino acid intravenous nutritional

supplement), Ciprotab softlets (antibacterial), to mention a few.

NEIMETH

Neimeth International Pharmaceutical Plc (NEIMETH) brand name came in to

existence in 1997, after a Management Buy-Out (MBO) of Pfizer Inc. New York,

USA in Pfizer Products Plc, which had operated for 40years in the country.

NEIMETH runs a pharmaceutical and veterinary business arm, with the

pharmaceutical business producing consumer and ethical products such as

Pancemol (analgesic medication), Hemafolin (blood formulation/food

supplement), ncp (multipurpose anticeptic/disinfectant), etc. The veterinary

products include Neiva Stress (vitamin supplement), Neimycin Soluble Powder

(broad-spectrum antibiotic), etc.

GLAXOSMITH

GlaxoSmithKline Consumer Nigeria Plc (GLAXOSMITH) commenced business

on 01-Jul-72, under the name Beecham Limited, with its current brand name

gotten after a merger of its then parent company (SmithKline Beecham Plc)

with Glaxo Wellcome Plc in 2000. GLAXOSMITH develops a broad range of

innovative products in three primary areas of pharmaceuticals, vaccines and

consumer healthcare. On 01-Oct-16, GLAXOSMITH divested its drinks business

(drinks bottling and distribution business and other assets including the

factory appropriated to and utilized for the drinks business) to Suntory

Beverage & Food Ltd, sighting its objective of allowing the Nigeria business to

focus on the same consumer healthcare portfolio as the parent group. The

retained business in the consumer healthcare portfolio includes Wellness

(OTC), Oral Healthcare and Nutrition categories, with brands such as

Sensodyne, Macleans, Panadol, Horlicks, Andrews Liver Salts, Voltaren,

Otrivin, etc.

MAYBAKER

The existence of May & Baker Nigeria Plc (MAYBAKER) in Nigeria can be traced

to 1944 – May & Baker (West Africa) Ltd, with May & Baker UK Ltd being the

parent company. Divesting their interest in 2002, the parent company was

represented by Aventis SA, France as MAYBAKER’s technical associates, after








which MAYBAKER got the leeway to have its own products in 2005 and have

since then set up a vaccine production subsidiary in conjunction with the

Federal government, a food processing factory, and a WHO standard

pharmaceutical production facility which was commissioned in 2011.

MAYBAKER is amongst the four (4) manufacturers in Nigeria currently having

the WHO GMP Certification, with pharmaceutical products such as Diatab (anti-

diabetic), Cardovasc Retard (anti-hypertensive), Artelum (anti-malaria), etc;

and food and beverage products such as Mimee Noodles and Lily Table Water.

PHARMDEKO

Pharma Deko Plc (PHARMDEKO) came into Nigeria in 1962 as Parke-Davis &

Company (US), operating a non-trading branch to promote the pharmaceutical

products of the company, and after several modifications in name, changed to

the current brand name in pursuant of the Companies and Allied Matters

Decree of 1990. PHARMDEKO currently has products such as Vitacee Syrup &

Drops (infant nutritional supplement), Brett Mouthwash (oral care), Hexedene

(antibacterial), Sans Cream Soda (sugar-free drink), etc.

EVANSMED

Evans Medical Plc (EVANSMED) was incorporated in 1954 under the name Allen

& Hansbury (Nigeria) Ltd, acquiring the current brand name in 1994.

EVANSMED is amongst the four (4) manufacturers in Nigeria currently having

the WHO GMP Certification, completing its factory modernization programme

in 2010. The company has a wide range of products, with functions ranging

from antimalarial, to anti-asthmatics, anti-diabetics, energy supplements,

erectile dysfunctions, etc.

NIG-GERMAN

Nigerian German Chemicals (NIG-GERMAN) was formed in 1964 and operated

as Nigerian Hoechst Plc until Feb-95 when it changed its name. Situated in the

Ota, Ogun state, the company has depots in seven (7) states of the country

plus the FCT. NIG-GERMAN produces a wide range of products such as Benylin

Expectorant, Benylin with Codeine, Colipan Syrup, Glanil, Daga, Abidec, etc.,

and beverages such as Sparwassar Waters, Sparwassar Flavoured Waters and

Vimto.








Industry Analysis/Comparison

Domestic pharmaceutical companies have posted varying performances in

recent times, due to instances such as pressured consumer spending,

production-line divestment, stifling competition, FX unavailability, to mention

a few. An analysis of the listed pharmaceutical companies across key

fundamental considerations such as their growth potential, profitability status

and shares liquidity are reviewed below.

Growth Potential

GLAXOSMITH to drop market share due to divestiture: Amongst peers,

GLAXOSMTH has outpaced in terms of revenue growth, consistently growing

revenue over the years (N14.10/share in 2010 to N30.14/share in 2015) as buoyed

by its wide range of product offering. The company’s sales growth trend is

expected to find a new base going forward, stemming from the recent

divestment of the company’s drink arm to Suntory foods Plc.

Cost moderation sustains FIDSONs’ bottom-line growth: Industry comparison

in terms of earnings, reveals FIDSON as the market leader with a gradual

growth in its Earnings Per Share (EPS) values in recent years to FY’15. We

adduce this to the company’s ability to sustain a relatively healthy gross margin

via cost moderations. We note that the impressive topline run by GLAXOSMITH

in the same period have not trickled to its earnings due to rising expenses

amongst other challenges.

BVPS indicates “higher worth” to equity holders: All, but GLAXOSMITH

currently have their market values trading at discount to their Book Value Per

Growth Potential

Earnings Per Share (₦) Revenue Per Share (₦)

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

FIDSON 0.04 0.13 0.10 0.42 0.50 FIDSON 4.75 4.78 6.16 6.48 5.47

NEIMETH 0.14 0.10 -0.15 -0.21 0.04 NEIMETH 2.31 1.54 1.07 0.93 1.23

GLAXOSMITH 1.66 1.92 2.36 2.44 1.54 0.96 GLAXOSMITH 14.10 18.00 21.16 24.40 25.52 30.14

MAYBAKER 0.20 0.23 0.08 -0.11 0.06 0.07 MAYBAKER 4.73 4.94 5.78 6.50 7.16 7.72

PHARMDEKO 0.16 7.45 -1.21 1.01 3.34 PHARMDEKO 11.94 10.42 10.60 15.66 7.51

EVANSMED 0.02 0.21 0.41 -1.68 -1.98 EVANSMED 8.10 9.40 10.00 7.60 6.87

NIG-GERMAN -2.4 0.85 NIG-GERMAN 19.04 19.56

Book Value Per Share (₦) Price-to-Earnings Ratio (x)

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

FIDSON 3.46 3.49 3.50 3.84 4.22 FIDSON 25.07 7.92 24.70 8.05 5.32

NEIMETH 1.23 1.21 1.36 1.04 0.74 0.78 NEIMETH 10.20 -5.07 -3.86 15.50


MAYBAKER 2.94 3.22 3.20 3.09 3.16 3.18 MAYBAKER 8.09 19.25 -20.25 24.15 14.55

PHARMDEKO -6.54 9.48 8.30 9.31 8.23 PHARMDEKO 21.88 0.35 -1.53 2.25 0.67

EVANSMED 0.00 5.31 5.81 4.05 EVANSMED 70.56 3.38 2.39 -2.05

NIG-GERMAN 15.03 15.56 NIG-GERMAN -3.71 9.58

Source: Bloomberg, NISL Research FY period for NEIMETH is September; Blank cells depict non-availability of data due to inconsistent reporting








Share (BVPS) figures, indicating higher availability of equity (or “net worth”)

to common shareholders compared to their respective trading prices in the

advent of these companies failing as a going concern. Albeit, we do not

anticipate the liquidation of any of the companies.

PHARMDEKO & FIDSON emerges underpriced amongst peers: Comparative

analysis of Price-to-Earnings (PE) of the respective counters currently puts

PHARMDEKO and FIDSON as being relatively underpriced (trailing 12M PE of

0.58x and 1.80x) amongst peers versus sector average of 8.06x (ex-negative

PE figures for GLAXOSMITH and EVANSMED), while NEIMETH and MAYBAKER

appears highly overpriced at 19.17x and 14.49x PE.

Profitability

Optimal asset utilization key to revenue generation: Companies like

GLAXOSMITH, MAYBAKER and FIDSON have over the years improved revenue

generation through optimal asset usage, with corresponding 5-Year average

Asset Turnover values of 1.20x, 0.80x, and 0.71x. This in our view has further

aided the respective Return on Assets for these companies in the period,

Profitability

Operating Margin (%) Profit Margin (%)

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

FIDSON 7.97 11.96 7.11 14.18 18.47 FIDSON 0.78 2.89 1.68 6.50 9.07

NEIMETH 13.18 11.79 -6.98 -15.31 18.99 NEIMETH 5.96 6.48 -14.03 -22.98 3.25


MAYBAKER 10.31 9.81 4.11 9.95 10.49 8.66 MAYBAKER 4.16 4.59 1.34 -1.62 0.90 0.90

PHARMDEKO 14.16 9.12 -1.72 13.86 -22.53 PHARMDEKO 1.36 71.42 -11.43 6.45 44.49

EVANSMED -1.38 13.96 13.64 -11.04 EVANSMED 0.22 2.19 4.12 -22.06 -28.87

NIG-GERMAN 8.11 40.99 NIG-GERMAN -12.60 4.36

Return on Asset (%) Return on Equity (%)

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

FIDSON 0.64 2.05 1.35 4.51 4.59 FIDSON 1.07 3.97 2.96 11.48 12.31

NEIMETH 3.87 4.52 -8.06 -13.47 2.66 NEIMETH 11.53 7.78 -13.40 -24.08 5.47


MAYBAKER 2.98 3.21 1.01 -1.27 0.78 0.83 MAYBAKER 6.91 7.36 2.42 -3.35 2.07 2.19

PHARMDEKO 27.69 -4.59 3.78 24.38 PHARMDEKO -13.66 11.47 48.54

EVANSMED 0.22 1.81 2.82 -10.97 EVANSMED 7.74 7.41 -34.01

NIG-GERMAN 1.32 NIG-GERMAN 5.58

Asset Turnover (x) Financial Leverage (x)

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

FIDSON 0.82 0.71 0.80 0.69 0.51 FIDSON 1.66 1.94 2.20 2.54 2.68

NEIMETH 0.65 0.70 0.57 0.59 0.82 NEIMETH 2.98 2.30 1.72 1.66 1.79 2.05


MAYBAKER 0.72 0.70 0.75 0.78 0.86 0.93 MAYBAKER 2.32 2.29 2.40 2.63 2.66 2.63

PHARMDEKO 0.39 0.40 0.59 0.55 PHARMDEKO 18.31 2.98 3.03 1.99

EVANSMED 0.98 0.83 0.68 0.50 EVANSMED 4.27 2.63 3.10

NIG-GERMAN 0.30 NIG-GERMAN 4.23

Source: Bloomberg, NISL Research FY period for NEIMETH is September; Blank cells depict non-availability of data due to inconsistent reporting








consistently delivering value on asset deployed. FIDSON outpaces its peers in

operational efficiency, with a 5-Year average Operating Margin of 11.94%

compared to 11.75%, 8.61%, and 2.58% for GLAXOSMITH, MAYBAKER, and

PHARMADEKO. 4-Year Operating Margin average for NEIMETH held at 2.12% as

at FY’16.

Return-on-Equity key to investor sentiment: The 5-Year average Return on

Equity (ROE) for GLAXOSMITH holds at 20.68% as at FY’15, although noting that

the company has consistently dropped in its ROE (7.39% in FY’15 vs. 27.27% in

FY’11), exacerbated by the company’s divestment. The sharp growth in

PHARMDEKO ROE (due to gains from asset sales) is expected to normalize

going forward, whilst we note that the gradual rise in FIDSON’s ROE (1.07% in

FY’11 vs. 12.31 in FY’15) seems more sustainable, barring any unanticipated

shock.

Low debt levels benefit common equity holders: In terms of the percentage

contribution of debt to the asset base of the respective companies, the

average 5-Year financial leverage ratio across the sector holds at c.2.40x, with

NEIMETH, GLAXOSMITH and FIDSON having approximate ratios of 1.91x, 2.09x,

and 2.21x correspondingly. The reduced debt ratios, compared to the sector

average, underscores the low debt funding status of the companies in relation

to other sector players, which in turn provides equity holders with greater net

worth and return on investment.

One-off transactions spike PHARMDEKO’s margin: PHARMDEKO recorded a

FY’15 net margin of 44.49%, from 6.45% in FY’14 on the back of inflows from a

loan liability de-recognition and profit on disposal of Pharma-Deko factory 1 in

the period. These are one-off occurrences which we note will not re-occur

frequently. The 5-Year average net profit margin position for FIDSON holds at

6.36%, with a relatively steady growth (average annual growth rate of 2.07%),

while GLAXOSMITH has a 5-year average net profit margin of 8.21% (net margin

for GLAXOSMITH have been declining consistently in recent years).








Liquidity

In terms of traded shares liquidity; FIDSON, GLAXOSMITH, MAYBAKER and

NEIMETH leads the pack with respective 3-Year average daily volume of

1.032mn units, 0.383mn units, 0.371mn units, and 0.325mn units. This translates

to 0.12%, 0.06%, 0.04%, and 0.05% of their corresponding free-float.

Liquidity

Equity Shares Outstanding (mn) Equity Free-Float (mn) 3-Year Avg. Daily Vol. 3-Yr. Volume as % of Free-Float

FIDSON 1,500.00 833.13 1,032,065 0.12%

GLAXOSMITH 1,195.88 640.45 383,108 0.06%

NEIMETH 1,726.51 624.81 324,566 0.05%

MAYBAKER 980.00 980.00 370,635 0.04%

EVANSMED 732.35 732.35 299,035 0.04%

PHARMADEKO 216.82 165.84 102,719 0.06%

NIG-GERMAN 153.79 153.79 12,592 0.01%

Recommendation

Conclusively, relative multiple comparison across the Pharma sector shows

that:

FIDSON holds more in terms of profitability to an average investor as

shown by recent performances, compared to other companies within

the industry. This we note in the company’s ROE (12.31% at FY’15) and

ROA (4.59% at FY’15) figures which have grown steadily across the

years as against dwindling figures from peers, indicating superior

returns to equity holders and sound asset utilization.

The company in the last two years have also recorded higher Operating

and Profit Margins compared to peers, inferring FIDSON’s edge in

operational efficiency in recent times plus higher net income figures

from every revenue generated.

Furthermore, FIDSON has consistently paid dividend over the years,

with a 4-year average payout ratio of 59.51%, compared to the closest

peer (GLAXOSMITH) in that regards with 39.20% payout ratio.

Comparing the sector’s PE as at last FYE releases, FIDSON trades at a

PE of 5.32x as against sector average of 14.62x, while the current

trailing 12M PE holds at 1.80x versus sector average of 8.06x (ex-

negative PE figures for GLAXOSMITH and EVANSMED).

FIDSON presently appears the most liquid amongst peers, affording

investors the option of exiting positions easily if required.

Based on current analysis and projections, long term equity investment

in FIDSON is expected to give higher returns to investors compared to

its peers.








Most Recent Quarter Earnings Releases

Earnings |FIDSON HEALTHCARE PLC |9M ended 30-Sep-16

Income Statement (₦'bn) 9M ended 30-Sep-16

9M ended 30-Sep-15 % Change

Revenue 4.527 6.161 -26.52%

Cost of Sales 2.141 2.896 -26.06%

Gross Profit 2.386 3.265 -26.93%

OPEX 1.814 2.187 -17.02%

Operating Profit 0.582 1.102 -47.21%

Finance Cost 0.461 0.405 13.68%

PBT 0.121 0.696 -82.67%

PAT 0.082 0.473 -82.67%

Balance Sheet (₦'bn) 9M ended 30-Sep-16

12M ended 31-Dec-15 % Change

Property, Plant and Equipment 11.965 11.501 4.03%

Inventories 0.757 0.698 8.56%

Trade & Other Receivables 1.966 3.780 -47.99%

Cash & Cash equivalent 0.647 0.122 428.37%

Current Assets 3.378 4.612 -26.75%

Total Assets 16.024 16.670 -3.88%

Trade & Other Payables 3.659 4.212 -13.14%

Borrowings 3.673 3.758 -2.27%

Current Liabilities 5.241 6.647 -21.14%

Total Liabilities 9.579 10.346 -7.42%

Shareholders' fund 6.445 6.324 1.91%

Per share data (₦) 9M ended 30-Sep-16


Current Price 1.14

Revenue Per Share 3.02 4.11 -26.52%

Earnings Per Share 0.05 0.32 -84.38%

Book-Value Per Share 4.30 4.22 1.91%

Valuation Multiples/Financial Ratios

Shares Outstanding (bn) 1.500

Price/EPS 22.80x

Price/BVPS 0.27x

Price/Sales 0.38x

RoAE 1.17%

RoAA 0.46%

Current Ratio 0.64x 0.69x

Financial Leverage 2.49x 2.64x

Cost to Sales 47.30% 47.00%

Gross Profit Margin 52.70% 53.00%

OPEX Ratio 40.08% 35.49%

Net margin 1.81% 7.69%








Earnings |GLAXOSMITHKLINE CONSUMER NIGERIA PLC |9M ended 30-Sep-16



Revenue 20.540 23.040 -10.85%

Cost of Sales 14.723 15.368 -4.20%

Gross Profit 5.817 7.672 -24.18%

OPEX 6.869 6.331 8.50%

Other Gains/(Losses) (6.474) (0.653) 890.84%

Finance Cost 0.0003 0.003 -88.56%

Gain on Disposal of Drink Business Net of Tax 2.326 -

Profit/(Loss) Before Tax (6.288) 0.701 -997.09%

Profit/(Loss) After Tax (4.046) 0.486 -932.69%



Property, Plant and Equipment 2.160 13.751 -84.29%

Inventories 4.959 7.418 -33.15%

Trade & Other Receivables 7.480 6.236 19.95%

Cash & Cash equivalent 23.397 3.638 543.06%

Current Assets 36.409 17.455 108.58%

Total Assets 38.301 31.330 22.25%

Trade & Other Payables 24.262 15.726 54.28%

Borrowings - -

Current Liabilities 27.643 16.131 71.36%

Total Liabilities 29.512 18.145 62.65%

Shareholders' fund 8.789 13.185 -33.34%



Current Price 14.25


Earnings Per Share -3.38 0.51 -762.75%

Book-Value Per Share 7.35 11.03 -33.34%



Price/EPS -4.22x

Price/BVPS 1.94x

Price/Sales 0.83x

RoAE -36.79%

RoAA -11.61%





OPEX Ratio 33.44% 27.48%

Net margin -19.70% 2.11%








Earnings |MAY & BAKER NIGERIA PLC |9M ended 30-Sep-16



Revenue 5.944 5.284 12.50%

Cost of Sales 4.240 3.531 20.08%

Gross Profit 1.704 1.753 -2.78%

OPEX 1.233 1.291 -4.54%

Operating Profit 0.490 0.470 4.06%

Finance Cost 0.378 0.425 -11.16%

PBT 0.066 0.061 9.25%

PAT 0.044 0.041 7.69%



Property, Plant and Equipment 4.072 4.300 -5.31%

Inventories 1.743 1.583 10.08%


Cash & Cash equivalent 0.125 0.307 -59.44%

Current Assets 3.165 3.624 -12.66%

Total Assets 7.550 8.237 -8.34%


Borrowings 2.602 3.129 -16.84%






Current Price 1.00

Revenue Per Share 6.07 5.39 12.50%

Earnings Per Share 0.05 0.04 7.60%




Price/EPS 22.08x

Price/BVPS 0.32x

Price/Sales 0.16x

RoAE 1.43%

RoAA 0.56%





OPEX Ratio 20.74% 24.44%

Net margin 0.75% 0.78%








Earnings |PHARMA-DEKO PLC |9M ended 30-Sep-16



Revenue 0.744 1.131 -34.24%

Cost of Sales 0.394 0.536 -26.57%

Gross Profit 0.350 0.595 -41.14%

OPEX 0.470 0.496 -5.26%

Operating Profit/(Loss) (0.110) 0.149 -173.84%

Finance Cost - -

Derecognition of Loan Liability - 0.431 -






Inventories 0.438 0.335 30.88%



Current Assets 0.732 1.252 -41.53%

Total Assets 2.116 2.570 -17.68%


Borrowings 0.050 0.100 -50.00%






Current Price 1.95






Price/EPS -3.84x

Price/BVPS 0.26x

Price/Sales 0.57x

RoAE -6.43%

RoAA -4.70%





OPEX Ratio 63.19% 43.86%

Net margin -14.82% 51.29%








Earnings |NEIMETH INTERNATIONAL PHARMACEUTICALS PLC |3M ended 31-Dec-16

Income Statement (₦'bn) 3M ended 31-Dec-16


Revenue 0.137 0.396 -65.32%

Cost of Sales 0.107 0.150 -28.79%

Gross Profit 0.030 0.246 -87.69%

OPEX 0.255 0.178 42.89%

Operating Profit (0.225) 0.067 -434.55%

Finance Cost 0.024 0.015 53.58%



Balance Sheet (₦'bn) 3M ended 31-Dec-16



Inventories 0.719 0.726 -0.94%



Current Assets 1.837 2.186 -15.93%

Total Assets 2.355 2.689 -12.42%

Trade & Other Payables 0.232 0.182 27.65%

Borrowings 0.918 1.058 -13.27%




Per share data (₦) 3M ended 31-Dec-16


Current Price 0.64






Price/EPS -4.00x

Price/BVPS 1.03x

Price/Sales 7.31x

RoAE -22.87%

RoAA -9.96%





OPEX Ratio 185.62% 45.05%

Net margin -180.77% 13.09%

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IN SEARCH OF VALUE - Nigerian International Securities Ltdnisl-ng.com/wp/wp-content/uploads/2017/12/In-Search-Of-Value... · IN SEARCH OF VALUE -Nigerian Pharmaceutical Sector Brief-