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ACRUX LIMITED (ACR)

ACRUX LIMITED (ACR)

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General Information
Company Name: Acrux Limited
Stock Code: ACR
Website: www.acrux.com.au
GICS Sub-Industry: Pharmaceuticals
Market Cap ($M): 709
Equiv. Shares (M): 166

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 4.260 $ 4.200 $ 4.370 $ 4.180 $ 4.160 2,043,508 $ 0.100  2.404 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 23rd Feb 2012
12 Month Target Price (average): $4.31
Brokers Surveyed: 1

Company Overview

Business Description:
Acrux Limited (ACR) is an Australian drug delivery business developing and commercialising a range of patient-preferred pharmaceutical products for global markets, using innovative, patented technology to administer drugs through the skin.

Strategy Analysis:
ACR intends to progress candidate products a significant way down the development path, ideally until the end of Phase 3 clinical trials, as the potential value capture more than justifying the risk of failure. A product already in market validates the core delivery technology, significantly reducing future development risk. ACR engage marketing partners to commercialize product. ACR may out-license technology for development where it considers it has inadequate expertise or resources. Acrux reported NPAT up 23% to $57.49m for the year ended 30 June 2011. Revenues from ordinary activities were $93.47m, up 67% from the same period last year. Diluted EPS was 34.51 cents compared to 28.70 cents last year. Net operating cash flow was $65.10m compared to $48.37m last year. The final dividend declared was 60 cents, taking the full year dividend to 60 cents compared with nil cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 21.0 12.6 NaN 33.8 0.0 0.0 100.0
2012  F 1.4 0.8 -97.6 507.1 0.0 0.0 0.0
2011  A 57.0 34.4 19.9 8.6 60.0 20.2 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Acrux Limited (ACR) $693 M 0.2024 -0.9757 14.0238 12.0545 495.2381 32.9635 0.0000 0.0000 0.0000
Pharmaxis (PXS) $316 M -- -- -- -- -- -- 0.0000 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ACR 3.00 104.7 15.5 10.00 7.87
Market 0.80 12.1 1.33 1.35 1.68
Sector 0.95 22.0 2.13 7.54 10.31

Directors
Name Position Start Date
Dr Richard Treagus Chief Executive Officer, Managing Director 03 April 2007
Mr Ross Barrow Non-Executive Director 01 April 2012
Mr Bruce Parncutt Non-Executive Director 30 April 2012

Management
Name Position
Jon Pilcher Chief Finance Officer,Company Secretary
A Watkinson Chief Scientific Officer
Hugh Alsop Director of Business Development
N Webster Director of Business Development
T Soulis Director of Clinical Development
Clive Blower Director of Product Development and Technical Affairs

Substantial Shareholders
Holding Name
20,499,214 (12.31%) Orbis Global Equity Fund Limited

Calendar of Events
Date Event
20 February 2013 Report (Interim)
19 October 2012 Report (Annual)
21 August 2012 Report (Prelim)
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