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Apiam Animal Health Ltd.
(Sydney:AHX)
Apiam Animal Health Ltd. (AHX) vs. iShares MSCI Australia ETF (EWA)
Apiam Animal Health Ltd. Business Overview & Revenue Model
Apiam Animal Health Ltd. Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 206.92M | 204.66M | 191.76M | 157.06M | 126.18M |
| Gross Profit | 137.03M | 137.16M | 28.81M | 25.98M | 20.57M |
| EBITDA | 19.92M | 23.52M | 17.11M | 16.00M | 14.64M |
| Net Income | 832.00K | 4.93M | 2.28M | 4.64M | 5.08M |
Balance Sheet | |||||
| Total Assets | 255.80M | 255.78M | 246.04M | 199.18M | 157.28M |
| Cash, Cash Equivalents and Short-Term Investments | 2.52M | 1.76M | 3.17M | 2.85M | 2.15M |
| Total Debt | 102.54M | 101.78M | 98.03M | 63.39M | 55.04M |
| Total Liabilities | 134.72M | 133.75M | 128.14M | 90.49M | 76.46M |
| Stockholders Equity | 121.03M | 122.02M | 117.87M | 108.55M | 79.81M |
Cash Flow | |||||
| Free Cash Flow | 10.83M | 14.01M | 9.25M | 10.21M | 8.71M |
| Operating Cash Flow | 17.64M | 18.88M | 17.45M | 15.08M | 13.69M |
| Investing Cash Flow | -6.26M | -10.91M | -40.62M | -32.49M | -16.56M |
| Financing Cash Flow | -10.62M | -9.39M | 23.49M | 18.11M | 2.51M |
Apiam Animal Health Ltd. Technical Analysis
Apiam Animal Health Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$164.41M | 190.22 | 0.68% | 2.30% | 1.11% | -84.06% | |
61 Neutral | AU$593.29M | 28.09 | 5.77% | 2.86% | 7.75% | 4.38% | |
59 Neutral | AU$15.77M | 50.00 | ― | ― | 27.43% | -90.52% | |
57 Neutral | AU$118.57M | 11.82 | 0.21% | 7.14% | 4.44% | -90.57% | |
48 Neutral | AU$74.66M | -165.00 | -0.76% | 1.92% | 5.73% | -1200.00% | |
48 Neutral | AU$36.96M | -1.73 | -37.06% | ― | 18.84% | -1657.69% |
Apiam Animal Health Ltd. Corporate Events
Apiam Animal Health will be removed from the ASX official list at the close of trading on 24 February 2026, following the implementation of a scheme of arrangement. Under this scheme, all issued capital in Apiam has been acquired by Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II, signalling a completed takeover and the company’s transition to private ownership.
The delisting marks the end of Apiam’s tenure as a public company and consolidates control under the Adamantem-managed funds, potentially allowing for strategic changes away from public market scrutiny. For shareholders, the transaction formalises the shift from holding a listed security to participation in the agreed scheme consideration, while for the market it reduces the number of listed veterinary and animal health specialists on the ASX.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$0.94 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has lodged a Final Director’s Interest Notice for director Bruce Dixon, confirming that he holds no relevant interests in the company’s securities, either directly or indirectly, and has no interests in any related contracts. The filing indicates there are no shareholdings or contractual positions to disclose for this director, suggesting no immediate governance or ownership changes arising from his position in relation to the company’s capital structure.
This disclosure maintains transparency around director interests as required under ASX listing rules and the Corporations Act, supporting ongoing confidence in Apiam’s corporate governance and compliance practices. For shareholders and other stakeholders, the notice provides assurance that there are no undisclosed equity incentives or related-party contractual interests tied to this director that could affect oversight or alignment with investor interests.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$0.94 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has disclosed that director Professor Andrew Lancelot Vizard has ceased to hold 363,284 fully paid ordinary shares in the company. The change results in Vizard no longer holding any Apiam shares following completion of a corporate transaction.
The disposal of Vizard’s entire holding occurred as part of Apiam’s acquisition by Pepper Bidco Pty Ltd under a scheme of arrangement. This notice formalises the director’s change in interest, reflecting the transfer of ownership as the company moves under new control, with implications for the company’s governance and shareholder base.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$0.94 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has completed its scheme of arrangement under which it has been acquired by Pepper Holdco Limited and Pepper Bidco Pty Ltd, entities managed by Adamantem Capital, and has become a wholly owned subsidiary of BidCo. The transaction marks Apiam’s transition from an ASX-listed company to private ownership, with the group set to be delisted from the exchange.
Under the scheme, shareholders received a fully franked special dividend of $0.10 per share and a choice of all-cash, all-scrip or mixed consideration, with cash payments generally at $0.77 or $0.87 per share depending on elections and adjustments. The final election outcome meant the cap on scrip issuance was not reached, avoiding any scaleback of HoldCo shares, while the board and company secretary saw significant changes as Adamantem-installed directors joined ahead of Apiam’s removal from the ASX official list.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$0.94 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Trading in Apiam Animal Health’s shares on the ASX will be suspended at the close of 6 February 2026 after court approval of a scheme of arrangement under which Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II, will acquire all issued shares in the company. The suspension marks the final stages of Apiam’s transition to private ownership, removing it from public markets and consolidating control under Adamantem, with implications for existing shareholders as they are cashed out of their holdings.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has confirmed that the Scheme of Arrangement relating to its ordinary fully paid shares is now legally effective following approval by the Supreme Court of New South Wales and lodgement of the court orders with the Australian Securities and Investments Commission. As a result, the company will pay a special dividend on 16 February 2026 to shareholders on the record date of 13 February 2026, with the ex-dividend date set for 12 February 2026, marking a key milestone in the scheme process and crystallising value timing for existing investors.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Ltd has announced the issue of 1,560,203 new fully paid ordinary shares following the exercise or conversion of previously unquoted options or other convertible securities. The issuance, dated 6 February 2026, modestly increases the company’s share capital and reflects the uptake of equity-based instruments, which may slightly dilute existing shareholders while signalling ongoing engagement with long-term incentive structures within the business.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has applied to the ASX for quotation of 2,861,091 new ordinary fully paid shares under its employee incentive scheme, with the securities to be issued and quoted on 6 February 2026. The move expands the company’s quoted capital base and reflects ongoing use of equity-based remuneration to attract and retain staff, which may marginally dilute existing shareholders but is intended to align employee incentives with long-term company performance.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has confirmed that the scheme of arrangement under which entities controlled by Adamantem Capital Fund II will acquire all Apiam shares is now legally effective, following approval by the Supreme Court of New South Wales and lodgment of court orders with ASIC. As a result, Apiam’s shares are expected to be suspended from trading on the ASX at the close of trade on 6 February 2026, with a detailed timetable set for special dividend key dates, the scheme record date on 18 February 2026, and implementation of the transaction on 23 February 2026, marking Apiam’s transition from a listed to privately owned company and crystallising outcomes for its shareholders.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has secured approval from the Supreme Court of New South Wales for its scheme of arrangement under which all issued shares in the company will be acquired by Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II. With court orders expected to be lodged with ASIC today, the scheme will become legally effective and Apiam plans to have its shares suspended from trading on the ASX from the close of trading the same day, marking a key step toward its transition to private ownership and a significant change for existing shareholders and the company’s market presence.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has declared a special dividend of AUD 0.10 per ordinary fully paid share, with an ex-dividend date of 12 February 2026, a record date of 13 February 2026 and payment scheduled for 16 February 2026. The dividend does not relate to a specific period within the current financial year, signalling a discretionary capital return that may reflect the company’s current cash position and capital management priorities, and will provide a near-term income boost for shareholders without requiring additional regulatory or shareholder approvals.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has determined to pay a fully franked special dividend of $0.10 per share, conditional on the proposed acquisition of the company by Adamantem Capital-controlled entities via scheme of arrangement becoming effective. The dividend, to be paid on 16 February 2026 with an ex-dividend date of 12 February and record date of 13 February, will not be subject to the company’s Dividend Reinvestment Plan and may provide eligible shareholders with additional franking credit benefits, while the overall scheme remains contingent on final Court approval and other conditions, underscoring the transaction’s advanced but not yet completed status for investors.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health shareholders have overwhelmingly approved the proposed acquisition of the company by Adamantem Capital’s controlled entities, Pepper Bidco and Pepper Holdco, via a scheme of arrangement. With 99.94% of votes cast and 95.76% of voting shareholders in favour, the deal has cleared the key shareholder hurdle and now awaits final court approval and satisfaction of remaining conditions, after which Apiam shares are expected to be suspended and the scheme implemented later in February 2026, marking a transition to private ownership that will reshape the company’s capital structure and governance for existing investors and other stakeholders.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has convened a scheme meeting for shareholders to consider and vote on a proposed acquisition of all issued Apiam shares by Pepper Bidco Pty Ltd, a subsidiary of Pepper Holdco Limited controlled by Adamantem Capital Fund II via a scheme of arrangement. The hybrid meeting, chaired by Non-Executive Chairman Andrew Vizard and accessible both in person and online, is a key step in progressing the takeover, with shareholders able to vote and ask questions in real time and the company set to release the voting results to the ASX shortly after the meeting, marking a potentially significant change in ownership structure and strategic direction for the rural veterinary group.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has provided an update on shareholder elections in relation to its proposed acquisition by Adamantem Capital-controlled entities Pepper Bidco and Pepper Holdco via a scheme of arrangement. As of the election deadline on 27 January 2026, 65 shareholders holding approximately 40.8 million shares have opted for either all-scrip or mixed consideration, and the company currently expects that no scaleback of scrip elections will be required, as total HoldCo shares to be issued are anticipated to remain below the 24% cap. The final allocation of cash and scrip will be determined after the scheme record date of 18 February 2026, with shareholders who are ineligible foreign investors or who did not lodge a valid election to receive all-cash consideration. The scheme meeting is scheduled for 3 February 2026, where eligible shareholders will vote on the transaction in person or online. Conditional on the scheme becoming effective and franking credit availability, Apiam’s board intends to declare a fully franked special dividend of $0.10 per share, potentially providing additional franking benefits to eligible investors, although the dividend will not proceed if the scheme fails to gain approval.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited has confirmed details of the next step in its proposed acquisition by entities controlled by Adamantem Capital Fund II, under which Pepper Bidco Pty Ltd would acquire 100% of Apiam shares via a scheme of arrangement. Following the scheme meeting scheduled for 3 February 2026, at which shareholders will vote on the proposal, the Supreme Court of New South Wales is set to hold a second court hearing on 6 February 2026 to consider final approval, with shareholders wishing to oppose the scheme required to file and serve a notice of appearance and supporting affidavit in advance, underscoring the transaction’s progression through formal legal and shareholder approval processes.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited announced that the Foreign Investment Review Board condition for its proposed acquisition by Adamantem Capital’s entities, Pepper Bidco Pty Ltd and Pepper Holdco Limited, via a scheme of arrangement has been satisfied, after the Commonwealth Government confirmed it has no objections to the deal. The transaction now hinges on Apiam shareholder approval at a Scheme Meeting on 3 February 2026 in Melbourne and online, as well as final Court approval and remaining conditions, marking a key step toward a potential change of ownership that could reshape the company’s capital structure and strategic direction.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health has disclosed a change in the form of director Vita Pepe’s indirect interest in the company’s shares, with 13,074,123 fully paid ordinary shares being moved off-market from a superannuation fund to the Vita Pepe Family Trust. The transaction does not alter the total number of shares held under Pepe’s indirect control, implying no change to the director’s overall economic exposure to Apiam, and was confirmed as not involving trading during a closed period, signalling a routine internal restructuring of holdings rather than a change in strategic positioning.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Harvest Lane Asset Management and its associated entities have increased their substantial shareholding in Apiam Animal Health Limited, lifting their voting power from 6.11% to 7.29% of the company’s ordinary shares. The change, disclosed under substantial holding requirements of the Corporations Act, reflects additional on-market acquisitions bringing Harvest Lane’s total interest to 13,488,500 shares, signaling a higher level of institutional investor confidence and potentially greater influence over shareholder decisions at the veterinary services group.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Ltd. announced that the Supreme Court of New South Wales has ordered a meeting for shareholders to vote on a proposed acquisition by Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital. The acquisition, structured as a scheme of arrangement, offers Apiam shareholders a cash consideration of $0.87 per share or a combination of cash and scrip options. The Independent Expert’s Report deems the scheme fair and reasonable, aligning with the assessed value range of Apiam shares, and recommends it in the absence of a superior proposal. This acquisition could significantly impact Apiam’s market positioning and shareholder value.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Ltd. has announced that the Supreme Court of New South Wales has approved the convening of a shareholder meeting to consider a proposed acquisition by Pepper Bidco Pty Ltd and Pepper Holdco Limited, entities controlled by Adamantem Capital Fund II. The acquisition, structured as a scheme of arrangement, would see BidCo acquire 100% of Apiam’s shares. The Independent Expert’s Report, included in the Scheme Booklet, deems the scheme fair and reasonable, recommending shareholders vote in favor. The Apiam Independent Board Committee and directors also support the scheme, which is expected to be voted on in February 2026.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.
Apiam Animal Health Limited announced that it has been granted a waiver of ASX Listing Rules 6.23.3 and 6.23.4, which allows the company to waive vesting conditions for unvested performance rights as part of a proposed scheme of arrangement with Pepper Holdco Limited and Pepper Bidco Pty Ltd. This waiver is contingent upon the approval of the scheme by Apiam shareholders and the court, facilitating the acquisition of 100% of Apiam shares by BidCo. The waiver ensures that holders of performance rights are not disadvantaged by the scheme, allowing for automatic exercise of vested rights without further shareholder approval, thus potentially impacting the liquidity of shares post-scheme implementation.
The most recent analyst rating on (AU:AHX) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Apiam Animal Health Ltd. stock, see the AU:AHX Stock Forecast page.