Pharmaceutical Preparations
Phibro Animal Health Corporation operates as an animal health and mineral nutrition company in the United States, Israel, Brazil, Ireland, and internationally. It operates through three segments: Animal Health, Mineral Nutrition, and Performance Products. The company develops, manufactures, and markets various products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture, and dogs. It also offers animal health products, such as antibacterials, anticoccidials, nutritional specialty, and vaccines and vaccine adjuvants for animal's health and performance, food safety, and animal welfare; and engages in development, manufacturing, and marketing of microbial and bioproducts for various applications serving animal health and nutrition, industrial, environmental, and agricultural customers. In addition, the company develops, manufactures, and markets conventionally licensed and autogenous vaccine products, as well as adjuvants for animal vaccine manufacturers. Further, it provides formulations and concentrations of trace minerals, such as zinc, manganese, copper, iron, and other compounds to fortify the daily feed requirements of their livestock's diets and maintain optimal balance of trace elements in animals. Additionally, the company offers specialty ingredients for personal care, industrial chemical, and chemical catalyst industries. It sells its animal health and mineral nutrition products through local sales offices to integrated poultry, swine, and cattle integrators, as well as through commercial animal feed manufacturers, wholesalers, and distributors. The company was formerly known as Philipp Brothers Chemicals, Inc. and changed its name to Phibro Animal Health Corporation in July 2003. Phibro Animal Health Corporation was founded in 1946 and is headquartered in Teaneck, New Jersey.
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Discounted Cash Flow Valuation of Phibro Animal Health Corp
Growth
%
%
Discount
%
%
Multiple
g\r | +10% | +11% | +12% | +13% | +14% |
---|---|---|---|---|---|
0% | 10 | 9 | 8 | 8 | 7 |
+1% | 11 | 10 | 9 | 8 | 8 |
+2% | 13 | 11 | 10 | 9 | 8 |
+3% | 14 | 13 | 11 | 10 | 9 |
+4% | 17 | 14 | 12 | 11 | 10 |
Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
---|---|---|---|---|---|---|---|---|---|---|---|---|
FCF | $40.35M | $36.15M | $32.39M | $29.03M | $26.01M | $23.31M | $20.88M | $18.71M | $16.77M | $15.02M | $13.46M | $134.6M |
DCF | $31.44M | $24.49M | $19.09M | $14.87M | $11.59M | $9.029M | $7.035M | $5.481M | $4.271M | $3.328M | $33.28M | |
Value | $163.9M |
In the chart Earnings are multiplied by this value.
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
Years | 06-2015 | 06-2016 | 06-2017 | 06-2018 | 06-2019 | 06-2020 | 06-2021 | 06-2022 | 06-2023 | TTM |
---|---|---|---|---|---|---|---|---|---|---|
Net Margin | 8.1% | 11% | 8.5% | 7.9% | 6.6% | 4.2% | 6.5% | 5.2% | 3.3% | 1.3% |
ROA | 18% | 14% | 16% | 15% | 11% | 8.8% | 8.9% | 8.5% | 7.4% | 6% |
ROE | 200% | 91% | 43% | 35% | 25% | 18% | 23% | 19% | 12% | 4.9% |
The average Net Margin over the past 5 years is +5.63%.
The trend of Net Margin over the past 5 years is -0.71%.
The average ROA over the past 5 years is +9.96%.
The trend of ROA over the past 5 years is -1.3%.
The average ROE over the past 5 years is +21.89%.
The trend of ROE over the past 5 years is -3.79%.
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
Years | 06-2015 | 06-2016 | 06-2017 | 06-2018 | 06-2019 | 06-2020 | 06-2021 | 06-2022 | 06-2023 | TTM |
---|---|---|---|---|---|---|---|---|---|---|
Debt FCF | 5.96 | 331.42 | 3.31 | 4.98 | 14.11 | 9.39 | 16.20 | -83.18 | -9.30 | 7.95 |
Debt Equity | 9.79 | 3.17 | 1.70 | 1.39 | 1.13 | 1.26 | 1.29 | 1.71 | 1.27 | 1.19 |
MIN | ||||||||||
Graham Stability | - | - | 100% | 94% | 77% | 55% | 100% | 100% | 71% | 55% |
The Debt/FCF trailing twelve month is 7.95.
The trend of Debt/FCF over the past 5 years is -10.18.
Graham’s Stability measure stands at 0.55.
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
Years | 06-2016 | 06-2018 | 06-2020 | 06-2022 | Trend |
---|---|---|---|---|---|
Revenue | 3.8% | 3.6% | 6.9% | 3.8% | 0.24% |
Net Income | -12% | -13% | -0.95% | -34% | -3.2% |
Stockholders Equity | 18% | 8.8% | 14% | 7.6% | -18% |
FCF | - | - | - | - | -750% |
The Revenue CAGR over the past 5 years is +3.59%.
The trend of Revenue growth rate over the past 5 years is +0.24%.
The Earnings CAGR over the past 5 years is -12.86%.
The trend of Earnings growth rate over the past 5 years is -3.25%.
The Equity CAGR over the past 5 years is +8.84%.
The trend of Equity growth rate over the past 5 years is -17.56%.
The FCF CAGR over the past 5 years is -.
The trend of FCF growth rate over the past 5 years is -745.04%.