US nutrition revenues declined 9% (15%CC)
Yet company posted some growth in overall revenues for the full fy.
That is actually very commendable as their animal health segment and india business grew very well.
Or else results would have been like gland pharma , sequent scientific etc…
So we (I certainly) are not giving them enough credit to atleast pull in flat nos, inspite of big decline in their main market.
Also the management has began to deliver on previous promises like growth in animal health segment and pharma segment.
When US business normalizes (reversion to mean should happen as downcycle has been going for more than a year now), then advenz will have all its engines firing.
Plus they’re generating big free cash flows even down years ( a testament to the fundamental strength of the business)
So, long term outlook is still intact.
Disc – Invested and biased
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