External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

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External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Apiam Animal Health (AHX-ASX) is a vertically integrated animal health business providing a range of veterinary services to companion animal, equine and livestock industries.</li><li>AHX’s veterinary clinics, production animal and allied businesses are located Australia-wide reaching into many regional towns and growing peri-urban locations.</li><li>We estimate &gt;60% of group revenues are derived from its network of companion &amp; mixed animal veterinary clinics, which has felt the adverse impact of benign industry services growth post a COVID spike in companion animals; however, demand for companion animal veterinary services is again expected to spike from 2025-26 as COVID pets enter mid-life and demand for veterinary services are more prevalent, and we believe AHX is well positioned for the uplift.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Apiam Animal Health (AHX-ASX) is a vertically integrated animal health business providing a range of veterinary services to companion animal, equine and livestock industries.AHX’s veterinary clinics, production animal and allied businesses are located Australia-wide reaching into many regional towns and growing peri-urban locations.We estimate &gt;60% of group revenues are derived from its network of companion &amp; mixed animal veterinary clinics, which has felt the adverse impact of benign industry services growth post a COVID spike in companion animals; however, demand for companion animal veterinary services is again expected to spike from 2025-26 as COVID pets enter mid-life and demand for veterinary services are more prevalent, and we believe AHX is well positioned for the uplift.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apiam Animal Health Limited - Ready to Get off the Leash