Eco Animal Health Group PLC

First-pass take

ECO is a cyclical animal health pharma play with zero AI exposure; 92% of revenue concentrated in Aivlosin® antimicrobial, leaving it vulnerable to commodity pork cycles (depressed during FY24). Pipeline vaccines and label extensions offer some leverage, but current EBITDA margin is only 9% with FX headwinds eroding gross margin from 45% to 42% YoY. Strong net cash position (£22.4m) and no debt partially offset concentration risk, but valuation data absent.