Aspen (APN) – Goodwill Hunting

We believe the recent reclassification of some indefinite life intangibles to finite life intangibles by APN, points to increased pressure placed on APN by auditors to change the way the company accounts for intangibles. We show that the continual anaesthetics global shortages poses a high risk of material impairment charges arising and could also potentially expose APN to another investigation by regulatory authorities. We believe serialisation costs might be difficult to pass onto patients through higher medicine pricing, but believe an opportunity exists for the exploitation of the large volume of data that will be generated as a result of serialisation.