For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefited from a strong second half, which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. On 3.7x FY26E EV/(adj.) EBITDA, Eco Animal Health’s valuation is, in our opinion, not crediting the well-funded investment in new products and their future value; also backed by the evident cost control and fiscal prudence of FY25 results. We have reviewed our Fair Value calculation based on the analysis provided by EAH – disaggregating core operations from those in China and the investment in new products - and applying peer group multiples (EV/Revenue, EV/EBITDA) from companies engaged in a similar process of funded development. The resulting Fair Value indicated is 136p/share.