2012 half year result, page-15

Micky78,
Your analysis of debt and low margin on API is not applicable in pharma wholesale industry.
The risk on API is, as other analists and brokage firm pointed out,the price line model that company is selling,it has the potential to double or even further lift earning, but it could be the killing factor if this marketing strategy goes wrong.
And that is why they value API around 40_50 cents, not purely based on the PE,which should see API trading much more than Sip' 67cents share price.