Edison Investment Research - Comvita Ltd. (CVT) Flash note: Joint venture with Capilano in Australia

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Edison Investment Research

Flash note: Joint venture with Capilano in Australia

Comvita (CVT) plans to leverage its premium brand positioning, exploit its established distribution channels and use its control of raw material sourcing as a key competitive advantage. The JV with Capilano Honey (ASX: CZZ) (a honey sourcing operation) is part of this plan. Our forecasts and our c NZ$9.20/share valuation are under review.

02/03/2016 2 EN

Underlying

Comvita Ltd.

Comvita is engaged in manufacturing and marketing natural health products. Through its subsidiaries and associate, Co. is also engaged in the extraction of apiary, medical honey, propolis and herb; and property and intellectual property ownership. Co. distributes its products in New Zealand, Australia, Asia, North America, Europe and the United Kingdom. Co. operates in five segments: New Zealand, Australia, Asia, Europe and Medical. New Zealand segment includes New Zealand market. Australia segment includes Australian domestic market. Asia segment includes Asian operations. Europe segment includes the United Kingdom and European market. Medical segment includes medical based products.

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NZCVTE0001S7 NZX New Zealand

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Flash note: Joint venture with Capilano in Australia

Comvita Limited: 1 director

- Termination of coverage

Ford Equity International Rating and Forecast Report

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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