Edison Investment Research - Comvita Ltd. (CVT) Initiation: Manuka honey: health and well-being play

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Edison Investment Research

Initiation: Manuka honey: health and well-being play

Comvita is a natural health products manufacturer and marketer focused on manuka honey, bee products and fresh olive leaf extract. It sells a range of manuka honey-based health products via a range of distribution and sales channels, and has an exclusive licensing agreement with Derma Sciences for medical-grade manuka honey based products to the professional wound care market. Our valuation of the company is NZ$4.57 per share, 23.5% above the current share price.

28/08/2014 16 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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Initiation: Manuka honey: health and well-being play

Comvita Limited: 1 director

- Termination of coverage

Ford Equity International Rating and Forecast Report

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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