Update: Looking sweet
Comvita (CVT) has locked up about half its requisite honey supply through acquisitions and investments in apiaries. This, together with investment in augmented production facilities, the rationalisation of its channels to market, and optimising the product mix, should see CVT continue to expand its margins and lift its return on invested capital (ROCE) above the current level of ~12%. Our valuation of NZ$4.73 would increase to NZ$5.96 if the EBITDA margin was to rise from the current level of 14.9% to 18% over the next three years.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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