Edison Investment Research - Comvita Ltd. (CVT) Update: More honey, more money

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Edison Investment Research

Update: More honey, more money

Comvita (CVT) achieved a NZ$8.7m turnaround in the six months to September 2015 pre-tax profit (y-o-y) to NZ$5.1m and upgraded its full year NPAT guidance to NZ$15-17m (a 46-65% increase y-o-y vs previous guidance of 35%. CVTâ€™s five-year strategic plan is to build sales to NZ$400m, with profit growth expected to outpace sales growth. The company 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. We have upgraded our forecasts and increased our valuation from NZ$7.16/share to a rounded NZ$9.20/share (a DCF of NZ$9.03 plus market value of Derma Science investment of NZ$0.185).

15/11/2015 8 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

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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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Update: More honey, more money

Comvita Limited: 3 directors

- Termination of coverage

Ford Equity International Rating and Forecast Report

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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