Update: Rights issue and H1 results
Comvita delivered H1 EBITDA of NZ$0.6m and a post-tax loss of NZ$3.3m, slightly better than guidance. The company has also raised NZ$24.4m via a 1:5 rights issue at NZ$3.55 per share (cf pre-announcement share price of NZ$4.16). The proceeds from the cash issue will be used to reduce debt and to position the balance sheet for acquisition opportunities. The company has also provided earnings guidance for FY15, which has resulted in only minor changes to our estimates. Our valuation is NZ$4.13 per share, 13.2% above the current share price.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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