Blackmores' Brand Appeal Intact and China Still Key, Despite Channel Changes
We reduce our fair value estimate for narrow-moat Blackmores to AUD 119 per share from AUD 127, after a disappointing interim result. Despite our lower valuation, the stock still trades at a 12% discount to our revised estimate of intrinsic value, and we consider the stock undervalued. Specifically, Blackmores delivered interim net profit after tax of AUD 28 million on group sales of AUD 322 million, down 42% and 6%, respectively, year on year. This was below our expectations and reflected the i...Blackmores is engaged in the development, sales and marketing of health products for humans and animals including vitamins and herbal and mineral nutritional supplements. As of June 30 2016, Co. operated in Australia, New Zealand and Asia.
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