Blackmores Emerges from Rebalancing Year with Asian Growth Story Intact; Maintaining FVE
We reiterate our AUD 119 per share fair value estimate for narrow-moat Blackmores after the company delivered NPAT of AUD 58 million on group revenue of AUD 693 million. This ended a turbulent year of rebalancing following effectively a banner prior year underpinned by an explosive surge of daigou-led indirect domestic sales to Chinese consumers. As expected, domestic sales to inbound Chinese tourists moderated in fourth-quarter 2016 after tax-related rulings in China came into effect in April 2...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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