Fade to Grey; China E-Commerce Tax Policy Backdown Positive for Blackmores
We maintain our fair value estimate for Blackmores at AUD 119 per share following the surprising news of China backing down from implementing a range of mostly tax-related rulings affecting cross-border e-commerce, or CBEC, retail transactions, which came into effect in April 2016. Our narrow moat and high fair value uncertainty ratings are intact, but we now see only a slim margin of safety at current market levels.China’s Commerce Ministry indicated it would classify CBEC retail transactions ...
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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