China redefines Blackmores' earnings prospects.
We maintain our AUD 119 per share fair value estimate for narrow-moat Blackmores after the company reported first-quarter results with net profit after tax of AUD 15.4 million on group sales of AUD 162.4 million, up 28% and 9%, respectively. Although slightly below our expectations, group sales for the quarter were well above the prior corresponding period, Higher sales translated to expansion in EBITDA margins, which increased to around 15% from 13%, reflecting operating leverage inherent in th...
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