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Comvita Limited: 1 director
A director at Comvita Limited sold 120,000 shares at 3.160NZD and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: From the hive to the shelf
Comvita (CVT) has put the building blocks in place to grow sales to more than NZ$400m within five years (we are estimating FY20 sales of NZ$440m) and at the same time improve margins and ROCE. In the last three years CVT’s sales have almost doubled and the operational leverage has seen operating profit treble in the same time frame. In FY16 EPS increased by 45%, dividends were up 23% and ROCE improved from 12% to 15.3%.
Flash note: Joint venture with Capilano in Australia
Comvita (CVT) plans to leverage its premium brand positioning, exploit its established distribution channels and use its control of raw material sourcing as a key competitive advantage. The JV with Capilano Honey (ASX: CZZ) (a honey sourcing operation) is part of this plan. Our forecasts and our c NZ$9.20/share valuation are under review.
Update: More honey, more money
Comvita (CVT) achieved a NZ$8.7m turnaround in the six months to September 2015 pre-tax profit (y-o-y) to NZ$5.1m and upgraded its full year NPAT guidance to NZ$15-17m (a 46-65% increase y-o-y vs previous guidance of 35%. CVT’s five-year strategic plan is to build sales to NZ$400m, with profit growth expected to outpace sales growth. The company plans to leverage its premium brand positioning, exploit its established distribution channels and use its control of raw material sourcing as a key c...
Update: Honey in the pot
Comvita (CVT) is on its way to achieving NZ$400m in sales revenue by FY20. It continues to benefit from locking in its honey supply and the investments it has made in enhanced production facilities and the rationalisation of its channels to market. Guidance for FY16 sales revenue of >NZ$180m and an increase in NPAT of 35% has seen us increase our forecast FY16 EPS by 4.4% to NZ$0.355/share and our valuation from NZ$4.73 to NZ$7.16. This, together with continued exploitation of operating leverage...
Update: Looking sweet
Comvita (CVT) has locked up about half its requisite honey supply through acquisitions and investments in apiaries. This, together with investment in augmented production facilities, the rationalisation of its channels to market, and optimising the product mix, should see CVT continue to expand its margins and lift its return on invested capital (ROCE) above the current level of ~12%. Our valuation of NZ$4.73 would increase to NZ$5.96 if the EBITDA margin was to rise from the current level of 14...
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...
Initiation: Manuka honey: health and well-being play
Comvita is a natural health products manufacturer and marketer focused on manuka honey, bee products and fresh olive leaf extract. It sells a range of manuka honey-based health products via a range of distribution and sales channels, and has an exclusive licensing agreement with Derma Sciences for medical-grade manuka honey based products to the professional wound care market. Our valuation of the company is NZ$4.57 per share, 23.5% above the current share price.
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