New Risk • May 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 84% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Significant insider selling over the past 3 months (NZ$5.9m sold). Market cap is less than US$100m (NZ$94.8m market cap, or US$55.5m). Buy Or Sell Opportunity • Apr 09
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to NZ$0.69. The fair value is estimated to be NZ$0.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Mar 19
Insider recently sold NZ$75k worth of stock On the 10th of March, Nigel Greenwood sold around 113k shares on-market at roughly NZ$0.66 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$131k more than they bought in the last 12 months. Recent Insider Transactions • Mar 18
Insider recently sold NZ$75k worth of stock On the 10th of March, Nigel Greenwood sold around 113k shares on-market at roughly NZ$0.66 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$131k more than they bought in the last 12 months. Buy Or Sell Opportunity • Mar 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to NZ$0.72. The fair value is estimated to be NZ$0.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 24
First half 2026 earnings released: EPS: NZ$0.065 (vs NZ$0.092 loss in 1H 2025) First half 2026 results: EPS: NZ$0.065 (up from NZ$0.092 loss in 1H 2025). Revenue: NZ$118.0m (up 18% from 1H 2025). Net income: NZ$4.59m (up NZ$11.1m from 1H 2025). Profit margin: 3.9% (up from net loss in 1H 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Global Personal Products industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 23
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to NZ$0.72. The fair value is estimated to be NZ$0.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Feb 19
Insider recently sold NZ$56k worth of stock On the 17th of February, Nigel Greenwood sold around 91k shares on-market at roughly NZ$0.62 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Feb 17
Price target decreased by 41% to NZ$0.80 Down from NZ$1.35, the current price target is provided by 1 analyst. New target price is 27% above last closing price of NZ$0.63. The company is forecast to post earnings per share of NZ$0.091 next year compared to a net loss per share of NZ$1.49 last year. Announcement • Nov 18
Florenz Limited cancelled the acquisition of Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others. Florenz Limited enters into Scheme Implementation Agreement to acquire Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others for NZD 56.4 million on August 17, 2025. A cash consideration of NZD 56.39 million valued at NZD 0.8 per share will be paid by Florenz Limited. As part of consideration, NZD 56.39 million is paid towards common equity of Comvita Limited. In case of termination of transaction, Florenz Limited will pay a termination fee of NZD 0.56 million and seller will pay a termination fee of NZD 0.56 million. The transaction is subject to approval of offer by target shareholders and subject to approval by the High Court of New Zealand. As of October 16, 2025, Comvita Limited responded to media report clearing that at this time, no information has been provided to Comvita to support these statements made by Bougen who representing a syndicate of shareholders who purport to have sufficient shareholder support to veto the Scheme vote and to provide active and committed support for a funding proposal and no funding proposal has been received from this group. As of November 11, 2025, Comvita provided update on voting. As of November 10, 2025, 55.9% votes for acquisition and 40.7% votes against acquisition. As of November 11, 2025, 55.5% votes for acquisition and 42.3% votes against acquisition. As of November 12, 2025, 53.7% votes for acquisition and 39.8% votes against acquisition.
MUFG Pension & Market Services Limited acted as transfer agent/registrar for Comvita Limited. Michael Pritchard of Mayne Wetherell acted as legal advisor for Florenz Limited. Andrew Matthews of Simpson & Grierson acted as legal advisor for Comvita Limited. The Goldman Sachs Group, Inc. acted as financial advisor to Comvita Limited. Craigs Investment Partners Limited, Investment Banking Arm acted as financial advisor to Comvita Limited.
Florenz Limited cancelled the acquisition of Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others on November 17, 2025. The scheme implementation agreement has terminated by mutual agreement between the parties as scheme has not been approved by the requisite majorities of shareholders. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 69% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 69% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NZ$37.4m market cap, or US$21.2m). Buy Or Sell Opportunity • Oct 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 67% to NZ$0.80. The fair value is estimated to be NZ$0.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company became loss making. Announcement • Oct 15
Comvita Limited, Annual General Meeting, Nov 14, 2025 Comvita Limited, Annual General Meeting, Nov 14, 2025. Location: mufg pension & market, services, level 30, pwc tower, 15 customs street west, auckland New Zealand Buy Or Sell Opportunity • Sep 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 65% to NZ$0.77. The fair value is estimated to be NZ$0.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NZ$0.76. The fair value is estimated to be NZ$0.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: NZ$1.49 loss per share (further deteriorated from NZ$1.10 loss in FY 2024). Revenue: NZ$192.4m (down 5.8% from FY 2024). Net loss: NZ$104.8m (loss widened 35% from FY 2024). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Global Personal Products industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -NZ$0.17 to -NZ$0.233 per share. Revenue forecast unchanged at NZ$199.6m. Personal Products industry in New Zealand expected to see average net income growth of 26% next year. Consensus price target of NZ$0.80 unchanged from last update. Share price rose 55% to NZ$0.76 over the past week. Announcement • Aug 19
Florenz Limited agreed to acquire Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others for NZD 56.4 million. Florenz Limited agreed to acquire Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others for NZD 56.4 million on August 17, 2025. A cash consideration of NZD 56.39 million valued at NZD 0.8 per share will be paid by Florenz Limited. As part of consideration, NZD 56.39 million is paid towards common equity of Comvita Limited. In case of termination of transaction, Florenz Limited will pay a termination fee of NZD 0.56 million and seller will pay a termination fee of NZD 0.56 million. The transaction is subject to approval of offer by target shareholders and subject to approval by the High Court of New Zealand.
MUFG Pension & Market Services Limited acted as transfer agent/registrar for Comvita Limited. Michael Pritchard of Mayne Wetherell acted as legal advisor for Florenz Limited. Andrew Matthews of Simpson & Grierson acted as legal advisor for Comvita Limited. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Comvita Limited. New Risk • Aug 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of New Zealander stocks, typically moving 7.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risk Market cap is less than US$100m (NZ$33.1m market cap, or US$19.7m). New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (NZ$45.1m market cap, or US$26.5m). Reported Earnings • Mar 03
First half 2025 earnings released: NZ$0.092 loss per share (vs NZ$0.035 loss in 1H 2024) First half 2025 results: NZ$0.092 loss per share (further deteriorated from NZ$0.035 loss in 1H 2024). Revenue: NZ$99.7m (down 5.3% from 1H 2024). Net loss: NZ$6.48m (loss widened 164% from 1H 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Global Personal Products industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.1% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (NZ$49.3m market cap, or US$27.6m). Major Estimate Revision • Feb 11
Consensus EPS estimates fall by 1,841% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NZ$209.0m to NZ$204.3m. Losses expected to increase from NZ$0.0087 per share to NZ$0.17. Personal Products industry in New Zealand expected to see average net income growth of 27% next year. Consensus price target of NZ$0.80 unchanged from last update. Share price rose 2.6% to NZ$0.78 over the past week. New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NZ$55.0m market cap, or US$30.8m). Announcement • Sep 16
Comvita Limited, Annual General Meeting, Oct 30, 2024 Comvita Limited, Annual General Meeting, Oct 30, 2024. New Risk • Sep 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.1% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (NZ$80.9m market cap, or US$49.9m). Major Estimate Revision • Sep 04
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NZ$213.9m to NZ$209.0m. Now expected to report a loss of NZ$0.0087 per share instead of NZ$0.0451 per share profit previously forecast. Personal Products industry in New Zealand expected to see average net income growth of 23% next year. Consensus price target down from NZ$1.35 to NZ$1.22. Share price fell 2.5% to NZ$1.15 over the past week. Reported Earnings • Aug 29
Full year 2024 earnings released: NZ$1.10 loss per share (vs NZ$0.16 profit in FY 2023) Full year 2024 results: NZ$1.10 loss per share (down from NZ$0.16 profit in FY 2023). Revenue: NZ$204.3m (down 13% from FY 2023). Net loss: NZ$77.4m (down NZ$88.5m from profit in FY 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Global Personal Products industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 30
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to NZ$1.50. The fair value is estimated to be NZ$2.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NZ$1.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Personal Products industry globally. Total loss to shareholders of 51% over the past three years. Upcoming Dividend • Mar 27
Upcoming dividend of NZ$0.012 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 24 April 2024. Payout ratio and cash payout ratio are on the higher end at 76% and 78% respectively. Trailing yield: 2.6%. Lower than top quartile of New Zealander dividend payers (6.7%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 24
First half 2024 earnings released: NZ$0.046 loss per share (vs NZ$0.06 profit in 1H 2023) First half 2024 results: NZ$0.046 loss per share (down from NZ$0.06 profit in 1H 2023). Revenue: NZ$103.4m (down 7.8% from 1H 2023). Net loss: NZ$3.20m (down 177% from profit in 1H 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Global Personal Products industry. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NZ$2.08, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Personal Products industry globally. Total loss to shareholders of 31% over the past three years. Buy Or Sell Opportunity • Feb 22
Now 28% overvalued Over the last 90 days, the stock has fallen 30% to NZ$2.08. The fair value is estimated to be NZ$1.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Major Estimate Revision • Feb 03
Consensus EPS estimates fall by 46% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NZ$242.4m to NZ$226.5m. EPS estimate also fell from NZ$0.082 per share to NZ$0.044 per share. Net income forecast to shrink 76% next year vs 25% growth forecast for Personal Products industry in New Zealand . Consensus price target down from NZ$3.35 to NZ$2.10. Share price fell 19% to NZ$1.87 over the past week. New Risk • Feb 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NZ$154.5m market cap, or US$94.4m). Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NZ$1.89, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Personal Products industry globally. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NZ$1.59 per share. Major Estimate Revision • Nov 30
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NZ$263.1m to NZ$242.4m. EPS estimate also fell from NZ$0.189 per share to NZ$0.082 per share. Net income forecast to shrink 60% next year vs 24% growth forecast for Personal Products industry in New Zealand . Consensus price target down from NZ$4.40 to NZ$3.35. Share price fell 14% to NZ$2.53 over the past week. Price Target Changed • Nov 29
Price target decreased by 24% to NZ$3.35 Down from NZ$4.40, the current price target is provided by 1 analyst. New target price is 33% above last closing price of NZ$2.52. Stock is down 22% over the past year. The company is forecast to post earnings per share of NZ$0.19 for next year compared to NZ$0.16 last year. Announcement • Oct 21
Comvita Limited (NZSE:CVT) acquired an additional 12% stake in Apiter Laboratories for $2 million. Comvita Limited (NZSE:CVT) acquired an additional 12% stake in Apiter Laboratories for $2 million on October 20, 2023. Comvita Limited will now hold 32% Apiter S.A. Comvita Limited (NZSE:CVT) completed the acquisition of an additional 12% stake in Apiter Laboratories on October 20, 2023 Board Change • Oct 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Liddell Coates was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 05
Comvita Limited Approves the Appointment of Michael Sang as Director Comvita Limited at its AGM held on 4 October 2023, approved the appointment of Michael Sang as Director. Upcoming Dividend • Sep 27
Upcoming dividend of NZ$0.035 per share at 1.7% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of New Zealander dividend payers (6.2%). Lower than average of industry peers (2.0%). Recent Insider Transactions • Sep 07
Key Executive recently sold NZ$379k worth of stock On the 6th of September, Brett Hewlett sold around 120k shares on-market at roughly NZ$3.16 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Brett's only on-market trade for the last 12 months. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NZ$0.23 to NZ$0.189 per share. Revenue forecast steady at NZ$263.1m. Net income forecast to grow 11% next year vs 24% growth forecast for Personal Products industry in New Zealand. Consensus price target down from NZ$4.65 to NZ$4.40. Share price fell 2.7% to NZ$3.20 over the past week. New Risk • Aug 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 498% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Aug 23
Comvita Limited Announces Final Fully Imputed Dividend for the Full Year 2023 Comvita Limited announced to declare a final fully imputed dividend of $0.03 per share, taking the full year dividend to $0.055 per share, in line with PCP. Reported Earnings • Aug 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NZ$0.16 (down from NZ$0.18 in FY 2022). Revenue: NZ$234.2m (up 12% from FY 2022). Net income: NZ$11.1m (down 14% from FY 2022). Profit margin: 4.7% (down from 6.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Personal Products industry in Oceania. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 11
Comvita Limited, Annual General Meeting, Oct 04, 2023 Comvita Limited, Annual General Meeting, Oct 04, 2023, at 11:00 NZST - New Zealand Standard. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NZ$3.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 23x in the Personal Products industry globally. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NZ$2.79 per share. Recent Insider Transactions • Apr 12
CEO, MD & Director recently sold NZ$86k worth of stock On the 5th of April, David Banfield sold around 28k shares on-market at roughly NZ$3.04 per share. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth NZ$101k. This was David's only on-market trade for the last 12 months. Upcoming Dividend • Mar 29
Upcoming dividend of NZ$0.029 per share at 1.9% yield Eligible shareholders must have bought the stock before 05 April 2023. Payment date: 28 April 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of New Zealander dividend payers (6.6%). In line with average of industry peers (1.8%). Recent Insider Transactions • Mar 16
Independent Director recently sold NZ$101k worth of stock On the 13th of March, Lucas Nicholas Bunt sold around 30k shares on-market at roughly NZ$3.35 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$25k more than they bought in the last 12 months. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NZ$0.239 to NZ$0.203 per share. Revenue forecast steady at NZ$230.9m. Net income forecast to grow 17% next year vs 22% growth forecast for Personal Products industry in New Zealand. Consensus price target of NZ$4.50 unchanged from last update. Share price was steady at NZ$3.36 over the past week. Reported Earnings • Feb 24
First half 2023 earnings released: EPS: NZ$0.06 (vs NZ$0.05 in 1H 2022) First half 2023 results: EPS: NZ$0.06 (up from NZ$0.05 in 1H 2022). Revenue: NZ$112.1m (up 6.8% from 1H 2022). Net income: NZ$4.17m (up 19% from 1H 2022). Profit margin: 3.7% (up from 3.3% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Personal Products industry in Oceania. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to NZ$4.50 Up from NZ$4.20, the current price target is provided by 1 analyst. New target price is 41% above last closing price of NZ$3.20. Stock is down 11% over the past year. The company is forecast to post earnings per share of NZ$0.23 for next year compared to NZ$0.18 last year. Board Change • Oct 31
High number of new directors Independent Director Liddell Coates was the last director to join the board, commencing their role in 2021. Upcoming Dividend • Sep 22
Upcoming dividend of NZ$0.035 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of New Zealander dividend payers (5.9%). In line with average of industry peers (1.8%). Board Change • Aug 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Liddell Coates was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 26
Price target increased to NZ$4.50 Up from NZ$4.10, the current price target is an average from 2 analysts. New target price is 38% above last closing price of NZ$3.25. Stock is down 9.0% over the past year. The company is forecast to post earnings per share of NZ$0.23 for next year compared to NZ$0.18 last year. Announcement • Aug 22
Comvita Limited, Annual General Meeting, Sep 29, 2022 Comvita Limited, Annual General Meeting, Sep 29, 2022, at 10:30 NZST - New Zealand Standard. Recent Insider Transactions • May 30
Insider recently bought NZ$63k worth of stock On the 24th of May, Bridget Coates bought around 20k shares on-market at roughly NZ$3.15 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought NZ$100k more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 16
Upcoming dividend of NZ$0.029 per share Eligible shareholders must have bought the stock before 23 March 2022. Payment date: 31 March 2022. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of New Zealander dividend payers (5.4%). Lower than average of industry peers (1.9%). Reported Earnings • Feb 28
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: NZ$0.05 (vs NZ$0.05 in 1H 2021). Revenue: NZ$104.9m (up 6.1% from 1H 2021). Net income: NZ$3.49m (up 1.0% from 1H 2021). Profit margin: 3.3% (down from 3.5% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 11%, compared to a 19% growth forecast for the industry in New Zealand. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of NZ$0.047 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 07 October 2021. Trailing yield: 1.1%. Lower than top quartile of New Zealander dividend payers (4.8%). Lower than average of industry peers (1.6%). Price Target Changed • Aug 27
Price target increased to NZ$3.70 Up from NZ$3.30, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NZ$3.57. Stock is up 9.2% over the past year. Reported Earnings • Aug 26
Full year 2021 earnings released: EPS NZ$0.14 (vs NZ$0.19 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: NZ$191.7m (down 2.1% from FY 2020). Net income: NZ$9.48m (up NZ$19.2m from FY 2020). Profit margin: 4.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 15
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NZ$0.12 to NZ$0.14. Revenue forecast steady at NZ$206.7m. Net income forecast to grow 29% next year vs 29% growth forecast for Personal Products industry in New Zealand. Consensus price target up from NZ$3.16 to NZ$3.30. Share price rose 2.2% to NZ$3.26 over the past week. Announcement • Mar 09
Comvita Launches Special Reserve Manuka and OneHive Movement Comvita launched its limited-edition Special Reserve UMF™ 25+ (MGO 1200+) Manuka Honey, carefully collecting some of the world's rarest honey to create a moment of delicious pleasure that connects people to the power of nature. As part of the launch, Comvita invites consumers to become part of its newly established global OneHive movement. The OneHive movement will connect discerning consumers from around the world and empower likeminded people to share and contribute to Comvita's passion for (and desire to protect) the natural environment, enabling them to come together and make real and lasting change. Comvita will be dedicating 10% of all profits from the sale of Special Reserve UMF™ 25+ direct to environmental causes nominated by the OneHive Community – further cementing, through action, the company's firm and lasting commitment to this newly established movement. Reported Earnings • Mar 03
First half 2021 earnings released: EPS NZ$0.05 (vs NZ$0.26 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NZ$98.9m (up 5.4% from 1H 2020). Net income: NZ$3.46m (up NZ$16.4m from 1H 2020). Profit margin: 3.5% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 02
New 90-day high: NZ$3.40 The company is up 1.0% from its price of NZ$3.35 on 03 September 2020. The New Zealander market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NZ$27.95 per share. Announcement • Jun 19
Comvita Limited has completed a Follow-on Equity Offering in the amount of NZD 50 million. Comvita Limited has completed a Follow-on Equity Offering in the amount of NZD 50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: NZD 2.5
Transaction Features: Regulation S; Rights Offering; Subsequent Direct Listing 
