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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 competitive advantage. We have upgraded our forecasts and increased our valuation from NZ$7.16/share to a rounded NZ$9.20/share (a DCF of NZ$9.03 plus market value of Derma Science investment of NZ$0.185).

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