There's been a couple of positive comments from CVT lately...
1. Earnings for the first three months of FY12 are better than the last two years despite the currency headwinds.
2. The company are forecasting that it is "going to have a significantly better financial result in 2011/12."
3. Medihoney milestone payment of US$1m from Derma due this month, plus ongoing royalty payments.
4. It looks like the company will negotiate an out-of-court settlement on its UK medical patent, which is likely to result in a recovery of some costs already expensed and a reinstatement of its patent.
Technically, CVT has today bounced off previous resistence at $1.57/58, which should now be a level of support.
Fundamentally, CVT is currently trading on a forward PE of 10.0x ($1.69/($5m/29.7m)) and an EV/EBITDA of 5.2x ($1.69x29.7m + $6.9m)/$11m. (Assuming CVT achieves FY12 EBITDA of $11m and NPAT of $5m -> the same as in FY10).