Private sales usually command a lower multiple so I would say that CVT is undervalued, given the depth and breadth of CVT vs King Honey.
https://www.nzherald.co.nz/business/...YAK4U2DCXSKWI/
Worthwhile making a comparative value assessment :
King Honey had revenue of $16.5m in the year to March 31 and Ebitda of $3.87m - sold for $36m.
So EBITDA multiple of
9.3 times for King Honey.
Comvita is expecting EBITDA of $22.5 to $25.5 so call it $24m
- putting the company with sp of $3.20 = market cap of $225m, & estimated debt of $11m = EBITDA multiple of
9.8X