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Thread: Comvita - CVT

  1. #1471
    ShareTrader Legend Beagle's Avatar
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    Interested in yet another possible pending train wreck mate but I can't access the link ? Says permission for referral from sharetrader refused ?
    No butts, hold no mutts, (unless they're the furry variety).

  2. #1472
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    Quote Originally Posted by winner69 View Post
    I think this means serious discussions between management and the auditors and a few late nights too boot. Code for the auditors are not too impressed ?

    https://quoteapi.com/resources/da986...MjPESELuPsqAAA
    Fully expect that Comvita will come up with a write-off but it's all good as it's 'non-cash'!

    Coincidentally, I met up with a Northland beekeeper whose manuka honey inventory has been rendered non-manuka honey grade due to the stringent standard now imposed by MPI.

    He is not taking this development lying down and a group of them are in 'discussions with MPI.

    Interesting read for those who could be bothered :

    https://apinz.org.nz/our-work/standa...ce-regulatory/

  3. #1473
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    Just been in an upmarket supermarket in Shanghai - (relatively) big Comvita display with staff member there for the hussle. Had some big containers of honey 1 for 750 or 2 for 799!

    Interestingly, had a big display of Zealong tea that looked very good.

  4. #1474
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    What weight & UMF?

  5. #1475
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    Quote Originally Posted by Sideshow Bob View Post
    Just been in an upmarket supermarket in Shanghai - (relatively) big Comvita display with staff member there for the hussle. Had some big containers of honey 1 for 750 or 2 for 799!

    Interestingly, had a big display of Zealong tea that looked very good.
    What UMF & Weight?

  6. #1476
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    Quote Originally Posted by Sideshow Bob View Post
    1 for 750 or 2 for 799!
    What? Dollars, lol.

  7. #1477
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    delayed financials .. this is bad auditors must have flagged something as not acceptable?
    bull

  8. #1478
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    Quote Originally Posted by bull.... View Post
    delayed financials .. this is bad auditors must have flagged something as not acceptable?
    Highly unusual and will most likely result in a qualified audit report. Probably a very bad sign that the only independent party scrutinizing the books and systems doesn't believe the "story".
    No butts, hold no mutts, (unless they're the furry variety).

  9. #1479
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    Quote Originally Posted by Balance View Post
    Fully expect that Comvita will come up with a write-off but it's all good as it's 'non-cash'!

    Coincidentally, I met up with a Northland beekeeper whose manuka honey inventory has been rendered non-manuka honey grade due to the stringent standard now imposed by MPI.

    He is not taking this development lying down and a group of them are in 'discussions with MPI.

    Interesting read for those who could be bothered :

    https://apinz.org.nz/our-work/standa...ce-regulatory/
    I hear that alot of east cape Manuka is in the same boat.

    The MPI standard is BS, they just came up with it because they 'politcally' couldnt adopt what UMFHA was doing. Theres was perfect either but better than what they have now...

  10. #1480
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    biggest loss in the companies history?

    https://www.nzx.com/announcements/339662

    what a disaster and the restructuring is just beginning
    bull

  11. #1481
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    Quote Originally Posted by bull.... View Post
    biggest loss in the companies history?

    https://www.nzx.com/announcements/339662

    what a disaster and the restructuring is just beginning
    No worries bull ....impairments non-cash

    But the bold strategic initiatives will pull them through

    Most truthful part of announcement is Mr Craig saying ‘extremely disappointing’
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  12. #1482
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    Still $35m of goodwill on books
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  13. #1483
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    Ok so let me get this straight.....

    Inventory which is currently in China will be selling at 0% margin based on current value (and probably -ve if they have to discount it...).

    They've writted down the goodwill of the Aus and UK business to $0, thats probably fair as the daigou channel is probably focusing on Australian Manuka - funny how A2 never complain with lower sales in Australia due to 'distruptions'

    $25M of goodwill in the China BU.... However, by a rough piece of math they are sitting on enough inventory for at least a year of sales (at 0% margin...) and additional 14M of payables to come with the 51% purchase. Given this, how likely is 25M realistic and is that at risk to an additional write down if they fail to generate strong margins from thin air? The 2018 share of profit from the JV is <$2M

    I suspect more pain, its going to take a long time to untie this knot.

  14. #1484
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    Useless fact

    Comvita has more inventory than A2 ...but A2 sales are nearly 8 times more than Comvita’s
    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  15. #1485
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    Quote Originally Posted by winner69 View Post
    No worries bull ....impairments non-cash

    But the bold strategic initiatives will pull them through

    Most truthful part of announcement is Mr Craig saying ‘extremely disappointing’
    But he goes on to say external factors conspired against them...doesn't show any "ownership" of fault of any kind on their part.
    The shares are underpriced he says !
    Given the recent history of poor honey harvests, adjusting for the recent changes to the regulatory environment, and under the shadow of a languishing share price that undervalues collectively the Groups non-current assets,

    Always a warning sign when the directors are so delusional to think the market is wrong. Remember how Turners thought their shares were worth $3.20
    At least with turners they can sell their cars and buy their shares back as stock turn is okay...these guys can't do that as stock turn is less than once a year lol

    They've got a lot of work to do to get to their $400m annual sales by 2020 eh, or is that 2021 now or 2031 ?
    Last edited by Beagle; 24-08-2019 at 05:34 PM.
    No butts, hold no mutts, (unless they're the furry variety).

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