i haven't been following their reported value of assets held since a few years ago, however, two points should be checked by anyone looking at buying:
- The market value for beehives spiked from a couple of hundred dollars up to a thousand dollars over a short period a few years ago when there were loads of people trying to start honey/beekeeping businesses. There are now large numbers of hives available for under $200. What do comvita value their hives at?
- A year or so back the rules around what could be exported as "manuka honey" changed, resulting in a massive devaluation of many held honey inventories. There are literally thousands of tonnes of honey in drums in NZ at the moment, with producers unable to find a wholesale buyer at a price above the cost of production. How is comvita valuing their honey inventory?
Their reported NTA is $2.20, it would be interesting to see whether considering the above two points would bring their NTA nearer $1