CZZ 0.00% $20.92 capilano honey limited

Show Me The Honey

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    Raising Target Price Show me the honey; 1H15 result beats expectations

    Capilano's first half EPS jumps 75%: Show Me The Honey! Capilano reported a first half EBIT result up 61% to $5.4m (from $3.3m, and above our forecast of $3.9m); an NPAT increased of 73% to $3.6m (from $2.1m); and an EPS increase of 75% to 42.0c (from 24.0c). This very strong result was driven by an increase in sales, cost-volume benefits, and enhanced product margins. Honey supply has increased with the improved conditions, and a favourable winter crop will assist in producing additional premium Australian honey, to further target export markets. Capilano also secured additional honey through the acquisition of Chandlers Honey last month, which will bring a further 1,000 tonnes of supply. With honey input prices remaining high, we believe Capilano has a product mix that is able to hold its market share gains. Management has also established distribution internationally, and with increased supply of Australian honey, the company can lift exports. This will be assisted by the lower Australian Dollar, which has enhanced competitiveness and will increase returns. Research here: http://goo.gl/cPXYXH
 
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