Table of Contents
Title Page
Executive Summary 3
1. Company Overview 6
2. Industry Analysis 19
3. Current Issues 33
4. Blackmores Financial Analysis 42
5. Share Valuations 53
6. Valuation Discussion 72
7. Appendix – Financial Statements 80
References 92
Executive Summary
• Blackmores Limited is an industry leader in both natural health and research, basing its principle activity on the development and marketing of health products and natural supplements.
• Blackmores Limited (BKL) listed on the Australian Stock Exchange on the 2nd May 1985. Ownership structure has remained relatively constant, with the largest shareholder with a total substantial holding of 24.69% of the company is the Executive Director Marcus Blackmore, son of the founder Maurice Blackmore.
• The company has over 150 products, catering for all areas in natural health and vitamins. Products are distributed primarily through retail pharmacies, supermarkets and health food shops and operations now stem offshore to New Zealand and throughout Asia.
• Products are developed by Blackmores Scientific Researchers an ...