Oils aint oils, and honey aint honey: News of an alarming and disturbing nature arrived on my desk yesterday that 'imitation' honey has arrived on these fine...

Oils aint oils, and honey aint honey: News of an alarming and disturbing nature arrived on my desk yesterday that 'imitation' honey has arrived on these fine shores. Faux honey, marketed under mischievous names, such as 'Victoria Honey', which is in fact not from Victoria, and worse, it's not honey, rather a sticky substance made from corn syrup. If people are willing to fake it, there must be real value in the legitimate item. Honey is a wondrous product and clearly difficult to produce. Capilano (ASX:CZZ) has 52% market share domestically and generates 25% of revenue from export sales. We estimate CZZ's NPAT to increase by 22.3% in FY15 with the shares trading on an 11.7x PE in FY15 based on our forecast EPS of 49.8c. The SMH press report about faux honey is here (VIEW LINK) and our CZZ initiation report is available here (VIEW LINK)