Broker data, page-340

Currently Fully diluted Market cap for ASX formula stocks:

A2M: $5.3b @$7.16 sector leader (cow formula, and fresh milk); 8% stake in Synlait; Received CFDA approval.

BAL: $1.35b @$12.28 (organic cow formula with imported milk); 90% in Camperdown; haven't lodged CFDA application.

BUB: $224m @79.5c (goat formula with imported milk); No CNCA licensed plant announced; expected to lodge CFDA application by 31 December 2017.

WHA: $229m @$1.665 (cow formula); 5% stake in Blend & Pack; commenced CFDA application, expected to receive formal approval in November 2017.