Intrinsic Value, page-15

I way I look at this company is that its currently valued significantlybelow its replacement cost (very low Q-ratio) and therefore future downside islimited from this point (bear case). My base case is for a steady continuationof improvements in current businesses with share prices returning to cap raiselevels and bull case sees a huge spike once bio-dynamic organic infant formulais announced. Launching into a new niche segment of the IF market with LBsteering the ship will see the hype of 2017 return.