Why buy SM1 which is over earning and trading on twice book value when it could build a plant for half the price?
Makes no sense whatsoever.
A2 already has certainty of supply from both SM1 and Fonterra. We don't need the business to be weighed down by big chunks of stainless steel that requires maintaining.
A2 converts $1 of cash for every $1 of EBITDA. It then pays tax and that's it. No capex other than maybe a few computers for its 200 staff.
ROIC after adjusting for refrained cash and SM1 investments is off the chart. it is this ROIC plus it's growth that is creating wealth for us all. Not hard assets.
Media Updates, page-1232
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