Executive Series 26 Jun 18: Wattle Health Australia (WHA) CEO, Lazarus Karasavvidis, page-109

I think I answered your question directly.

As you know some we discussed, are just our guesses.

It’s interesting to note a2 Milk revenue growth has slowed down, half year revenue growth dropped from 48% to currently 12%, revenue for FY18 to be NZD$922m. My estimated PE is about 42. They did a great job as their infant formula was launched just five years ago, but growing to about $700m annual revenue.

Each company is different, product, management and marketing, not easy!