Fundamentally, there is a limit to how far this business can fall from a $40m market cap. Hills has a national footprint, the brand has value, it has $270m sales, it’s profitable and it’s trading below NAV.
The results just published were not enough to get the market excited. However, the underlying profits trend is clearly upwards.
Technically, you are probably right.
Ann: Change of Director's Interest Notice, page-37
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