I imagine there will be some dumping, but if the broader market holds up I think we'll get another 10% before the week closes, and then if the events you've alluded to come through then yes 17-20 is possible.
I just feel a proper re-rating is needed. The EBITDA growth was amazing given the 5% rise in NZD/AUD cross rate and marketing spend.
The fact mgmt hinted at potential a similar growth curve in the US to AU is a fact that hasn't been priced in yet.
The comment around Fonterra starting to supply them from the next milk season points to growth in other markets that SM1 aren't supplying, i.e. South East Asia and the Middle East.
HY Results 2019, page-252
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