And I don't understand the skepticism around ratios with A2. 1....

And I don't understand the skepticism around ratios with A2.
1. No business with a similar market cap has a better balance sheet or ROCE
2. Operating cash-flow of 3.5-4% of market cap
3. No capital investment requirements with low ROCE, complete flexibility with war chest
4. Invented the concept of 'A2' and despite comp coming in no other company 'is A2'
5. Able to command an 'apple-like' premium for products; that intangible brand is the essence of business success
6. Clear opportunities to vertically integrate and buy their suppliers driving great throughput margin expansion in the long-run
7. With the IF, a child's health will never be comprised on, it has such a strong psychological place in a parent's mind giving it less scrutiny than discretionary purchases.


A2 shouldn't be compared to distribution or marketing companies, it has tech-like margins and growth prospects given the addressable market and its growth.