BUB vs WHA, page-292

BAL, FY18 PE would be around 25 based on the earnings guidance, its infant formula revenue would be around A$310m (profit margin ~23% probably due to imported ingredients from Europe) where A2 infant formula revenue would be around A$700m (high profit margin ~38%). For valuation, BAL PE 25 is valued at a good price, but imported ingredients and organic certificate (doesn’t seem have Chinese organic certificate for Camperdown facility) might cause a bit complication for CFDA/SAMR approval as new Chinese rules require to specify the origin of country for the milk sourced, if no Chinese organic certificate, might not be able to put Organic stamp on the tin (this might not be a big issue).
The restructure of CFDA/SAMR did waste about two months, so both WHA (lodged in November 2017) & BAL (lodged in December 2017) approval is taking a bit longer than A2’s five months, imo.
Organic infant formula has a very bright future, I think it’s short term pain.