Downgrade, page-19

Who would ever buy into what is essentially the Australian subsidiary of a multinational? Their products are governed by global marketing, their market penetration is determined by the overall success of the parent. It is basically a bet on whether head office can come out with something earth shattering - or the local organisation can somehow find a unique market share initiative that global marketing hasn't thought of. Come on, this isn't an internet based business or something remotely sexy - but it is at the mercy of a disrupter should someone get it right. In the end it's a volume vs margin vs cost equation. Ho hum.....