Agreed, if they can maintain their current market share (which...

Agreed, if they can maintain their current market share (which they have been struggling a bit with, recently) and can fully turn around their NZ business (which has been an underperformer since the 2011 Bledisloe acquisition, then it should still be a sound investment proposition for the long term, even if their current revenues “per case” are IMHO above mid-cycle levels at present.

It would also be good if they provided more disclosure as to what exactly their prepaid funds are invested in; given that the appeal of the stock is, for many, the fact that it is perceived as being defensive and non-cyclical, it would be helpful to know how much “embedded cyclicality” there actually is.