Many thanks for your typically informed and comprehensive responses.
I find it interesting, that a minnow like ASW can be a low cost provider, compared with someone like CPU, whom I would have thought would have substantial economies of scale, and also the resources to invest in productivity improving technology (then again, perhaps it's investments in technology based deworsification that is the issue here? I have no idea.).
With respect to switching costs being high (as in no CFO would want to face the wrath of service disruption for such a low cost activity), the flip-side might be that no CFO ever got sacked for switching to CPU (the institutional imperative being what it is). Which brings me to the question: "How on earth did CPU attract such a massive client base in the first place?". But I guess I digress.
ASW Price at posting:
76.0¢ Sentiment: None Disclosure: Not Held