It’s looking silly on valuation at this level, EV of $44M vs NTA...

It’s looking silly on valuation at this level, EV of $44M vs NTA of $64M - 0.67x of book. Top up levels for sure.

I was actually quite pleased with the results pres, especially the annual report. There’s heaps of good news in there in the CEO section.

Milk pool growing, rebrand looks good, support from major retailers, St Davids distribution up 30% just in Melbs - lots of stuff happening. The fear, from lack of comms, was that management were asleep, but definitely not the case.

So whilst I’m unhappy the SP is in a f*ked position, it’s overall looking better than two weeks ago when it was also $0.41 but we though Laura was dead (or on perma holiday)

If nothing else, I can at least see a path back to $1 over next few years.

Also keep in mind she specifically said “organic milk powder” in the annual report. Something they are clearly thinking about one day.