BAL has forecast NPAT of $15.4m for FY17. At current price PE is ~32. Too risky given 2 downgrades recently, poor/unproven management, board spill and they have next to no cash in the bank. Not to mention the Fonterra deal which is going to be eating considerably into margins over the coming years unless they can actually sell more formula.
BAL price target $12, page-215
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