I'm ambivalent about the FY19 results next week. They have updated and rebranded their organic formula, which caused disruption and lower sales in FY19 Q3. In FY19 Q4, they announced working with Viplus on their conventional formula. Given how low revenue was FY19 H1, and the disruption in FY19 Q3, FY19 is going to be to some degree disappointing even if they meet guidance. SAMR approval is still a waiting game that has been played since December 2017. So is it undervalued on what will soon be historic earnings, probably not. But I'm hardly buying this for historical earning. It actually looks better placed than it has been in recent years, despite what is going to be an ordinary FY19 based on what is already known. So readying some funds for the opportunity created by negativity on or before results day.
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