IPO FFF, page-19

FFF aren’t playing in the plant protein space like WOA AFAIK. Soy/pea protein balls and plant based meat are two very different things - the latter is a much larger opportunity/addressable market (by many multiples). FFF plays in the former, WOA is moving into the latter. I’m not aware of FFF going into the plant based protein space, if I’ve missed this I’d be grateful if you could point me in the right direction (and will happily admit im wrong). WOA are starting off a lower base than FFF but their growth rates are much stronger.

Unless I’ve missed something FFF can’t just do what WOA are doing - WOA has the exclusive, world wide licence to the lupin technology developed by Curtin University which they are developing with CSIRO. I’m enthusiastic about FFF’s prospects but I do not agree with you that FFF “could release what WOA are doing too”.

This looks like a decent business at a reasonable valuation but it’s not in the same league as WOA IMO