BWX what a joke, page-16

this has always been the problem for the company's best selling sukin product. it's brand value is so diluted through discounting and stocking it everywhere that it's basically unrecoverable as a premium product - it is firmly mass market. they are also stuck now with the likes of supermarkets and CW because now they are used to these products being super discounted, if BWX disagree any promos or try to claw back some of the discounting (i.e. maybe do 30% instead of the constant 50%) they simply risk losing the shelf space and given sukin is now mass market (i.e. easily substituted, low margin) no shelf space = dead.

of course they have tried to acquire more 'premium' brands but they have a solid track record of 1) overpaying 2) failing to integrate 3) relying to sukin strategy for go-to-market and destroying the new brand. i think there is something more fundamentally wrong than having average CEOs, but it will need a very very good CEO to turn this ship around. of course, BWX does have value since it's still profitable but where this value sits is hard to say, my guess is around $1.10 - $1.20 (~$200m market cap). i think there would be private equity buyers lurking around in the background, whether they see the same value i dunno.