Ann: BWX - Full Year FY22 Forecast, page-35

Up a bit today. I would have bought more myself but I'm a bit worried about their potential Put liability to the other holders of GoToSkinCare. My interpretation is that while they've paid for their 50.1% they're potentially on the hook to buy out the remaining 49.9% in stages (reflected in that balance sheet liability).

All very well when your market capitalisation is $750m but a different prospect when your market capitalisation is barely the valuation placed on GoTo in the first place, the BWX valuation dragged down in part by the underperformance of the online businesses they paid through the nose for.

I think that this Put liability is at least in part (and lack of clarity on any associated conditions on the put) a cause of this weakness.

These purchases by BWX have a touch of the Alan Bond purchase of Channel 9 (for $1B) feel about them.