It is likely the big +20% drop in share price to $3.05 as of time of posting is due to the phasing out of their Woolies contract. Their biggest customer is currently Woolworths.
Instos don't like it when you have almost all your eggs in one basket and that basket is being taken away from you in FY25. So they decided to give the SP a decent whacking. Act first, think later. Instos do not want to be left hoding an empty basket with no eggs. As the instos are running away from the stock, all the eggs are jumping out, falling to the floor, getting cracked being bumped against other eggs.
Not a fun day facing with a 20% loss.
On the other hand, if you take a long term view, it could be a good opportunity to scoop up a bargain. The fabled Buffet of Omaha has said to be greedy when others are fearful.
Issues to consider: Is this situation a small blip? Will they be able to find other customers to take up the percieved shortfall of once their Woolies contract is discontinued?
DYOR and GLTA
Ann: ING FY2024 Full Year Financial Results Announcement, page-12
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