Whitey, that is fresh! I haven't seen any stock manufactured in 2016 yet. Lots of stage 2 i see is made in December, so it is obviously selling well.
The difference between Bellamy's & A2 is that A2 is 90% stage 3, were as Bellamy's is strong across the range. Less risk in BAL if there is a daigou crackdown in China.
As that Ords report said, if you strip out ALL the indirect china sales (i.e Daigou) from FY17 onwards, and don't even adjust direct sales forecasts, BAL is still worth $12.75 on DCF.