Stacking Shelves, page-47

" well clearly it hasn't hence my point about the 5-year op margin being 16% not the current YTD 38%. Why is it only the last couple of years has it risen and maybe it's the new normal but maybe it's not."

Now why would you pretend to be researching the company (or have researched the company to give it a $5 valuation) when you can't answer this basic question yourself.

I'll give you a hint. Look at their product mix of their revenue over the last two years. Look at that trend and read what management have said will happen to that product mix going forward.

Dairy companies have low margins. Nutritional companies (especially premium nutritional companies) have very high margins. The ones which can identify large markets to grow into will make sustained super profits until they reach saturation. Has A2M reached saturation in China with less than 5% of the market? What about SEA and USA/GB with less than 0.5% of the market?