Ann: Annual Report to shareholders, page-123

I’ve asked myself that. To some extent I believe BUBS could be overvalued. However BUBs did manage to get cash flow positive despite the loss. Bubs also has some big agreements most notably and recently CW and also sells foods. They also paid for factory outright and not through a massive loan. Where as wha hasn’t really got much going on.

Another comparison is ktd, they have much more potential as shown through their agreement with Walmart. They also have 2-3 factories and is expanding into health foods. Ktd market cap is less than Wha but is in a better position financially in both cash and revenue. Wages also don’t seem to be as high as wha.

To to throw a 3rd company in the mix we have JAT. Although they do more than infant formula. Financials appear to be in better shape and more agreements in place to generate revenue. Management is questionable but their wages isn’t as high as wha and the company expenses are kept to a minimum.

I follow pretty much all the companies that are dabbling in the dairy industry on asx and have thought about investing in wha. Each has their own pros and cons. They have their own niche. Wha is the only one I fail to see anything special. The only company I can think of in a more infant stage than wha is ahf. Not to say wha can’t succeed but as they are at the moment there isn’t much to justify a higher sp. Would love to know about any points that make wha unique or better than some of their competitors.