Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-28

A2 Milk was once dismissed at crazy multiples too, got to around 60 PE in the early days… Then it skyrocketed as premium margins and brand pull took off in China. High P/E can look like a dream until it becomes reality.

If a niche formula pivot successfully taps even a fraction of that market, 35/40 PE suddenly isn’t so far-fetched. When we start seeing massive growth numbers role in.

Don’t forget Andy Z is already doing massive numbers with other brands, now he and his business are equal second largest shares holders of AHF… no reason we won’t have a BIG launch.