Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-41

A high P/E isn’t just ‘plucking numbers out of thin air’ it reflects growth expectations. If AHF’s pivot into premium formula takes off (like a2 Milk’s early surge), future earnings could jump, justifying a bigger multiple. In other words, the market pays more today if it believes tomorrow’s profits will be significantly higher.

In the very early days, A2’s PE hit 60 as they started bringing in huge China infant formula numbers. Growth multiples went crazy.

My maths only includes 35/40 PE but no reason if the launch starts we couldn’t see investors factoring in large growth just like A2M for their ‘Future’ Organic & A2 protein formula.