A2M Fundamentally, page-2

I would also add under potentials:

1) Take ever potential. Though the current PE looks a little expensive, A2 offers a unique growth opportunity which would fit in nicely with some of the big players product lines. Dairy consumption is dropping in Western world, A2 offers that growth opportunity to bring back some lost consumers. Of course the unique Platinum formulation with A2 only protein (same as mother's milk) is also a product not easily replicated by the big players. With the USD expected to strengthen, then the share price will not be as expensive for multi-nationals.

2) Favourable NZD/AUD exchange rate. Main costs are in NZD while main sales are in AUD.

3) UK becoming cash flow neutral earlier than expected. This is currently the trend (from AGM). This would give confidence that management can crack US market which I believe is one of the main reasons some of the analysts have not fully come on board.