As time goes by that FY17 $506M revenue consensus does start to look a little more fragile I reckon.
The FY17 reporting period starts in a couple of week’s time, yet no second infant formula provider has been taken on board thus far to contribute to FY17 revenues, and the Synlait facility is at capacity or very close to it.
That’s not to say that an innovative company like A2M are not strategically planning in the background and they will have at least a small amount of cash going forward to play with beyond prudent retentions.
But it does seem to me that estimates of FY17 $506M (+46%) may be becoming a little optimistic now for the immediate year ahead, given the fresh milk market has been flat for 18 months, the US and UK markets are yet to be proven and there is a capacity ceiling, or a risk tolerance ceiling, on infant formula production.
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As time goes by that FY17 $506M revenue consensus does start to...
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