Ann: 1H FY22 Results Presentation, page-268

A good analysis stockrock covered all bases both positive and negative, so a fairly balanced assessment. I too listened to the total webinar and the questions, disappointed only four questions, the team answered them well though. Having been in business for over 60 years and sat on many company boards (still do on some) the words risk and protection were always there. Budgets and forecasts, business planning, strategic intent were all there too. Reports, analysis, auditors, accountants and strategic advisers buzzed around with their comments. I have always preached in simple terms that there are four main components of business Marketing, Operations, Finance and Administration. Of the most important was the first one Marketing and providing you have a good product and you are aiming for a good slice of the available market the success of the business will be assured by good management of the other three components, as without sales of the product the other three components will not be needed.
Therefore what I heard from David and his team was exactly the formulae above. PNV have a good product, they have only conquered a small amount of the available market, they have good operations and the finance and administration from my observation have their fingers on the levers to navigate through the current climate (covid, wars, climatic conditions etc)
In summary therefore it is a matter of management of the "risks" and ensuing the business is well "protected" they have all the ingredients.
Happy to be a long term holder and have been since 1999 when Metabolic was the business