I've sold out of ADH a while ago, but keep an eye out because they have some solid foundations.
Objectively, considering conditions and the type of business ADH are in, these H2 results are in line with expectations and they've executed as good as anyone else. Management are clearly very good at running that day to day business, even in tough markets and that's not something to be scoffed at. Hedging currency, no inventory issues and their products are all very discretionary. The next 12 months will be tough, potentially a breakeven year. This will be the real show as to whether management have the chops.
The NDC is the big disaster, mocka was a huge waste - these big strategic deals and decisions have been the downfall. I'm not sure where they have messed up in their analysis, but thats cost probably 15c in dividends now, maybe more - thats a huge return failure.
ADH Price at posting:
$1.68 Sentiment: None Disclosure: Not Held
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