Ann: ANO Investor Presentation Update, page-75

So in conclusion... you can't save everybody.

The company should still have about $30m or more in NOLs, so in your valuation work it makes sense to either give them full credit for this or to model in no taxes for the next 30m or so of operating profit. Either way it will be cash in the bank at some point.

The company just announced a massive increase in their raw material supply, from 4000MT to 11000MT (off the top of my head, I think thats right).

As the company brings more machines online and outsources some production in the US, the risk of any breakdowns disrupting production is only going to diminish over time.

One could argue that the stock is fully priced based on trailing net income, but thats about it. Its cheap based on current run rate and dirt cheap based on future earnings power. When companies hit strides like this, its better to throw present valuations out the window and consider the opportunity ahead. In the Australian market, I would draw parallels with A2M 4-5 years ago and maybe something like APX today. When growth is off the charts, even nosebleed valuations look cheap in the rear view mirror. A2M topped out at a P/E of 70x while growing earnings ~100% yoy, and now growth and valuation have compressed in half but it is still sitting at an all-time high. ANO is currently growing operating income at least 300% yoy despite lowering prices at the start of the year. Total waste of time to quibble over a few multiples of earnings. The company is not just guiding for a doubling of capacity this year, but nearly tripling of capacity by the end of the year. Investors should expect significantly more than a doubling of earnings as this capacity comes online. Competitors are raising prices on inferior products and chemicals are being regulated out of existence.