Ann: FOD ACQUIRES ICONIC AUSTRALIAN BRAND, page-13

IMO the company is not undervalued at present. (This company is definitely no A2m and any comparison would be misguided)
The potential 'jewel' is the China opportunity....If this goes as they plan and they get broad distribution and sustainable sales on the board then the valuations will move up fast.
As yet, they do not have any runs on the board in China. If and when this changes, things will move fast.

As for the Australian business, I have always maintained it is a 'dogs breakfast'.....inconsistent distribution across different channels and retailers. A lot of SKU 'churn' over the last two years and no strong 'base' business in which to leverage new product launches.
Their marketing is poor. Anyone who has any knowledge of 'Marketing 101' would understand this..

That said, this new acquisition could be excellent. 1) Australia: Having a consistent performer across channels and retailers could now help leverage the existing FOD products with a view to building a more sustainable business by enabling consistent product offerings across these channels and retailers. 2) China: They mentioned "leveraging existing distribution channels in China". This could potentially be a boon for the new FOD products as they could ride the distribution 'coat tails' of the new acquisition.

Their products are good but their marketing has let them down over the journey so far.
Some positive news on the China front would likely give the sp a boost.
I believe this company is still a long way off 20c but there is no denying the potential if their execution matches their plans...

Fortune favours the brave and the patient...