People have very short memories of BWX's reporting style when it...

People have very short memories of BWX's reporting style when it comes to their commentary. Also i dont think many take a lot of time to dig deeper into the actual figures. On the one hand its good to see some stabilization. But to me it seems that the real story is declining sales in many areas that are bandaged up in the commentary by being very selective.

So lets take Sukin Australia for example. I think im right in saying Sukin Australia revenue $52.8m is 20% down from last year of $65.8 million. I also i read somewhere they claim to have 2 products in the top 10 at Coles? I can't remember the exact wording but g I would have thought a company with 2 products in the top 10 at Coles, revenue would be greater than that considering Sukin is also sold in 1000's of pharmacies and health stores.

Mineral Fusion did $24.6m last year but $30.3mthe year before, so actually down quite significantly. Andalou Naturals did $48.6m lastyear and $30.3m before that but the $30.3m that they report for FY18isn’t for a full year, its only for the 8 months that they owned it. So probably, no growth would have been around $45.5m meaning that$48.6m is not so impressive.

Apologies if i have the figures wrong. I didint have a lot of time but i know with BWX to just shred the commentary and look at the underlying figures, not the parts they cherry pick. I think its good value back around the $2.20is mark based on a possible takeover or something good happening for BWX in the US. But without a growth story, 23x seems way over valued to me.