"Overall a very solid result that is clearly laying the...

"Overall a very solid result that is clearly laying the foundation for a valuable company in 5,10+ years, being run for the long term not the short. Very disappointing that COVID has occurred, but hasn't seemed to stop them investing back in the business at all. (though our mooted dividend is probably now a FY22 goal)"

Agreed. If you take a 1 year view, then the current price is likely too high. Once you understand the sunscreen market dynamics in the US and Europe, and the shift underway from chemical to mineral, the COVID-19 impacts are noise. Big noise, but still noise.
Unless you believe sunscreen sales will never recover, then that's a different story.

The company is doing exactly what it should be doing. Investing during the downturn to gain market share when it turns. TWD do it often when the cycle turns, and it usually looks something like increased marketing (digital or otherwise) and additional regional offices. Then two years later, they've increased their share of SE QLD construction market.

Here, ANO are increasing inventory, capacity, reducing delivery times and investing in new formulations. Creates additional expense in the short term, but ensures you're ready for the upswing. Some things may not work, but overall they're increasing value to the customer.

Interestingly, they're also assisting the distributor. It's a very generous vendor who extends payment terms to the distributor to help them with cash flow. Again, short term it hurts. But longer term, you create a strong relationship with a key distributor.

They've also managed to keep their workforce fully employed for the most part. It just shows how little fat they have in the business. That's a big achievement, given sales basically fell off a cliff. Again, short term pain whilst building trust with the employee base.

Looking after all stakeholders (customers, employees, distributors) in bad times because they can. That'll result in significant wins when things turn.