Ann: FY23 Results Presentation, page-50

Whilst I agree you have to take into account past performance and you cannot dismiss its track record, I do think investors are forward-looking. You don't buy for past results but for its expected future earning potentials.

This company has gone througha lot - COVID, ACCC, huge pile of debt (200m+). Sure they are now past that, and there are damages that are evident in the brands going through and resolving these. That is why I said you can disregards its past MC - totally irrelevant now. But looking forward, you have to think this is their bottom. The court case is gone, debt is minimal, they still have a few core brands that are trading well and have survived through thick and thin. They also have now decent working capital to execute.

You have to give them time, just because their nose is now above the water does not mean they are suddenly all good in every front. They are investing in brands, and looking for sustainable growth. I like it going from here.