Absolutely, I wasn't having a go at you and you're fine to whinge as much as you want (if that's what you're calling it). There's still more substance to your whinge than many other posters on here and you've been nothing if not consistent on the point about ANZ stock levels.
BTW I agree with a lot of your original post, just too many points to respond. A few I disagree with though.
The ANZ supermarket stock level thing, I just think is a bit of a red herring. Most likely you are correct and someone not doing a great job in your area. I've honestly not seen anything like that in my neck of the woods in Brisbane. I just don't think it has much material impact in the scheme of things for the reasons I listed above. Yes empty shelves are 'bad' but they only equal lost sales if people are looking to buy formula in a given store /area. With daigou gone or dealt with more directly by the company, I'm not convinced there is a very large unmet demand.
As for the rate of change, it does feel glacial (complete with the occasional SP avalanche every now and then). Personally I think management are delivering well against a sound strategy. And I thought @onuryildirmis post above was absolutely spot on (about management should focus on longer term or sustainable growth rather than the SP). But that is harder to digest as a long term holder such as yourself who has already shown a years of patience and tolerance.
To me, I see a company headed in the right direction even if the broader IF market is not. There have been new products and markets. They should lean harder into the senior nutrition than they have, though.
Looking at the investor call transcript, it sounds like we will see the capital unlocked now that the Synlait situation is close to being resolved. I don't think they've handled MVM well in the interim- they should have the blending and canning facility built already. Now that they are unshackled from Synlait, they need to figure out once and for all what they want the rest of their supply chain to look like and use the cash to make that happen ( and give the rest back).
A2M Price at posting:
$5.65 Sentiment: Hold Disclosure: Held
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