numerous comments on possible loss of exclusive distribution in...

numerous comments on possible loss of exclusive distribution in 2027, but almost none on the actual material announcements of the day.
Sums up the market....

This is on a FY21 PE of 5 right now. There is very low hanging fruit of 15-25% earnings growth in FY22 and FY23, solely from realisation of synergies (without even thinking about from paying off debt, not having financial transaction costs or the massive FX tailwind).
Assuming that the current cycle last justs two years and the expected synergies materialise (and they are very tangible, obvious synergies like removing duplicated warehouses) gives a return of 72% of the current market capitalisation. That implies the residual value of the business at that stage is <30m.

Just insane....

Anyway- things that stood out for me in this set of announcements were the current investments being undertaken to set up the business for future and the big lift in inventory- which provides a very strong platform for significant sales growth.