Agree - think back to the BWX days when Sukin was humming/growing - 15x EV/EBITDA! Just don't go into Supermarkets and ruin the price points/commoditise the brand!
Multix should also not be underestimated. Bringing out new green products in an increasingly green world, and I know myself the ban the bag program from supermarkets has forced me to buy bin liners instead of using my shopping bags!
Remember the higher COGS experienced in 1H19 (to detriment of earnings) should boost 1H20 and clearly has been passed on in 2H19.
As MCP is more a wholesaler/distributor, any wage risk under a labour government is much lower than a traditional retailer.
I think 15x FY20 EPS is very fair!
MCP Price at posting:
$1.21 Sentiment: Buy Disclosure: Held
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