Agreed. A big bounce in cash flow should be expected next...

Agreed.

A big bounce in cash flow should be expected next quarter given the late payments for Q2 CY22 have now been collected (+$4.3m).

On an annual basis, the baseline steady-state net operating CF appears to be around +$2.4m p.a. now (based on +$0.6m per quarter), possibly moving up to +$1m per quarter in the warmer quarters. Any additional scale in the contract manufacturing division should increase that number further (operating leverage), although it could also work in reverse.

It's quite rare to find a company in the ASX F&B sector trading on less than 0.25x sales, and CF+ ...

Relative to the expectations baked into the share price at 5.5c (HLF was at a ~$36m market cap immediately prior to the acquisition versus a ~$21m market cap post-acquisition), I think Mr Market will like this, come Monday.

Let's see.