Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-95

With respect - I disagree. It is ALWAYS about sales and margins.

Since:

No sales: will lead to no EBIT, NPAT, no dividends etc.
No margin: will lead to no EBIT, no NPAT, no dividents etc.

Yet if a company turns a big enough wheel, i.e. has massive turnover, then even a small margin can be enough to generate EBIT, NPAT, dividends etc.

HLF subsidised turnover growth with shareholders' money, then with debt, and perhaps now with asset sales. Economies of scale - the holy grail - in this effort have not kicked in in a tangible way. In other words, HLF has nothing to show in terms of net value generation.

Shareholders were consistently fed news about sales (Woolies, Theland etc.).
Details about profitability were left to the analytic skills of investors with an eye for accountancy.

There is no real point in the expected sales trajectory where one could say: this size of turnover will generate profit.

On a different point, I believe it will be futile to complain to regulators and administrators:

1. It will cost effort, time and money
2. There is not enough money, capital or funds to redeem investors that feel short changed
3. The process will be that long and that drawn out that a happy ending for investors is unlikely
4. There is no tangible, evident, concrete or otherwise evidence of criminal or fraudulent conduct or otherwise

Any holder who is deeply upset about the value of the stock should sell the stock, so it can go to an investor with the right risk appetite - whilst one can. A suspension from trading means that the shareholder cannot de-risk!!! I would like to point out the outcome of the former WHA.

How much is HLF worth:

• As an operating company, as a business model - in my opinion - next to nothing; it does not make a cent after toiling for this long and has no encouraging history of doing so.
• It would be forensic exercise to count and value the assets (such as good will, value of the website etc) and subtract the debts from it in order to arrive at a company value

Where does this all lead to: A SP of 2.1 cents.

Personally, this is all in my opinion; I am also not an investor with appetite for HLF's business model since in my experience - all the money you give them they just spend (on generating sales, or buying a business or otherwise pay themselves).

Best of luck to all that keep holding, or try out other avenues