Very reasonable analysis. There is one big factor the current...

Very reasonable analysis.

There is one big factor the current market conditions which could take it closer to a M&A activity

IF GFC hits...it will be very difficult to sustain, considering the RNO products are yet to become mainstream and (I think) are still on the expensive range among its peers available globally.

Lets hope GFC doesn't hit any time soon so;
1. Boots sales and sales in general get a boost
2. The distribution channels become stable and the shelf display and education makes it sell
3. The Balance sheet becomes stronger

Then even if debt would be there, it would not reflect poorly...