There is a big assumption you have made that channel stuffing only started in FY21. What if this has been going for longer than that and FY22 also has elements of it.
Given that BWX sells products which are always on 50% promotions, revenue recognition should also involve reducing of these promotional costs. So question for FY22 also needs to be whether BWX did that in all previous years and also in FY22.
BWX Price at posting:
63.0¢ Sentiment: Sell Disclosure: Not Held
