Eggcellent, page-88

I think what MarsC is trying to say is that any ratio, or any figure, for any past year is far less relevant to valuing a business compared to industry effects that might dampen those metrics in the future.

On the plus side for industry analysis, the products being sold by rivals are largely homogenous, probably with homogenous approaches to operating their business also, and the Big 3 have 50% of the market share. They are incentivised more to maintain their current level of profits rather than compete on price and forego their industry profit share to customers (i.e. the supermarkets). Because they are relatively concentrated, signals are (theoretically) easier to coordinate and interpret. Further, I haven't noticed any discounting in the supermarkets.

On the price, and I loathe to speculate on this; someone wants out and there's currently more appetite for selling than buying. Otherwise, we're better off focusing on facts.