Simple is better:) Current price is priced in No growth for the...

Simple is better

Current price is priced in No growth for the company.
BAL's profit margin was lower, but improved substantially over last year and continues to improve.
Once SAMR approval is received, will open a gate for huge Chinese labelled market, BAL is recognised Organic infant formula with a very competitive price comparing with other popular foreign brands in China, I expect they can pick up a small slice of the $20b market share quite easily, e.g. 0.5% if $100m revenue, BAL did accounts for 6% of Chinese large e-commerce sales.
Also, profit margin on overseas sales, is already up to 32%.

To launch Step 4 and Pregnancy formulas is a very smart move, this could be contributing $50m or more annual revenue, imo.

Next batch of SAMR approvals could be around the corner.

SAMR has just done monthly sample checking, last batch was approved on 10 August 2018.
They usually announced at the begining of the month, if not early September, latest should be early October 2018, imo.

SAMR approval will give a huge lift to the share price.