There are lots of reasons to be cautious, margins included, but they have also had many years sitting on the sidelines, plus almost 2 years since the Abbott scandal, formula shortages etc. to get an understanding of these and the relative opportunities. And now additionally 6 months of distribution trials, looking more like 12 months, to give them real world market data.
At a certain point the super slow cautious approach is starting to look (at least to me) like they see more risk than reward.
With USA fresh milk they were able to set a target i.e. $100M in sales + EBITDA breakeven, and stick with it over a number of years. They adapted the strategy, how they went about marketing etc. a number of times to get there (at least on the $100M, EBITDA getting closer to breakeven but not quite).
Given everything they should now know and how much time has elapsed, I don't think it is asking too much for them to put forward an aspiration for USA IMF. It doesn't need to be ground breaking, but once it is set then at least there is something to work towards and to drive the strategy.
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