You are correct that their is no single reason this stock is currently depressed, there a multiple issues that are influencing it's price. My hypothesis above was that KTD is generally an undervalued stock in an undervalued sector. There is no denying that there are other contributing issues with the company as well.
Whilst KTD is certainly not just a dairy company the name defies this and any average punter would no no difference when initially considering whether to buy in. To this point, NZ Dairy contributed $11.3m of the $50.7m revenue in FY21.
It is also a simple reality that sectors often move together. For example, regardless of the governance or fundamentals of each company, large retail landlords like SCG, VCX and URW are all trading well down (in a very consistent pattern) on 1/1/2020 due to headwinds such as COVID and a potential shift from bricks to online shopping:
BPT, WPL, ORG, OSH and STO are also all being held down due to concerns regarding ESG, again in a generally consistent pattern. When the sector moves, new money will follow and these new investors won't be concerned by communication or profitability but rather value and following the trend. Communications and profit are not to be ignored as these are what keep the existing SH happy and both need to improve for KTD to prosper long term.
It is easy for KTD holders to target the 3 issues you raised above for the depressed price but I do not believe these are the only reasons.
Whilst KTD cannot control the sentiment for the sector, the best thing that KTD can do in the short term is move VC on then change the name to Halo Foods providing a new beginning for a company that is more than just dairy.
KTD Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
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