Well, it's a new day in the BAL bear pit! What will today throw...

Well, it's a new day in the BAL bear pit!  What will today throw at us?

• Demand   = has never been a constraint to Bellamy’s growth

• Growth   = up until 4 months ago all growth was through volume increases. Price increases a new source of revenue growth in last 4 months, and more room to move up over time.

• Supply = secured from Europe to feed growth in next 3 years (med term), Aust farm conversion to secure long  term (3+ years) supply growth.

• Supply Constraint = Removed with Fonterra deal, real potential of the business will become clear...

• Valuation = lower than peers (all reliant on China & Daigou trade)…A2M Forward PE 45, BKL 33, BAL 26.5