It would be good if you can include that liabilities is largely due to acquisition of Bodytrim & Musashi in past 2 years. Musashi is a profitable brand, by acquisition VIT not only eliminated a possible competitor, but also supplemented the range of its sport supplements such as BCAA that it didn't have in its Aussie Body brand before. Therefore the acquisition is set for long term gain.
As for your point regarding over-reliance on the brand recognition as goodwill asset, few people realize Vitaco actually possesses some defensive income stream as well, which are its distributor business in NZ & also its manufacturing business for private label in South-East Asia (eg, Kordel). However I have no information about its weight over total income until the info can be released in its annual report.
Otherwise very tidy good analysis! a thumb up!
PS:
@HeyShinichi you not gonna buy on this dip? good opportunity i say
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