Originally Posted by
bull....
okay so you buying for anticipated growth in their higher margin infant formula business only , i ignored the other stuff as i dont see growth in margin their even though they will get sales increases , manufacturers of products seem to always get sqeezed on margin in the long run so that why i stick to infant formula only.
positives
if dollar declines going forward bonus , new fixed assets planned bonus after 2017 for profits , good growth in revenues good , going forward higher margin product good etc
bad
2013 an 14 profits really just the same , new entrants in the market bad as fonterra only obliged to sell so much to independants so synliat have to compete with them for this volume potentially , chinese market consolidation etc , only 3 big customers ( 1 prop bright an the other netherlands based which sells stuff to them as well so hopefully they can grow customers ( wonder if bright dictates this department )