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Last edited 6 years ago
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#Bear Case
stale
Added 6 years ago

This is a business that would appear to have some good moats -- brand + distribution network -- but the financial performance has been terrible. 

Given a woeful trading update today (see here) it's likely earnings will fall further before getting better. 

I think you can (at best) expect longer term growth of only low single digits. Even after the double-digit drop in share price today, shares till on a forward PE of ~19.