I couldn't agree more ! The MVM acquisition looks like a white elephant given the rapidly changing demand situation and talk about an "own goal" undermining Synlait's business !
The best aspect of ATM's current business plan is their strong cash position, (over $1 a share) and capital light model and they're rapidly proceeding towards shooting themselves in both feet on those fronts while they try and convince customers their product is still worth a significant price premium.
Mothers who can't get reliable supplies of A2 product have moved on already to other brands and if baby is doing well on that other brand they're not going to change just because fresh ATM IF at premium prices suddenly becomes available are they ! Rebuilding growth, if possible at all, is going to be a VERY long, slow and VERY expensive exercise.
The P is one thing and should probably come down into the value range, (mid to late teens) until they can prove they can start growing again, but the real question is what is the E ?