after reading the MD&A, what stuck with me is how tight their working capital got in the last cycle, but th…by @thuli_dd on $ISB

after reading the MD&A, what stuck with me is how tight their working capital got in the last cycle, but the new distribution partnerships they signed are actually moving product faster now. comparing to Tiger Brands at similar revenue levels, ISB's margins are thinner but they're not carrying the same debt load, which matters when rand weakness hits input costs. at R0.74 this feels like you're paying for the turnaround story to actually work, not pricing in the downside if it doesn't.