...Larger number of competitors with some track record of price discipline in downturns. Financial reporting is appropriate but with some failings (eg, lack of interim or segment analysis). Some group complexity leading to somewhat less transparent accounting statements. No significant related-party transactions. Board effectiveness questionable with few independent directors. "Key man" risk from dominant CEO or shareholder. Moderate brand fragmentation. Modest track record of price increases, from product premiumization and innovation; price follower. Brands are well known in countries of operation. Image is consistent with targeted consumers. Supplier or customer more concentrated with significant bargaining power....
