Tassal again producing some interesting looking numbers. Revenues growing, as usual.
But it was the cashflows that surprised.
The market stopped valuing those increased assets long ago.
But if it is now ready to realise the benefits from the capex, earnings and NPAT growth could be quite attractive.
Expectations are very, very low.
It is not for the faint hearted.
Gearing is high. No room for error.
But a trade is there, depending on your appetite (and faith in salmon and prawn pricing).
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