resent spike, page-22

Mixture of reasons. Oversold in 2012 due to relentless selling by former director Max Fremder resulting in the lowest share price for about a decade or so. He used to own 6m+ shares, last I heard he had about 1m shares.

After the MIS collapse and loss of orchard management contract with Olam there was significant doubt about future performance of SHV. Latest half year report has allayed analyst fears.

Significant improvement in almond pricing combined with significant improvement in yields following the first relatively trouble free harvest in some years.

Recent updates from the company indicate that capital outlays should be significantly lower in the short to medium term. This means greater free cash flow.

Continued low interest rates makes the servicing of their existing debt much easier, combined with the increase in FCF means more scope to reduce debt.

Massive writedowns on the WA expansion and confirmation of their plan to exit WA altogether means less drain on capital and management time. Should result in further improvements to EBIT going forward.