Why would you short Tassals *now*?, page-787

Huon sale to JBS for $3.85 per share. Plus a special dividend. That values Huon at $425m MC.

So, what do we think Tassal is worth now? If you consider it from a perspective of production and asset values (not operating margins which no doubt JBS will be looking to increase their $15-20m EBITDA p.a), and you base it on Huon EV of $725m, then you're talking around $1.3bn EV just for the salmon. That's around $4. Be interesting to see if/how the market responds on Monday.