Tassal Group Strategic Thoughts, page-658

Another thing about Barrenjoey and the takeover offer;

The flash-crash happened on the 9th June, where it fell to an intra-day low of $3.20, which was the new Barrenjoey target price based on an assumption of no salmon revenue growth from 2024 to 2030. Their DCF analysis then discounted those 2030 dollars back to today at a WACC of 8.8%, GS used a WACC of 7%

The angle of no Salmon volume growth potential is being used by Cooke to downplay Tassal's long term value, technically probably no volume growth in onshore leases, but potential for new offshore growth. And they dont mention Tasmanian governments plant to double revenue from Aquaculture to $2 billion, and Tassal being in a good position to pick up some of that somewhere.

The press release said that Cooke made two confidential bids, which was reported as being in the last month, so that flash crash, driven by the flawed valuation, based on flawed assumptions used as well by Cooke, happened while there where confidential bids in play.

Strange coincidences.