Great question, was wondering the same. Bell Potter on 21.4.:
Watching water and cattle prices
There are two commodity price linked drivers in the earnings for RFF; temporary water prices and the EYCI, which have been softening and touched on below:
Water prices (~6% of assets):
Since acquiring a $34m water portfolio (Murrumbidgee system) in Oct’16, temporary water prices have fallen ~85% on the Murrumbidgee (to $10-11/ML) and ~65% on the Southern connected System (to ~$29/ML).
Cattle prices (~9% of assets):
We have recently highlighted a belief that the EYCI is ~15% overvalued relative to US90CL pricing (see: The Muster (10/03/17)) and due for a correction as US demand for Australian beef slows. On this point we note the EYCI link in the cattle JV lease which could become a headwind in FY18e.
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...which is probably a fair statement but still would not explain the huge drop? Going bidless below $1.50 (21 buyers for 76,881 shares // 46 sellers for 272,283 shares)...
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Last
$2.06 |
Change
-0.020(0.96%) |
Mkt cap ! $799.7M |
Open | High | Low | Value | Volume |
$2.07 | $2.08 | $2.05 | $177.5K | 86.15K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
20 | 31151 | $2.05 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.06 | 12892 | 20 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
20 | 31120 | 2.050 |
16 | 25545 | 2.040 |
8 | 24095 | 2.030 |
5 | 24019 | 2.020 |
16 | 65240 | 2.010 |
Price($) | Vol. | No. |
---|---|---|
2.060 | 11656 | 19 |
2.070 | 19553 | 20 |
2.080 | 13317 | 13 |
2.090 | 27360 | 12 |
2.100 | 23230 | 9 |
Last trade - 11.51am 19/07/2024 (20 minute delay) ? |
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