great result 2009, page-34

From CBA

*Our valuation has decreased to $3.14 per share (down 5.7%). We have also taken
the opportunity to revert to our old target gearing level for TGR of 25% now that
TGR is no longer significantly below its target gearing range.


* While the increased capex guidance will take investors some time to be
comfortable with, TGR still has a dominant position in a duopoly industry with a
highly attractive product. Domestic demand for salmon has shown no signs of
slowing. Even with increased forecast capex, gearing is not an issue for TGR.
* TGR is trading on an undemanding multiple (8.6x FY10 EPS) and a PEG ratio of
just 0.8x. We reiterate our BUY / OUTPERFORM recommendation on TGR.