Tassal Group Strategic Thoughts, page-418

Citi are the first cab off the rank. I personally cannot understand their assessment, but it remains positive and bullish with a small increase to TP. The reason I say I can't understand it is because they are forecasting lower margins despite the results showing significant price increases in wholesale and exports. Interest rates going up will have a slight impact sure, but depreciation and cost pressures are the big reason for this. On an EBITDA basis looking at >$170m for FY23 (relatively cheap multiple) and EPS growth of 9%. They do not offer an assessment of their cash flow, just statutory earnings. They reckon 5%dividend yield with 23% EPS growth in FY22 and 9% in FY23/24 is fair.