Ann: FY2022 Full Year Results Announcement, page-17

Yep - the tree maturity factor is very important. While the Share price has been so mixed the base source of (through the cycle) income has been growing - literally!

We also often/usually get years where the SP ranges to about 80% above year lows. We have heavy selling ATM. Opportunities to buy low and sell higher abound with SHV.

But saying that - there must be some odds we could get yet another La Nina, or find out our recent changes in weather are more permanent. I hope not as I have bought into another stock, NZK that is harmed by La Ninas as well. SHV at least has the advantage that we get more abundant water following La Nina. My expectation is that, based on La Nina/El Nino being caused by the temperature differential between two ocean locations, we shouldn't have a permanent shift to La Ninas, as the condition is one of being out of equilibrium. The trouble is only if there is a change to the rules of the climate game. IMO