Lordo, I believe you are on the money once again. It's clear from the 2009 annaul project reports that the 2000 and 2001 projects were small. Undoubtedly planted by GNS on purchased ex-pasture and therefore high quality. By 2001 that had North Forests large legacy land base to use. Some of this is high altitude and although good soils, the climate would be tougher than ex-farm land closer to the coast. So, i agree that later projects won't be as good as early ones.
Having said that, Gunns and its precursors (North, Boral) have been growing hardwood plantations longer than anyone else in Australia. Their plantations in Tasmania always look good. Foresters have advised me that MAIs in the mid 20s are realistic.
GNS Price at posting:
54.0¢ Sentiment: LT Buy Disclosure: Not Held
