Its not good news. Compared to the January forecast, this update is saying:
- crop volume will be lower;
- crop quality will be poorer;
- almond price will be lower.
Yes, all will be better than 2023, but its a price-sensitive announcement about downgrades.
Also, the "focus on debt reduction", reminds the market than SHV is above its debt covenants (it has been given some breathing space by its banks) and that it will need to pay down debt aggressively. This means its further away from resuming dividends.
Also sounding like the US 2024 crop will be strong, so pressure on the almond price may stick around for a while.
Ann: Strong 2024 Crop Volumes and Strengthening Market Pricing, page-27
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Last
$3.63 |
Change
0.000(0.00%) |
Mkt cap ! $498.4M | |||
| Open | High | Low | Value | Volume |
| $3.63 | $3.69 | $3.61 | $941.6K | 258.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 6794 | $3.61 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.64 | 475 | 2 |
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| Last trade - 16.10pm 02/10/2024 (20 minute delay) ? |
| SHV (ASX) Chart |