$4.39 bottom with a target of $8+, page-20

They do have competitors in the chemical side of things (elders would probably be the biggest I can think of off the top of my head), and often these competitors import product from china cheaper then nufarm can provide, but I think nufarm has some great chemical technology and they have been able to grasp their fair share of the market. If they have the best products to control weeds etc then farmers will be willing to pay a premium for it to ensure they are protected.

Drought would have definitely had an enormous effect. Also Covid-19 putting a strain on supply chains made it hard to move product in and out of the country which would have added to operating costs. I imagine that the weak Australian dollar last year would have probably wiped a few million off the bottom line also, but this seems to have stabilized in recent times. I don't know too much about foreign exchange so I wont even try to predict what the dollar will do over the next couple of years but for now it seems to have stabilized.

When I look at the valuation of the company now, it seems to be trading pretty much at its book value, which is a sign to me that the market is waiting to see if it can turn a profit before it gets too excited, but I believe it will be profitable - if not this year probably next so I think its quite undervalued at this point in time. I guess at the end of the day only time will tell but I think it has great upside potential.