I am still worried about yield underperformance. For SHV to get back to prospectus yield levels, (at least on on my rough numbers), they should be posting +45% production growth to make up for prior years underperformance. If the orchards do not attain the prospectus yields (and on my numbers they are still +30% short on where they should be), it makes a massive difference to valuation. Any thoughts/discussion would be much appreciated.
Ann: Almond Update , page-2
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