I think they have to follow rules on valuation of biological assets. Normally have to pull apart the underlying assumptions as upgrading biological assets and inventory values effectively just brings profit to book sooner and subdues later gains. First glance, I would guess $6-$7m "normalised" next couple of years but I really need to dig through the notes and refine that!
I like that they hint at establishing a div plan. This can be a cashflow business if they don't make the mistakes of last cycle where they didn't hang onto enough financial buffer and got tempted into distracting diversification
ATP Price at posting:
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