Ann: Annual Report to shareholders, page-3

In October 2012 to June 2014, the price of Tassals exploded more than 3 fold. And no, it didn't suddenly become a tech stock. In fact, going back through the annual reports, nothing really changed (any ol' timers out there, feel free to correct me). EBITDA increased, cash flow was flat, gearing lowered, dividends remained relatively stable... nothing of note changed, except this latency in 'value' had built up and suddenly the market reacted.

The price of Tassals in 2014 was around the same price as the $EBITDA/KG of salmon hog.. which funnily the stock seems to track a bit. Anyway, it got to $4.,15, a cool 60c premium to today's price.

Today's prices are probably as ridiculous as they are going to get. But I reckon, soon Tassals will start tracking the price of $EBITDA/Kg of prawns ($6).. and salmon ($10 net)... and someone will go "why has this stock gone up x3 in 12 months, nothing changed".