This is an interesting little table tucked away on page 12: fy17...

This is an interesting little table tucked away on page 12:

fy17 fy16
June Farm Gate – Large Fresh per kg (WWE) 13.56   11.50
Total Cash Cost per kg of Net Growth    12.69   11.87
Cash Profit per kg – Large Fresh 0.87   (0.37)

Profit per kilo is 87c, however:

• FY17 Net Growth was lower than expected due to cooler than average seawater in H1 thus increasing average cost per kg of growth
• FY18 farm gate is expected to increase with increased selling prices and reduced processing costs at Royal Park, mainly from H2 FY18

"Large Fresh Cash Profit per kg expected to improve to $2.50 to $3.00 per kg within two to three years"

...this reads pretty clearly, that they're expecting to roughly triple their profit within 2-3 years just from internal efficiencies, more uniform growing conditions and price increases, exclusive of any increase in biomass.

If they can demonstrate this expectation with real incremental movements towards this guidance in their next report, that in itself is enough for a significant rerate.