I thought the presentation was handled really well by Mark and...

I thought the presentation was handled really well by Mark and Paul this morning.

The message was loud and clear that they have been delivering decent EBIT growth, high ROC and a more diversified and resilient business through the ag business / weather cycle.

The earnings result was pretty much as expected following the updated guidance and the 23cps dividend is welcome thanks to the better than expected cash conversion.

Market reaction today appeared to be a relief from worst case scenario concerns. Great for holders old and new!

There may have been some short covering as part of today's action given the outlook was cautiously optimistic for FY24.

My feeling is that ELD has further to run over the coming weeks. The dynamic of fast dropping cattle and sheep prices appears to be stabilising if not bottoming out and MA appeared confident the same was happening with agchem inputs too. The change in dynamic could lead to increased earnings next year without ELD having to do anything special just because of the relief in margin pressure that it should bring.

As always subject to costs and markets etc..

GLTAH