Ann: Elders Limited Investor Presentation, page-38

Elders – When does one give up: Elders experienced a 23% selloff to $10.20 after the release of its FY22 results on 14 November 2022. It was a solid result but changes to management and FY23 outlook were the main let downs. Still, the company reiterated its target of 5-10% EBIT and EPS growth through the agricultural cycle. Given the stock’s single digit price-to-earnings ratio and defensive earnings – you’d think the selloff would provide a reasonable buying opportunity. But boy did the knife keep dropping. If you bought the initial dip – you’d be down another 23%. It seems like even defensive names like Amcor and Elders are quite vulnerable to ongoing economic concerns.