Kind of funny timing..... it also came up on a screen of mine...

Kind of funny timing..... it also came up on a screen of mine the other day. (Mine was price-based, not FCF or fundamentally driven).

I've loosely been following ELD, and it's journey through the last few favourable years of external agricultural conditions. One thing I picked up on was the state of the balance sheet, which is poor in my opinion. (Yes, w/c is highly seasonal and there had been an inventory build). I don't think the balance sheet is handsome enough to reflect the "A-grade" conditions Australian agriculture has experienced in the last ~3 years.

And as the agricultural forecasts go, the outlook ain't so rosy from hereon in.

Furthermore, early indications of my research suggest they may have to take a haircut on some of their bloated inventory. Namely the fertiliser and Ag-chem products.