I consider this as a very solid result. ROE at 21.5%, no debt...

I consider this as a very solid result. ROE at 21.5%, no debt and decent cash position of $3.4 mil which probably by now is $6 mil - estimating 10 mil by end of H1'17. Intrinsic value is sitting at $2.5 per share.

Am I surprised by the share price fall? Definitely but as you guys pointed out its only 0.37% of the all registry traded today. Someone wanted to get out and did it. Someone picked up a great valued between $2-$2.1 - IMHO. I strongly believe it will recover to $2.5 levels but company should trade at $3 by feb 17.

So what's next? I believe that is why market is disappointed. Management did not provide any detailed update about the revenue growth nor new farms operating even tough apparently they are fully operating now. OK we know revenue grew 2.7% but also it was impacted by egg shortage in H2. In H1 we should see the warmer weather allowing for increased production and new farms adding on top of it - overall 7% growth should be achievable. Dividend? I think they should accumulate cash for potential acquisition and this is a next step for FRM. Maybe that is what Chairman states as a new strategy formed for the company? I am a bit disappointed that as a shareholders we do not get any results presentation nor outlook commentary. FRM is now 120 mil cap not 5 mil cap anymore.

All in all to me company is in great position. Management doesn't do flashy slides but delivers very strong results. And this is the most important. Hope it changes in near future. FRM is worth holding - they have to capitalise on no debt and strong cash flow position. As I mentioned before it is time to go shopping.