Ann: Half Yearly Report and Accounts , page-14

I give little regard to share price other than when buying....I more look at earnings and make an assumption that the market will vary its perceived 'multiple' over time....as confidence grows or decimates

For example, after SHV's many years of flawless growth, it's 70 cents earns were valued at round a multiple of 20X = an all time high share price round $14.......20X is hartly a ridiculous multiple considering the mass market trades around 16X in 'normal conditions'...shv has above average competitive dynamics

I think you can read from SHV's reporting that if they get full water allocation, that will easily equate to 70 cents earnings again.....the interesting thing about SHV is that a large proportion of their trees have not matured...and their production side keeping growing

The fact is that full water allocation will result in a 1$ earnings year just based on present assets....but grow potential is significant.....SHV will again trade probably above 20X earnings and the chances are it will be when SHV earns about $1.50 which could be in less than 5 years.....sceptical? it's past record of profit growth has been more impressive than that