Thanks Hopeful9, I don't really have much more to add, but here...

Thanks Hopeful9, I don't really have much more to add, but here are my notes when digging in their reports:

Overall this is a good set of results from Inghams, and they continue to rebound back to pre-Covid levels. They experienced slow but steady growth, and subsequently slightly increased their dividend to maintain yield around 3.5-4% at current share price. They are ‘fairly valued’ at the moment I reckon, though could see improvements in the coming 12 months when some of the Covid impacts unwind (it reduces some potential market opportunities, increases their costs of production, reduces exports, and impacts feed prices).

• Volumes up 4% pcp returning to pre Covid levels. This is also reflection of new products being brought to market as part of ‘transform for tomorrow’ strategy.
• External feed volumes down 13% due to favorable growing conditions; feed inputs were pre-purchased at end of growing season; difficult to see the benefits of low cost of feed (end next half).
• Underlying EBITDA up 4.3% to $218.6m, though I note that depreciation/amortisation remains high.
• NPAT was $35.3m, which represented a 34% increase (EPS up from 7.05c in 1H20 to 9.5c in 1H21), but about half the difference is reduced finance costs (lower rates flowing through).
• Cash flow from operations up around 6% to $181m; CAPEX reduced a bit because of Covid though investing in growth via HatchTech; taxes lower by $20m due to previous CGT on Mitavite sales.
• Interim dividends of 7.5cps, up 0.2cps with 74% payout ratio (headroom)
• Balance sheet: net debt has increased from $314 to $327m, still running high.