You may be correct on the metrics, but LAU (and competitors such as Linfox) had to contend with these Acts of God:
https://www.farmweekly.com.au/story/8558444/the-rail-line-connecting-east-and-west-australia-remains-cut/
plus this:
https://www.qra.qld.gov.au/news-case-studies/case-studies/tropical-cyclone-kirrily-northern-system-became-statewide-disaster-event
Two major events hitting LAU badly of which the first recurring to the extent it did in 2H 2024 is a minimal chance.
Ann: Investor Presentation FY2024 Results, page-8
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