seems like they are doing a great job outside of dried vine...

seems like they are doing a great job outside of dried vine fruits. the dried vine fruit losses must be huge and there are no signs of a recovery.

get the farming right and this co will be a multi bagger but when is that going to happen?

they really need to seperate the earnings to give investors an idea of how well the "non farming" businesses are going.

the drop in sales were surprising given 3rd party grower intake increased and also that dried vine fruits accounts for 25% of sales. so I think there is more to the drop in sales which is a worry.

it's not far off a buy but really should be trading below NTA given no sign of a turnaround in farming.

real risk for these guys is water. at 800 per meg local grower suppliers are struggling. If they could support growers while price in my opinion is low (I expect water to hit 1200 to 1500 by early jan) they could really bolster their supply. there is also risky that margins drop in an effort to support growers which is necessary to protect supply going forward.

overall i am less negative but we still aren't there.