I've held this for a while so my hurdle to sell is bigger...

I've held this for a while so my hurdle to sell is bigger (capital gains).
However having said that would I buy this stock today - absolutely. At current price we have a business producing 15%+ FCF yield from the current business.

Yes its a commodity type business in that I don't think we have any pricing power in selling at the moment. Worse still a large portion of their COGS are commodity prices which we have no control over.

However on the positive side I think demand / supply looks quite good for the foreseeable future, I do like mgt (no leaks there) and in terms of competitive advantage if exporting ever takes off I do think Australia has a strong competitive advantage not in being the lowest cost producer but in quality and trusted products (something very important in eggs).

If you look at A2, Bellamys, Blackmores etc its the quality of Australias products that is the source of their competitive advantage selling into China. If I was a middle class Chinese person would I want my eggs from China or Australia? Like the deaths that caused the big shift to Bellamys infant formula away from Chinese manufactured I think this is a general trend that has the potential to take hold (causing not only a competitive advantage to Australian producers but a massive change in the demand / supply equation).