article of interest, page-9

JPM now has a $3.70 price target on Tassal.

Some interesting points in this note:

* Domestic market is undersupplied 10% and TGR is importing smoked salmon from Poland to meet domestic demand.

* TGR is redirecting sales from wholesale to retail to meet retail demand - TGR has 90% share of Coles/Woolies and Huon 90% share of wholesale.

* Retail and wholesale price increases have been renegotiated - pricing less linked to global salmon prices going forward.

https://markets.jpmorgan.com/research/EmailPubServlet?action=open&hashcode=is8obq39&doc=GPS-1290904-0