Competitive Advantage (MOAT)

I believe TFC offers one of the widest moats on the ASX, especially considering it produces/sells a commodity.

1. Trees take approximately 15 years of growth before being commercially viable. Makes it hard for competitors to capture market. Replicating TFS' current market position would require approximately 17 years of investment.

2. TFS's hosting techniques to limit tree mortality come from extensive experience and intellectual property. Hard to replicate.

3. It is difficult to access commercial quantities of Indian sandalwood seed to establish commercial plantations.

4. High sovereign risks are evident in most acceptable climatic locations for Indian sandalwood growth.


Any other supportive arguments of a wide moat? Any counter arguments? Input greatly appreciated.