Eggcellent, page-60

Good point - I'll check next time.

Pretty sure that the Metro Woolies' private label is supplied by either Sunny Queen or Pace Farms (more likely the former).

Supplying private label is a bit of a mixed bag - you're depriving your competitors of the opportunity while accepting a lower margin. This will depress the potential of (temporary) high margins from an increasing supply of free range eggs in the future.

So where does that leave us? Mostly back to where we started - a company with no debt, trading at a P/E multiple of 7.5, with short-term capital requirements, with a product for which demand should not foreseeably decrease, and a strong capacity to pay-out a sizeable fully-franked dividend in the future.

Conservative investors sleep well.