factors contributing to current price , page-2

I think you are close, but there are more question marks hanging over SHV and I believe barring a disease out break or some similar disaster (which is not unheard of in agriculture) it is fully priced in, hence the only way is up.

* Olam mgt contract running until 2012. Yes a risk, but on the other side I believe SHV is a professional low cost operator for Olam. SHV has been squeezed once on price already (and maybe squeezed again). Whilst not a shoo in using SHV is the value option IMO. (Note: Management fees account for less than half of the SHV EBIT. I would expect this to still be less than half with new comapnay orchards, etc, but increase in $ terms due to a larger harvest of the increasingly mature orchards (see note below on yield). Pressure from USD should not make a difference here as the contract is a fee for service and previously SHV hasn't achieved any bonuses)

* AUD/USD, it hurts SHV as most of their market is export and most of the worlds almonds are grown in USD locales (California). Possibly has an effect on replacement of SHV's product on the supermarket shelf as import product replaces local product (maybe). I haven't been able to get my head around what the effect is on SHV's bottom line.

* A poor crop due to the recent damp conditions. Crop in the coming season is likely to be down a sort of like for like basis, however I believe this will be more than mitigated with the maturation profile of the orchards. Almond Australia expects the total almond crop this season to be up by something like 20%.

* Timbercorp and Great Southern burnt a lot of investors, so SHV although not an MIS, I believe has been tainted, so some investors will not think about SHV just on principle.

That's the negatives, but like you I am very positive about SHV's prospects, like you say low PE and excellent yield, I can only see SHV gaining favour and flying, but think we need another couple of halves to show it's potential.