Good Write Up From The Boat Fund - Feb Report, page-16

@MarsC part of me can understand your frustration in the way in which some brokers report... However you need not look any further than the graphs on pg17 and pg18 of the AGM notes to to understand the progress the company has made in 5yrs...

Pg17 - Net debt of $15M paid in full (Keep in mind MC of only $60M)
Pg18 - Cash flow positive of $14M in FY16 (Keep in mind MC of only $60M)
Pg19 - ROE increased to 20% (from 0 or negatives)

An increase in ROE has been paramount to achieving the increasing free cash flow, mostly due to the way they market free ranged eggs, and the increases in egg price the consumer is paying...

An investment is FRM is not without risk, however they are positioned very well to take advantage of the Australian market... All of this is regardless of how brokers report the top line numbers... The bottom line is what is all important and the ability to pay down $15M of debt speaks volumes on how FRM have turned around the business in 5 years... All IMO..

Another point to note, and I feel it is an important one... FRM revenue has not increased substantially by any means, but nor have they had the ability to use their high ROE. Simply because all money has been used to pay down debts, in effect wasting the high ROE because it cannot be used to expand the business if its being used to pay debts.....

So although by just looking at top line numbers one would think this company is going nowhere, it is important to understand where the money it is making is going.... Now there is now debt.... Let's see what the management of FRM choose to do with the high ROE, high FCF and no debt... One would think we will not have a stale top line revenue number in the years to come....