TGR 0.00% $5.22 tassal group limited

From CBA*Our valuation has decreased to $3.14 per share (down...

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    From CBA

    *Our valuation has decreased to $3.14 per share (down 5.7%). We have also taken
    the opportunity to revert to our old target gearing level for TGR of 25% now that
    TGR is no longer significantly below its target gearing range.


    * While the increased capex guidance will take investors some time to be
    comfortable with, TGR still has a dominant position in a duopoly industry with a
    highly attractive product. Domestic demand for salmon has shown no signs of
    slowing. Even with increased forecast capex, gearing is not an issue for TGR.
    * TGR is trading on an undemanding multiple (8.6x FY10 EPS) and a PEG ratio of
    just 0.8x. We reiterate our BUY / OUTPERFORM recommendation on TGR.
 
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Currently unlisted public company.

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