Is this overvalued?

Is this overvalued?

A genuine question. From a former investor in RIC who rode that wave from 70-80c to $2. And also somebody who as their finger on the pulse of the animal feed market.

Ridley has done great things to turn themselves around. And from what I am directly seeing they are continuing to be doing great things in terms of efficiency upgrades of existing mills. This is what they have indicated in their shareholder communication, but you get the same story by talking to your local miller at the pub near a Ridley site.

But at $2.30, does that not seem slightly overvalued unless there is massive profit growth or capacity growth in the pipeline?

As an argument against myself I suppose it depends on owns forecast of Ridley's continuing growth. With a rapidly growing population, the local food demand will continue to increase.

I'm continuing to sit on the the sidelines on RIC. But it is a company I continue to watch but current do not hold.