Sorry, that was meant to include a response. The coverage looks...

Sorry, that was meant to include a response.

The coverage looks right to me - the upside potential is definitely there in wholesale as the spot price keeps going up. Even retail is looking to increase the prices being charged through the supermarkets, but that will likely keep margins flat rather than increase for Tassal. Fishpool has come out with interesting numbers this week - 96NOK for April futures, and 65-70NOK seems to be the new 55NOK going into the future.

For seaweed @bug1, couple of points. I have done a deep dive on the fintwit machine, have a look through it. What you can see is that the unit economics are very strong, and there is a lot of global demand in a growing industry. Australia is really well placed to grow seaweed actually - and even though 70% of the globe is water, there's only a few seaweed hotspots like northwestern Europe/UK, south eastern Asia, all of Aus/NZ, southwestern US. We have a massive comparative advantage. But..

Currently we wild harvest around $5m from the oceans for some beauty products, and import around $35m pa for human consumption. The global market has grown from $7bn in 2017 to $11bn in 2021, and will continue to grow. The highest value is supposedly animal feed at around US$5000/t, beauty is quite high too, then human consumption is around US$2000/t, and down to the cheap end for fertiliers is around US$1,200/t where you are competing with small scale farmers in Indonesia etc. Carbon credits is also becoming relevant, and that's currently EUR77/t of carbon abatement which I think would add around 250EUR per tonne of seaweed.

Corbion is one listed company to look at. It's European and I think does around 40% seaweed, rest is food preservatives etc. But valuation has prevented me looking much deeper, mind you they have come back around 25% recently.