The Turnaround has Begun, page-8

Price : Sales (FY17 actual) 0.2x
Price : IPO EPS (FY18) 1.3x (adjusted for dilution)

Price : Tangible Book Equity 0.7x

Intangible Assets:
- Global platform and customer base
- 160 employees
- Largest market share in Australia
- Newest / most efficient fleet in the world
- Licences
- Cost of building new ships is way higher than WLD's depreciated / impaired accounting values
- High barriers to entry
- Capacity to sustain relatively high debt levels at cheap cost (due to tangible ship base and liquid inventory)

Macro Tailwinds:
- Continued growth of beef consumption globally (especially Asia)
- Cost of feeding & processing materially cheaper in Asia than Australia - China channels / facilities just beginning to open
- AUS live cattle prices (A$3 / Kg) now only 80% of US prices and 60% of China prices (A$5 / Kg)
- AUS prices to fall further given herd has been rebuilt and Northern Australia is moving back into drought
- Buffalo trade into Indonesia not sustainable (disease, fraud / substitution, hurting domestic beef production)
- Shipping capacity utilisation tightening - exit of competitors / growth markets (China, Turkey) involve larger cattle over greater distances