value investing, page-2

The shares are thinly traded. It's not alone among smaller family companies with that. That can make it even more difficult for the likes of you and me.

I can't give you a definitive answer, although obviously the share price in recent weeks has risen from around the 34.5 cents mark to around 37 cents.

Read some of my and others' previous comments. So far, the company's dramatic increase in the number of mostly reefer (refrigerated) containers that can be transported on Pacific National's intermodal freight trains has paid off, although at an early stage. This is allowing LAU to compete for more general freight.

With the three divisions of Toll (owned by Japan Post) up for sale and presumably having little capital invested in it, this may be helping LAU.

Historically, Lindsay Australia has carried much fresh fruit by road. The NSW floods aren't helpful, as some crops such as blueberries - 75 per cent of supply to Australia's markets, fruiterers and supermarkets comes from Coffs Harbour NSW - will be badly hit. On top of that, the Brisbane - Telerah (just north of Maitland) rail line is closed due to flood damage so LAU would have to be using what can be more expensive road haulage for freight in that area.

I like how the company is expanding in rail. Its containers are increasing in number on many PN trains, although I don't have access to statistics.

However with the cost of overseas air freight having dramatically risen due to fewer passenger aircraft flying to and from Australia while our borders are effectively closed, that may be a hindrance to further growing horticultural exports. One Lindsay division was already hit somewhat by this as per the company's most recent major filing with ASX. .

I haven't looked today but maybe see what Costa Group shares are doing. That may be a guide to prospects for part of LAU's operations.