Yellowcake, I dont see SHV as being land constrained. There should be an abundance of this at any intersection of desired soil, climate and water. The hard part is the capex where an almond trees take eight years to mature. All almond growers face the same problem.
From the interim annual report issued today, SHV spent $4m on permanent water rights in the last Q.
I would expect a business of this scale that depends on irrigation to be an alert trader in these rights. SHV says it owns 1/3 permanent water rights, leases 1/3 and spot buys 1/3. As the relative value of each move over time with rainfall, long-term weather forecasts, planting schedule and rights scarcity, SHV will improve its position.
SHV says (Note 13) the historical cost of permanent water rights is $35.8m and market value is $56.3m.
An aside, I would like to see the existing goodwill of $29.9m written off sometime. Not urgent. Usually happened on change of CEO.
Ash
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