wellard group the bal of livestock, page-7

Not much comment on Wellard. I've put in for a few, still thinking about increasing my bid. Indicative pricing is 12-14.5x FY16. Growth has been strong over the past few years as they moved their live export mix from sheep to cattle. ROE is very healthy, D/E ok at 24% proforma. They are going through a heavy capex phase but it appears to be genuine growth capex.
Hard to know if the market will value this as an ag, logistic or asian food supply stock. It's a bit of all three in my view