Great question, was wondering the same. Bell Potter on 21.4.:
Watching water and cattle prices
There are two commodity price linked drivers in the earnings for RFF; temporary water prices and the EYCI, which have been softening and touched on below:
Water prices (~6% of assets):
Since acquiring a $34m water portfolio (Murrumbidgee system) in Oct’16, temporary water prices have fallen ~85% on the Murrumbidgee (to $10-11/ML) and ~65% on the Southern connected System (to ~$29/ML).
Cattle prices (~9% of assets):
We have recently highlighted a belief that the EYCI is ~15% overvalued relative to US90CL pricing (see: The Muster (10/03/17)) and due for a correction as US demand for Australian beef slows. On this point we note the EYCI link in the cattle JV lease which could become a headwind in FY18e.
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...which is probably a fair statement but still would not explain the huge drop? Going bidless below $1.50 (21 buyers for 76,881 shares // 46 sellers for 272,283 shares)...
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Last
$2.08 |
Change
-0.030(1.42%) |
Mkt cap ! $809.0M |
Open | High | Low | Value | Volume |
$2.11 | $2.13 | $2.08 | $228.4K | 108.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 6222 | $2.08 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.10 | 2500 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1628 | 2.080 |
4 | 12397 | 2.070 |
4 | 10802 | 2.060 |
11 | 61619 | 2.050 |
2 | 1518 | 2.040 |
Price($) | Vol. | No. |
---|---|---|
2.100 | 2500 | 1 |
2.110 | 57409 | 4 |
2.120 | 32470 | 4 |
2.130 | 21217 | 7 |
2.140 | 40166 | 8 |
Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
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RFF (ASX) Chart |