Why would you short Tassals *now*?, page-219

Mmmmmm.

TSL as recently as the October AGM presentation (28 Oct 2020) put up a very bullish case on prawn production growth, EBIDTA and its ability to sell through the CV-19 hiccups. There is also a significant up-lift in the salmon biomass (+12%), which will show in SGARA (Self Generating and Regenerating Assets).

TSL is in the midst of a significant capex spend as it grows out the prawn business, and a large proportion of FCF is going to working capital, as it has clearly explained.

A significant body of shorters are betting all this is untrue. Do they know something the market is not informed of? Have conditions changed so much the October forecast is plain wrong?

I don't think so and have bet accordingly. I welcome contrary views that may explain the shorters' behaviour.

Ash