Why would you short Tassals *now*?, page-41

It is an acknowledgement that there are additional risks to revenue that other businesses, sectors and industries don't have.
Until earnings are diversified, you will continue to see low PE ratio's in these types of businesses, hence why prawn farms is a goood 2nd step (DiCosti was the first).

In 2023, if they loose 150,000 Salmon like Huon just did, or water temperatures over summer are too high inhibiting growth rates or there is a number of pen failures, they are all significantly less important when prawns are generating 40% of the revenue.

This has the potential to be 'the' aquaculture company that will have a major stake in market within the aquaculture sector.

The biggest issue facing the current competitors is economy of scale and financing the capex to grow. Right place right time and at the right stage of the companies life cycle to take advantage. I can see Tassal making another aquisition in 2023 either increasing prawn capacity or another geographic and species diversification.