Thanks Aza. Shows to me that folks still think there's lots of improvements in the fundamental salmon business to come, and that Tassal is probably trading at a discount for its assets. I don't know much about Norway Royal Salmon, but have looked them up. A 30x bagger in 10 years, not bad! After this most recent bid, they are now have an enterprise value of AUD$2.25bn or about +50% of Tassal. They are paying around 1% dividend (a quarter of TGR). Hard to compare operating performance as their FY20 and Q121 was so bad due to Covid; but going back to FY19 they made AUD$100m operating EBITDA (~20% less than TGR) and produced around 30,000t HOG (~30% less than TGR). Looks like however they have some potential for new licenses in Norway to expand production (arctic offshore - photos look so cool), so wouldn't be surpsied if that was a core reason for the "bidding war" (2 bids). The arctic fish / offshore is expected to double production from 12 to 24,000t, while the costs are very low (about 20% lower than traditional Norwegian salmon production).
HCH Hot Chili sets up water company as drought racks Chile–but must also build communities a desal plant
