Good luck with this.Tassal has been outstanding in growing the...

Good luck with this.

Tassal has been outstanding in growing the market for salmon. Think about (and get data) on salmon consumption per capita in Australia over the last 15 years. They've been great at that and by being a consistent supplier into retail have enabled their own growth. Could not possibly have grown like this relying on the vagaries of export markets.
Their animal husbandry has developed a more resilient fish to living in the southern hemisphere, water temps, disease etc while increasing fish size.
Biggest problem from a shareholder wealth creation perspective is return on capital. It's a very capital hungry business with a feed requirement for 3 years from egg to harvest, pens, well boats, etc. It's a heavy balance sheet.
So the opportunity is to lift ROIC. FIrst, get working capital down. Finished goods out the door lifts cash flow and reduces debt. Then it's operating margins. Feed costs, processing etc

And then the prawn strategy. Same path as salmon, capital is sunk now lets see some cash. Much shorter growing cycle is a big advantage, shame about pricing with lucrative export markets shut down for now. Hopefully by the time the farms are pumping we'll be out of this covid mess.

"Normal" salmon and prawn prices are at least 20% above today's. Both products have been oversupplied in to domestic markets. No one is thinking about this and it is pure profit when it normalises.
These higher prices are also before the effects of diminishing wild stocks and lack of marine leases kick in to step prices higher again.