The ASX mid-cap broker report thingy sent me this on SHV rival Websters.
https://gallery.mailchimp.com/fb916...4d-4f6f-47ee-ac93-f52f15a080ff/180327_WBA.pdf
CCZ Equities values WBA's water rights very highly at $315m (cost $212m) of total assets of $741m.
They are irrigating their almonds with spot-purchased water, where SHV asserts it has permanent water rights. This is, ahem... courageous.
I wonder at the market value of SHV's permanent water rights, valued in the 2017 Annual Report (Note 13) at cost $31.7m.
CCZ is very excited by WBA's modest almond plantation, growing from 260ha to 640 ha on future plantings. SHV has 7487 planted ha.
Have a read.
Ash
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