Overall I thought it was another very poor performance...

Overall I thought it was another very poor performance considering this includes the extra orchards that were purchased.

The food division results were terrible with Coles home brands continuing to take market share away from the Lucky brand plus all the previous hype of moving into China failing to deliver.
That's four half year results in a row now where both revenue and EBIT have continued to decline in the food division.

The forecast harvest of 15,000 Tons is ok considering the weather but based on the price of $7.75 and the higher costs that have been incurred in the first half of the year I estimate a full year NPAT of about $13M.
This puts the company on a PE of about 30 and even if they can get a higher revenue of say $8.20 that would still put them on a PE of 23.

I agree if the stars align and they have good weather in 2024/25 and the Almond price holds up they could achieve a NPAT of around $35M which would give a PE of about 11.
The problem is that they continue to fail to deliver and there will always be a few bad harvests due to bad weather so for me I feel the current share price factors in all the future growth but none of the future risk.