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The ASX mid-cap broker report thingy sent me this on SHV rival...

  1. Ashentegra
    1,574 Posts.
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    04/04/18
    14:08
    Post #: 32214385
    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
    SHV Price at posting: $5.59 Sentiment: Hold Disclosure: Held
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    lightbulb Created with Sketch.  Great analysis
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