Today's Fall, page-66

Some food for thought, while everyone reacts to short term noise:

Net Assets per share in 2006: $0.717
Net Assets per share in 2016: $2.728

Dividends paid: ~0.74c

Total increase in equity (not including any franking credits): $2.75 per share

That's an approximate 17% per annum return to shareholders over 10 years, without placing any time value of the cash flows from dividends (i.e. assumed 0% return on dividends after they've been received). And yes, some of this includes biological assets in it.

Assuming no P/E inflation/deflation, that's a 17% annualised return.


Of course, history doesn't repeat, but it does rhyme. So long as demand remains, management remain, there are minimal environmental impacts and management keep re-investing into the company (the organic growth options are large), there's a fair chance it'll keep going at this rate.

The current environment protests/arguments don't worry me, but changing water temperatures could be a real problem.