They are similar except the FY19 harvest is only 48 Ha, compared to FY16 (the recent) of 104.
Ownership of FY17, FY18 and FY19 are 55%, 26% and 29% compared to 84% for FY16.
That only affects the sandalwood sales but still means cash EBITDA will halve in FY20.
I assume TFC will attempt to purchase more of the future harvests so the ownership will change.
TFC Price at posting:
$1.67 Sentiment: Buy Disclosure: Held
