Emde, there are certainly some major fluctuations in harvest...

Emde, there are certainly some major fluctuations in harvest quantities over the next 5 years or so until the harvest starts really taking off from FY21. This is most likely due to variations in rates of plantings and lower tree survivability in earlier years. I believe there is considerable scope for TFS to hold back some harvesting or oil production from the next couple of years to ensure smoother supply to markets around FY19, particularly for the most valuable pharmaceutical markets. However, I am not too worried about this as a higher oil price should partly compensate for any lower production due to the essentially monopoly supply situation.

Sure, NPAT could also be variable in these years, smoothed to some extent as mentioned above. However, the present value of the future cash flows post FY20, when production is at around 8 to 20 times next year's harvest, is where the real value lies.