TASSAL GROUP LIMITED (TGR)
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TGR - TASSAL GROUP LIMITED

FNArena Sector : Aquaculture
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Index: ASX300 | ALL-ORDS

Tassal is Australia's largest salmon farming company based in Tasmania. Founded in 1986 and first achieving a viable commercial harvest in 1987, the company listed on the ASX in 2003. Acquired De Costi Seafoods in 2018.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.45

15 Sep
2021

-0.030

OPEN

$3.45

-0.86%

HIGH

$3.45

707,372

LOW

$3.40

TARGET
$3.85 11.6% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
HUO . SFG . MCA . AS1 .
FNARENA'S MARKET CONSENSUS FORECASTS
TGR: 1
Title FY20
Actual
FY21
Actual
FY22
Forecast
FY23
Forecast
EPS (cps) xxx 16.4 27.2 xxx
DPS (cps) xxx 14.0 15.5 xxx
EPS Growth xxx - 51.8% 66.1% xxx
DPS Growth xxx - 22.2% 10.7% xxx
PE Ratio xxx N/A 12.8 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx 85.4% 56.9% xxx

Dividend yield today if purchased 3 years ago: 3.26%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

4.02

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 14/09 - 7c (0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2021 FactSet UK Limited. All rights reserved
Title 201620172018201920202021
EPS Basic xxxxxxxxxxxxxxx16.4
DPS All xxxxxxxxxxxxxxx14.0
Sales/Revenue xxxxxxxxxxxxxxx583.9 M
Book Value Per Share xxxxxxxxxxxxxxx377.0
Net Operating Cash Flow xxxxxxxxxxxxxxx61.0 M
Net Profit Margin xxxxxxxxxxxxxxx5.93 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201620172018201920202021
Return on Assets xxxxxxxxxxxxxxx2.16 %
Return on Equity xxxxxxxxxxxxxxx4.36 %
Return on Total Capital xxxxxxxxxxxxxxx4.57 %
Capex xxxxxxxxxxxxxxx120.9 M
Capex % of Sales xxxxxxxxxxxxxxx20.71 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-83.1 M

Return on Assets

Return on Equity

Return on Total Capital

Capex

Capex % of Sales

Free Cash Flow ex dividends

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EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Credit Suisse

18/08/2021

1

Outperform

$3.85

11.59%

While Tassal's FY21 result was modestly below Credit Suisse estimates, which the broker doesn't ascribe major significance to given the covid related disruption to prices during the period, Credit Suisse was more disappointed with cashflow.

The broker believes the group will need to deliver improved FY22 cashflow performance as well as earnings growth to support a re-rate.

Overall, the broker continues to expect good earnings growth in FY22/23 back to normalised levels, and notes valuation looks undemanding.

Due to a lower FY21 base and slightly lower margin assumptions, Credit Suisse has decreased FY22-23 earnings per share (EPS) forecasts by -6-7%.

Outperform rating is unchanged and the target is lowered to $3.85 from $3.90.

FORECAST
Credit Suisse forecasts a full year FY22 dividend of 15.50 cents and EPS of 27.24 cents.
Credit Suisse forecasts a full year FY23 dividend of 16.00 cents and EPS of 30.87 cents.

TGR STOCK CHART