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Undervalued
Morningstar Quantitative Rating as of 6 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 3.76 Fair value 4.59 One-star price 5.60
Morningstar Quantitative Rating as of 6 NOV 2026.
Morningstar Quantitative Rating as of 6 NOV 2026. The slider runs from the five-star price (3.76) to the one-star price (5.60).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 4.01 |
| Price - 12 month high | 5.21 |
| Price - 12 month low | 3.45 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.40 |
| Market capitalization | 563.54 |
| 12 Month High price date | 22 DEC 2025 |
| 12 Month Low price date | 14 MAY 2026 |
| Volume - avg. trading volume for the last 3 months | 0.57 |
| Price - 1 Day % Change | -0.50% |
| Price - 13 week price percent change | -3.61% |
| Price - 26 week price percent change | 4.97% |
| Price - 5 Day % Change | -0.50% |
| Price - 52 week price percent change | 8.67% |
| Price - YTD price percent change | -19.64% |
| Price % Change Month To Date | -0.99% |
| EPS excluding extraordinary items - most recent fiscal year | 0.222 |
| EPS excluding extraordinary items - trailing 12 month | 0.207 |
| EPS Normalized - most recent fiscal year | 0.251 |
| Revenue/share - most recent fiscal year | 2.776 |
| Revenue/share - trailing 12 month | 2.455 |
| Book value per share - most recent fiscal year | 3.682 |
| Book value per share - most recent half-year | 3.903 |
| Book value (tangible) per share - most recent fiscal year | 3.163 |
| Book value (tangible) per share - most recent half-year | 3.387 |
| Cash per share - most recent fiscal year | 0.010 |
| Cash per share - most recent half-year | 0.024 |
| Cash Flow per share - most recent fiscal year | 0.828 |
| Cash Flow per share - trailing 12 month | 0.314 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.035 |
| EBITD per share - trailing 12 month | 0.302 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.224 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.209 |
| EPS including extraordinary items - most recent fiscal year | 0.224 |
| EPS including extraordinary items - trailing 12 month | 0.209 |
| Free Cash Flow per share - trailing 12 month | 0.088 |
| P/E excluding extraordinary items, most recent fiscal year | 19.35 |
| P/E Normalized, most recent fiscal year | 23.13 |
| Price to sales - most recent fiscal year | 1.63 |
| Price to Tangible Book - most fiscal year | 1.18 |
| Price to Free Cash Flow per Share - most recent fiscal year | 45.44 |
| Price to Cash Flow per share - trailing 12 month | 12.77 |
| Price to Book - most recent fiscal year | 1.03 |
| P/E excluding extraordinary items high, trailing 12 months | 24.32 |
| P/E excluding extraordinary items low, trailing 12 months | 15.26 |
| Net Debt, LFI | 380.90 |
| Net Debt, LFY | 294.96 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 0.90% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.87% |
| Free Cash Flow - most recent fiscal year | 79.03 |
| LT debt/equity - most recent fiscal year | 50.15% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 56.64% |
| LT debt/equity - most recent half-year | 63.39% |
| Total debt/total equity - most recent half-year | 69.28% |
| Free Cash Flow - trailing 12 month | 12.67 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 397.81 |
| Revenue - trailing 12 month | 352.31 |
| EBITD - most recent fiscal year | 50.10 |
| EBITD - trailing 12 month | 43.30 |
| Earnings before taxes - most recent fiscal year | 44.48 |
| Earnings before taxes - trailing 12 month | 42.46 |
| Net Income available to common - most recent fiscal year | 31.84 |
| Net Income available to common - trailing 12 months | 29.77 |
| Earnings before taxes Normalized - most recent fiscal year | 50.25 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.17 |
| Net Profit Margin % - 1st historical fiscal year | 8.00% |
| Net Profit Margin % - trailing 12 month | 8.45% |
| Operating margin - 1st historical fiscal year | 13.57% |
| Operating margin - trailing 12 month | 11.84% |
| Pretax margin - trailing 12 month | 12.05% |
| Pretax margin - 1st historical fiscal year | 11.18% |
| Operating Margin - 5 year average | -5.20% |
| Pretax Margin - 5 year average | -9.76% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -12.71% |
| Free Operating Cash Flow/Revenue, TTM | 3.60% |
| Net Profit Margin - 5 year average | -6.64% |
| Return on average assets - most recent fiscal year | 3.22% |
| Return on average assets - trailing 12 month | 2.91% |
| Return on average equity - most recent fiscal year | 6.29% |
| Return on average equity - trailing 12 month | 5.61% |
| Return on average assets - 5 year average | -0.88% |
| Return on average equity - 5 year average | -1.87% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 9.92% |
| EPS growth rate, 5 year | -2.59% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 2.02% |
| Growth rate% - Revenue, 3 year | 25.98% |
| Growth rate% - EPS, 3 year | 79.52% |
| Book value per share growth rate, 5 year | -2.13% |
| Capital Spending growth rate, 5 year | 8.70% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -2.53% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | SEP 21 | SEP 22 | SEP 23 | SEP 24 | SEP 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
SHV +10.2%: a strong day for the almond business, its best session in 4 weeks thanks to the company presenting a more bullish outlook in an update to the market. They have faced a number of different issues over the last few years with the almond price underperforming expectations, too much rain, not enough rain and issues with the bee population which hindered output.
We are making a number of amendments to the Emerging Companies Portfolio.
The almond grower has had a difficult time in recent months, and it appears they are continuing to struggle after another downgrade yesterday. The company announced non-pareil volumes (which is their higher quality product) would likely be 25-35% lighter than expected based on early weighbridge data at their processing facility, just a month after reconfirming production at the AGM.
SHV -4.63%: the FY result was out today for the almond grower, with shares weaker on a slightly disappointing report. EBITDA was in line at $37.9m, however, the revenue of $200m and NPAT of $4.8m were slight misses to consensus. They produced 29kmt, right in the middle of guidance, while the selling price of $6.80/kg was slightly above expectations. The almond...
SHV +13.24%: the almond grower rallied to 3-month highs today following a better-than-expected crop update. 80% of the 2022 crop has been processed, with 722% sold at a strong price of $6.75/kg. They’ve also forecast 30kt for the 2023 crop after securing the minimum level of bee hives required. While this is a slight downgrade, the market was positioned for worse with a short position of around 4% heading into the update. We suspect shares will be supported given the major risk is now less of a concern.
The portfolio had a solid week up +3.93% outpacing the gain of the market. Cash remains at around 4% but we did make some changes during the week, cutting underperformers to move into some cheap stocks with potential catalysts– St Barbara (SBM) & Lovisa (LOV). Strandline (STA) rallied more than 15% and EML Payments (EML) bounced 10% to lead the portfolio. St Barbara (SBM) & Select Harvests (SHV) both fell more than 5% to be the weakest positions in the portfolio.
SHV +1.35%: the almond grower provided a trading update following the completion of their latest harvest saying 100% of the almonds had now been secured. There were some drawbacks though with wet weather meaning a portion of the crop would need to be mechanically dried at a cost, while freight remains an issue and will likely push out any cash flow. These issues were largely well understood...
The portfolio was down -2.42% in the week, cash remains at around 4% with no changes to the portfolio. EML Payments (EML) was the biggest drag falling more than 25% after the CEO departed in mysterious circumstances. Lynas (LYC) and PointsBet (PBH) fell -16% and -12% each as well. Select Harvests (SHV) bounced back more than 10% and Pinnacle (PNI) added 7% to be the top performers in the portfolio. This week we are looking at a number of changes in store for the portfolio.
The almond producer came under pressure after a disease outbreak in bees along the east coast threatened pollination in the upcoming season. The varroa mite has been detected in parts of NSW with the initial lockdown of hives failing to limit the spread causing a state-wide lockdown. Almond producers need the bees for pollination and the current 6-month-long emergency order overlaps with the pollination period. Select Harvests...
The portfolio was off -0.27% in the week against a weak market that fell -1.14%%. Cash remains at around 4% with no changes to the portfolio. Austal (ASB) was the star of the show adding ~30% following a good contract win while Praemium (PPS) +21% and Dubber (DUB) +18.7% bounced strongly. Tyro (TYR) -18.59% and Select Harvest (SHV) -10.44% were the biggest drags.
MM is neutral SHV around $4.50
MM intends to cut SHV from the Emerging Companies Portfolio
MM is selling SHV in the Emerging Companies Portfolio, taking a loss around $4
MM is getting frustrated with our holding in SHV in the EC portfolio – so many moving parts!
MM is bullish and long SHV in the Emerging Companies Portfolio
MM is bullish and long SHV in the Emerging Companies Portfolio
MM is neutral SHV here – Varroa mite a risk that leaves us 50/50
MM are long and bullish SHV
MM likes SHV today and especially around $6
MM are buying SHV in the Emerging Companies Portfolio, allocating 4% around $6.40
Select Harvests Ltd engages in the processing, packaging, marketing, and distribution of edible nuts, dried fruits, seeds, and a range of natural health foods in Australia. The company operates the Food Division and Almond Division. The Food division accounts for the majority of revenue processes, markets, and distributes edible nuts, dried fruits, seeds, and a range of natural health foods. The Almond Division grows, processes, and sells almonds to the food industry from company-owned almond orchards, and provides a range of management services to external owners of almond orchards, including orchard development, tree supply, farm management, land and irrigation infrastructure rental, and the sale of almonds on behalf of external investors.
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