Announcement • Jan 16
Select Harvests Limited, Annual General Meeting, Feb 17, 2026 Select Harvests Limited, Annual General Meeting, Feb 17, 2026. Location: at the alto room, the langham, melbourne, 1 southgate ave, southbank vic 3006 Australia Reported Earnings • Nov 26
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: AU$0.22 (up from AU$0.012 in FY 2024). Revenue: AU$398.3m (up 18% from FY 2024). Net income: AU$31.8m (up AU$30.3m from FY 2024). Profit margin: 8.0% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Food industry in Australia. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$415.3m to AU$423.3m. EPS estimate increased from AU$0.384 to AU$0.441 per share. Net income forecast to grow 45% next year vs 1.8% growth forecast for Food industry in Australia. Consensus price target up from AU$5.14 to AU$5.29. Share price rose 17% to AU$4.16 over the past week. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$4.16, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Food industry in Australia. Total loss to shareholders of 3.1% over the past three years. Announcement • Nov 21
Select Harvests Limited to Report Fiscal Year 2025 Results on Nov 26, 2025 Select Harvests Limited announced that they will report fiscal year 2025 results on Nov 26, 2025 Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$4.27, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Food industry in Australia. Total loss to shareholders of 21% over the past three years. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 38% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Recent Insider Transactions • Jun 14
MD, CEO & Executive Director recently bought AU$79k worth of stock On the 12th of June, David Surveyor bought around 17k shares on-market at roughly AU$4.57 per share. This transaction increased David's direct individual holding by 6x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$90k. This was David's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 12
Non-Executive Director recently bought AU$90k worth of stock On the 3rd of June, Michelle Somerville bought around 20k shares on-market at roughly AU$4.51 per share. This transaction increased Michelle's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$274k more in shares than they have sold in the last 12 months. Reported Earnings • May 30
First half 2025 earnings released: EPS: AU$0.20 (vs AU$0.02 loss in 1H 2024) First half 2025 results: EPS: AU$0.20 (up from AU$0.02 loss in 1H 2024). Revenue: AU$104.5m (up 54% from 1H 2024). Net income: AU$28.7m (up AU$31.1m from 1H 2024). Profit margin: 27% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Food industry in Australia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • May 26
Select Harvests Limited to Report First Half, 2025 Results on May 29, 2025 Select Harvests Limited announced that they will report first half, 2025 results on May 29, 2025 Buy Or Sell Opportunity • Mar 21
Now 20% undervalued Over the last 90 days, the stock has risen 23% to AU$4.98. The fair value is estimated to be AU$6.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Major Estimate Revision • Feb 19
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from AU$329.8m to AU$341.4m. EPS estimate increased from AU$0.214 to AU$0.26 per share. Net income forecast to grow 2,317% next year vs 36% growth forecast for Food industry in Australia. Consensus price target up from AU$4.53 to AU$5.11. Share price rose 6.0% to AU$4.94 over the past week. Price Target Changed • Feb 19
Price target increased by 13% to AU$5.13 Up from AU$4.53, the current price target is an average from 6 analysts. New target price is 5.5% above last closing price of AU$4.86. Stock is up 20% over the past year. The company is forecast to post earnings per share of AU$0.21 for next year compared to AU$0.012 last year. Announcement • Jan 22
Select Harvests Limited Announces Executive Changes Select Harvests Limited announced the appointment of Liam Nolan, the Chief Financial Officer, and Mark Rhys Davies as Joint Company Secretaries, effective immediately. Mr. Davies is a Charted Accountant and Chartered Secretary with over 20 years' experience as company secretary and/or director of both ASX-listed and private companies across a range of sectors. He is a member of the Australian Institute of Company Directors and holds a Honours degree in Applied Accounting from Oxford Brookes University in the UK. Tim Bradfield has resigned as Company Secretary effective immediately. Bradfield served as Interim CFO over the last four months. Announcement • Jan 17
Select Harvests Limited, Annual General Meeting, Feb 18, 2025 Select Harvests Limited, Annual General Meeting, Feb 18, 2025. Location: at the alto room, the langham hotel, 1s outhgate ave, southbankvic 3006, Australia Reported Earnings • Nov 29
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: AU$0.012 (up from AU$0.95 loss in FY 2023). Revenue: AU$337.3m (up 64% from FY 2023). Net income: AU$1.50m (up AU$116.2m from FY 2023). Profit margin: 0.4% (up from net loss in FY 2023). Revenue exceeded analyst estimates by 36%. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Food industry in Australia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Nov 28
Select Harvests Limited Announces Chief Financial Officer Changes, Effective December 2, 2024 Select Harvests Limited announced the appointment of Liam Nolan as Chief Financial Officer (CFO), effective 2nd December 2024. With over 20 years of experience in finance, Liam brings a proven track record across finance, business transformation, and strategic leadership. He has held senior finance roles in diverse sectors, including as CFO of Orora Beverages, overseeing a billion-dollar business group with eight manufacturing sites across Australia and New Zealand. He was responsible for all financial aspects with a focus on financial strategy, governance, operational efficiency, and growth. Liam has successfully lead large scale and complex transformation projects, managing stakeholder relationships, and delivering significant growth and sustainable capital investments. His leadership experience spans Australia, New Zealand, and the United States. Liam succeeds Tim Bradfield, who has served as Interim CFO over the last four months. During this period, Tim provided invaluable support, particularly through the recent capital raise process. Announcement • Nov 26
Select Harvests Limited to Report Fiscal Year 2024 Results on Nov 29, 2024 Select Harvests Limited announced that they will report fiscal year 2024 results on Nov 29, 2024 Recent Insider Transactions • Oct 25
Chairman recently bought AU$100k worth of stock On the 23rd of October, Travis Dillon bought around 25k shares on-market at roughly AU$3.98 per share. This transaction amounted to 65% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Travis has been a buyer over the last 12 months, purchasing a net total of AU$150k worth in shares. New Risk • Sep 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Price Target Changed • Sep 21
Price target increased by 8.5% to AU$4.78 Up from AU$4.41, the current price target is an average from 7 analysts. New target price is 6.2% above last closing price of AU$4.50. Stock is up 13% over the past year. The company is forecast to post earnings per share of AU$0.039 next year compared to a net loss per share of AU$0.95 last year. Buy Or Sell Opportunity • Sep 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to AU$4.52. The fair value is estimated to be AU$3.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jul 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to AU$4.38. The fair value is estimated to be AU$3.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 04
First half 2024 earnings released: AU$0.018 loss per share (vs AU$0.80 loss in 1H 2023) First half 2024 results: AU$0.018 loss per share (improved from AU$0.80 loss in 1H 2023). Revenue: AU$67.8m (down 1.6% from 1H 2023). Net loss: AU$2.13m (loss narrowed 98% from 1H 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Food industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • May 29
Select Harvests Limited to Report First Half, 2024 Results on May 31, 2024 Select Harvests Limited announced that they will report first half, 2024 results on May 31, 2024 Major Estimate Revision • Feb 01
Consensus EPS estimates increase by 66% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from AU$252.3m to AU$254.9m. EPS estimate increased from AU$0.006 to AU$0.0101 per share. Net income forecast to grow 100% next year vs 5.1% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$4.43. Share price rose 27% to AU$3.72 over the past week. Announcement • Jan 29
Select Harvests Limited, Annual General Meeting, Feb 29, 2024 Select Harvests Limited, Annual General Meeting, Feb 29, 2024, at 11:01 AUS Eastern Standard Time. Location: National Australia Bank Building, 700 Bourke Street Docklands Melbourne Victoria Australia Agenda: To adopt the Remuneration Report for the financial year ended 30 September 2023, submitted as part of the Directors' Report for the financial year ended 30 September 2023, pursuant to sections 250R(2) and 250R(3) of the Corporations Act 2001 (Cth); to consider the election of Directors; and to consider the participation by the Managing Director in the Long-Term Incentive Plan. Price Target Changed • Nov 30
Price target decreased by 9.3% to AU$4.45 Down from AU$4.91, the current price target is an average from 6 analysts. New target price is 32% above last closing price of AU$3.38. Stock is down 24% over the past year. The company is forecast to post a net loss per share of AU$0.014 next year compared to a net loss per share of AU$0.95 last year. Reported Earnings • Nov 24
Full year 2023 earnings released: AU$0.95 loss per share (vs AU$0.051 profit in FY 2022) Full year 2023 results: AU$0.95 loss per share (down from AU$0.051 profit in FY 2022). Revenue: AU$206.0m (up 3.2% from FY 2022). Net loss: AU$114.7m (down AU$120.9m from profit in FY 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Food industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Oct 24
Select Harvests Limited Appoints Paul van Heerwaarden as Non-Executive Director, Effective 1 November 2023 The Chairman of Select Harvests Limited, Travis Dillon announced the appointment of Paul van Heerwaarden to the Board as Non-Executive Director. Paul joins the Board with extensive experience across agri-food and commodity cycle risk management. This includes managing integrated supply chains from farm through to processing and distribution into industrial and consumer channels, both domestically and internationally. He has recently retired from his role as CEO of the Bega Group (BGA). Paul has had a long career at the Bega Group covering executive financial, operational and sales and marketing roles before taking over as CEO. Previously, his career has seen him work in Australia, the US and Asia in dairy, oilseeds, nuts, meat and grains working for Ridley AgriProducts, Cargill and Nutrihealth. This appointment is effective from 1 November 2023. Major Estimate Revision • Sep 14
Consensus EPS estimates upgraded to AU$0.78 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -AU$0.94 to -AU$0.784 per share. Revenue forecast steady at AU$127.0m. Food industry in Australia expected to see average net income growth of 5.6% next year. Consensus price target down from AU$5.27 to AU$4.94. Share price rose 2.2% to AU$4.14 over the past week. Major Estimate Revision • Jul 18
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -AU$0.846 to -AU$0.933 per share. Revenue forecast of AU$125.8m unchanged since last update. Food industry in Australia expected to see average net income growth of 5.9% next year. Consensus price target of AU$5.27 unchanged from last update. Share price was steady at AU$4.20 over the past week. Buying Opportunity • Jun 29
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$5.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 8.0% in a year. Earnings is forecast to grow by 53% in the next year. Major Estimate Revision • May 31
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from AU$148.3m to AU$118.9m. Forecast losses increased from -AU$0.719 to -AU$0.808 per share. Food industry in Australia expected to see average net income growth of 5.9% next year. Consensus price target up from AU$5.05 to AU$5.28. Share price was steady at AU$4.45 over the past week. Reported Earnings • May 30
First half 2023 earnings released: AU$1.59 loss per share (vs AU$0.032 profit in 1H 2022) First half 2023 results: AU$1.59 loss per share (down from AU$0.032 profit in 1H 2022). Revenue: AU$121.7m (up 77% from 1H 2022). Net loss: AU$192.5m (down AU$196.2m from profit in 1H 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Food industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Announcement • May 25
Select Harvests Limited to Report First Half, 2023 Results on May 29, 2023 Select Harvests Limited announced that they will report first half, 2023 results on May 29, 2023 Major Estimate Revision • May 13
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -AU$0.597 to -AU$0.683 per share. Revenue forecast unchanged at AU$159.9m. Food industry in Australia expected to see average net income growth of 5.9% next year. Consensus price target broadly unchanged at AU$5.08. Share price was steady at AU$4.50 over the past week. Price Target Changed • Apr 12
Price target decreased by 10% to AU$5.10 Down from AU$5.67, the current price target is an average from 6 analysts. New target price is 17% above last closing price of AU$4.35. Stock is down 24% over the past year. The company is forecast to post a net loss per share of AU$0.60 compared to earnings per share of AU$0.051 last year. Announcement • Feb 20
Select Harvests Limited Announces the Appointment of David Surveyor as Director Select Harvests Limited announced the appointment of David Surveyor as Director. Date of appointment is 20 February 2023. Major Estimate Revision • Jan 28
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from AU$215.3m to AU$212.2m. Now expected to report a loss of AU$0.017 per share instead of AU$0.071 per share profit previously forecast. Food industry in Australia expected to see average net income growth of 3.1% next year. Consensus price target down from AU$6.16 to AU$6.04. Share price was steady at AU$4.09 over the past week. Announcement • Jan 25
Select Harvests Limited, Annual General Meeting, Feb 27, 2023 Select Harvests Limited, Annual General Meeting, Feb 27, 2023, at 11:01 AUS Eastern Standard Time. Location: the Fairmont Room at the Park Hyatt Hotel, 1 Parliament Square, Melbourne Victoria Australia Agenda: To receive and consider the financial statements of the Company and its controlled entities for the financial year ended 30 September 2022 and the related Directors' Report and Auditors' Report; to consider remuneration report; to consider election of directors; to consider the Participation by the Managing Director in the Long-Term Incentive Plan; and to consider other matters if any. Major Estimate Revision • Jan 17
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from AU$0.08 to AU$0.07 per share. Revenue forecast steady at AU$215.3m. Net income forecast to grow 60% next year vs 3.1% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$6.16. Share price rose 4.6% to AU$4.13 over the past week. Board Change • Dec 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non Executive Director Guy Kingwill was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 13
Select Harvests Limited Appoints Michelle Somerville as Non-Executive Director The Chairman of Select Harvests Limited, Travis Dillon, announced the appointment of Michelle Somerville to the Board as Non-Executive Director. Michelle joins the Board with extensive experience across professional services and non-executive directorships. She currently holds two Board positions (and the Chair of their respective Audit Committees) in ASX listed companies being Insignia Financial Ltd. and The GPT Group. Michelle has previously been an audit partner at KPMG for nearly 14 years. This background, in addition to a variety of non-executive Director roles, has led to Michelle developing a deep understanding of business operations and their related value drivers. Strong governance and risk management processes along with an extensive understanding of financial reporting requirements and related improvement opportunities are also key areas of her experience. Recent Insider Transactions • Dec 06
Chairman recently bought AU$50k worth of stock On the 2nd of December, Travis Dillon bought around 11k shares on-market at roughly AU$4.45 per share. This transaction increased Travis' direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Travis' only on-market trade for the last 12 months. Upcoming Dividend • Dec 01
Upcoming dividend of AU$0.02 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 03 February 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (3.6%). Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 63% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from AU$234.3m to AU$215.4m. EPS estimate also fell from AU$0.19 per share to AU$0.07 per share. Net income forecast to grow 60% next year vs 4.7% decline forecast for Food industry in Australia. Consensus price target down from AU$6.90 to AU$6.26. Share price fell 14% to AU$4.59 over the past week. Price Target Changed • Nov 27
Price target decreased to AU$6.26 Down from AU$6.90, the current price target is an average from 6 analysts. New target price is 36% above last closing price of AU$4.59. Stock is down 33% over the past year. The company is forecast to post earnings per share of AU$0.071 for next year compared to AU$0.051 last year. Reported Earnings • Nov 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: AU$0.051 (down from AU$0.21 in FY 2021). Revenue: AU$199.7m (down 13% from FY 2021). Net income: AU$6.17m (down 76% from FY 2021). Profit margin: 3.1% (down from 11% in FY 2021). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Food industry in Australia. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Nov 22
Select Harvests Limited Announces Dividend for the Twelve Months Ended September 30, 2022, Payable on February 3, 2023 Select Harvests Limited announced dividend for the twelve months ended September 30, 2022 of AUD 0.02000000 per share. Record date is December 9, 2022. Ex-date is December 8, 2022. Payment date is February 3, 2023. Announcement • Oct 26
Select Harvests Limited to Report Fiscal Year 2022 Results on Nov 22, 2022 Select Harvests Limited announced that they will report fiscal year 2022 results on Nov 22, 2022 Major Estimate Revision • Sep 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.10 to AU$0.08 per share. Revenue forecast steady at AU$199.5m. Net income forecast to shrink 38% next year vs 14% growth forecast for Food industry in Australia . Consensus price target broadly unchanged at AU$6.90. Share price was steady at AU$5.26 over the past week. Major Estimate Revision • Sep 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.11 to AU$0.10 per share. Revenue forecast steady at AU$198.8m. Net income forecast to shrink 31% next year vs 14% growth forecast for Food industry in Australia . Consensus price target broadly unchanged at AU$7.03. Share price rose 11% to AU$5.52 over the past week. Announcement • Sep 12
Select Harvests Limited Announces Board Changes The Chairman of Select Harvests Limited, Travis Dillon, announced the appointment of Margaret Zabel to the Board as Non- Executive Director. Margaret joins the Board with extensive experience across numerous industries including FMCG, food, technology and communications. She currently holds two Board positions in ASX listed companies being The Reject Shop and G8 Education Ltd. Additionally, Margaret holds Non-Executive Director roles in Collective Wellness Group and Fairtrade Australia & New Zealand. Margaret has previously held senior executive roles across major organisations, including the CEO of Advertising Council Australia. She has extensive experience in business transformation, brand andmarketing strategy, innovation, digital communications, customer experience and change leadership. The Chairman and the Board are delighted to welcome Margaret Zabel to the team. Her impressive leadership skills and knowledge in key areas of marketing, customer relationships and people management will provide a valuable addition to the skill set of the Board. In addition to the above, Select's Chairman also advises that current Board Director, Fiona Bennett, will not be standing for re-election at the upcoming company AGM in February 2023. Fiona joined the Select Boardin July 2017 and is currently the Chair of the Audit and Risk and Sustainability Committees. Mr. Dillon commented, `Fiona has been an integral part of the Select Board over the past five years, a period that has seen the company successfully grow to its current position. She has provided leadership and guidance over numerous complex financial matters and regulatory requirements, particularly as Chair of Select's Audit and Risk Committee. As was previously communicated at the company's 2021 AGM, Director Fred Grimwade, has reached the end of his Board tenure (12 years) and will not be standing for re-election at the next AGM. Fred joined the Select Board in July 2010 and over the years has been a member of numerous committees. Mr. Dillon commented, `Fred has been a key part of Select's Board for 12 years, a period that has seen significant transformation and growth. There have been multiple major transactions and structural changes undertaken that have benefited from Fred's guidance. Additionally, his business acumen and general skill and experience has been a major asset to the Board and company over many years. Major Estimate Revision • Jul 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from AU$0.09 to AU$0.11. Revenue forecast steady at AU$199.9m. Net income forecast to shrink 34% next year vs 9.9% decline forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$7.13. Share price rose 4.2% to AU$5.18 over the past week. Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 48% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$212.9m to AU$200.0m. EPS estimate also fell from AU$0.25 per share to AU$0.13 per share. Net income forecast to shrink 25% next year vs 7.7% decline forecast for Food industry in Australia. Consensus price target down from AU$7.58 to AU$7.27. Share price fell 4.4% to AU$5.27 over the past week. Reported Earnings • May 29
First half 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2022 results: EPS: AU$0.032 (up from AU$0.027 in 1H 2021). Revenue: AU$68.7m (down 19% from 1H 2021). Net income: AU$3.78m (up 22% from 1H 2021). Profit margin: 5.5% (up from 3.7% in 1H 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 11%, compared to a 12% growth forecast for the industry in Australia. Announcement • May 24
Select Harvests Limited to Report First Half, 2022 Results on May 27, 2022 Select Harvests Limited announced that they will report first half, 2022 results on May 27, 2022 Major Estimate Revision • May 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.24 to AU$0.21 per share. Revenue forecast steady at AU$222.3m. Net income forecast to shrink 1.6% next year vs 6.2% growth forecast for Food industry in Australia . Consensus price target broadly unchanged at AU$7.97. Share price was steady at AU$6.08 over the past week. Announcement • May 10
Select Harvests Limited Announces Committee Changes Select Harvests Chairman Michael Iwaniw announced that effective immediately, Fred Grimwade has stood down from the company's Mergers and Acquisitions Committee and has been replaced on the committee by Travis Dillon. Major Estimate Revision • May 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$227.6m to AU$222.9m. EPS estimate also fell from AU$0.27 per share to AU$0.24 per share. Net income forecast to grow 13% next year vs 9.7% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$7.96. Share price fell 3.7% to AU$6.26 over the past week. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$234.2m to AU$230.7m. EPS estimate also fell from AU$0.30 per share to AU$0.27 per share. Net income forecast to grow 27% next year vs 9.7% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$8.21. Share price rose 5.0% to AU$5.67 over the past week. Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$241.6m to AU$238.1m. EPS estimate also fell from AU$0.39 per share to AU$0.35 per share. Net income forecast to grow 65% next year vs 12% growth forecast for Food industry in Australia. Consensus price target down from AU$8.69 to AU$8.43. Share price was steady at AU$5.57 over the past week. Recent Insider Transactions • Dec 08
Non- Executive Director recently bought AU$60k worth of stock On the 29th of November, Travis Dillon bought around 9k shares on-market at roughly AU$6.81 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$166k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 02
Upcoming dividend of AU$0.08 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 04 February 2022. Trailing yield: 1.3%. Lower than top quartile of Australian dividend payers (5.5%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 26
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: AU$0.21 (down from AU$0.26 in FY 2020). Revenue: AU$230.5m (down 7.0% from FY 2020). Net income: AU$25.3m (up 1.2% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 8.2%, compared to a 18% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Price Target Changed • Sep 06
Price target increased to AU$8.77 Up from AU$8.15, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of AU$8.92. Stock is up 58% over the past year. Major Estimate Revision • Jul 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from AU$0.055 to AU$0.084. Revenue forecast steady at AU$231.0m. Net income forecast to grow 173% next year vs 41% growth forecast for Food industry in Australia. Consensus price target of AU$8.15 unchanged from last update. Share price rose 6.1% to AU$7.82 over the past week. Price Target Changed • Jul 19
Price target increased to AU$7.68 Up from AU$7.15, the current price target is an average from 5 analysts. New target price is 7.4% above last closing price of AU$7.15. Stock is up 26% over the past year. Major Estimate Revision • Jul 15
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from AU$0.042 to AU$0.047. Revenue forecast steady at AU$228.6m. Net income forecast to grow 130% next year vs 41% growth forecast for Food industry in Australia. Consensus price target up from AU$7.15 to AU$7.42. Share price rose 11% to AU$7.22 over the past week. Announcement • Jul 15
Select Harvests Limited Announces Crop and Market Update Select Harvests Limited announced the following update on the 2021 crop and current market conditions. The company has been completed and 100% of the 2021 crop has been delivered to its Carina West processing facility. With over 60% of the crop processed they estimate the crop volume, including from the acquisition of the Piangil orchard, to be approximately 28,250 MT (2020 crop volume was 23,250 MT). Processing productivity continues to improve, with prior year investments in technology delivering efficiency gains and further enhancing post farm gate quality. The Almond Industry has experienced significant growth in global demand across all markets, particularly in their traditional almond markets: India, Europe and China. Californian domestic and export almond shipments year to date (August 2020 June 2021) are up 21.7% and forward commitments are up 34.0% lifting the combined shipped/committed volume to 3.16 billion pounds (compared to last year's volume of 2.56 billion pounds). Shipments are occurring at an unprecedented pace, with historic monthly shipment records being set in 10 out of the 11 months of the season to date. While uncommitted inventory is up 29.4% to 326 million pounds (compared to last year's 252 million pounds) this is now down to manageable levels with carryout volumes expected to drop below 600 million pounds following July's shipments. Forward commitments for the 2021 crop are down 29% vs the same period last year with growers reluctant to sell waiting to understand the potential impact of the drought on supply. Australian almond exports Year on Year (March April) are up 54%, with the South/Central Asia (India) market up 200%, Europe up 69% and North East Asia (China) market up 9% during the period. Last night, the US Department of Agriculture released the 2021 Objective Crop Estimate for the 2021 US almond crop of 2.8 billion pounds, down 12.5% on the 3.2 billion pound Subjective Estimate released on 12 May 2021 (2020 crop volume was 3.12 billion pounds). With the California drought worsening in recent months, the Subjective Estimate has proven to be too optimistic. The Objective Estimate is now in line with consensus industry forecasts for the 2021 Californian crop. Continued strong shipment numbers and the worsening drought situation in California have led to an appreciation in almond pricing of between 5% and 10% over the last 6 weeks. 60% of Selects Harvests' 2021 crop is committed (including internal sales) at prices in the range of AUD 5.90/kg – AUD 6.40/kg. It should be noted the un-committed portion of the crop is the lower value grades. 90% of the crop is covered at 0.73 AUD/USD and the current market price is in the range of AUD 6.20 – AUD 6.60. Both Australian and US processors are experiencing some shipping delays due to container shortages, however they are experiencing only minor related cashflow delays. The development of Select Harvests' 2022 crop is progressing well with good tree health and sufficient chill hours as they head towards pollination in August. Again, they have volumes benefiting as their younger orchards reach maturity. Water supply and pricing is much improved on recent years and the ongoing focus for 2021 is to maintain the high standard of their horticultural practices and deliver another strong crop. Major Estimate Revision • Jun 03
Consensus revenue estimates fall to AU$233.2m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from AU$271.5m to AU$233.2m. EPS estimate fell from AU$0.12 to AU$0.042 per share. Net income forecast to grow 105% next year vs 14% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$7.09. Share price fell 6.7% to AU$5.56 over the past week. Reported Earnings • May 29
First half 2021 earnings released: EPS AU$0.027 (vs AU$0.21 in 1H 2020) The company reported a mediocre first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: AU$84.6m (up 38% from 1H 2020). Net income: AU$3.10m (down 83% from 1H 2020). Profit margin: 3.7% (down from 30% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 16
New 90-day high: AU$5.65 The company is up 8.0% from a price of AU$5.21 on 16 December 2020. Outperformed the Australian market which is up 3.0% over the last 90 days. Exceeded the Food industry, which is up 6.0% over the same period. Executive Departure • Feb 26
Independent Non-Executive Director has left the company On the 26th of February, Michael Carroll's tenure as Independent Non-Executive Director ended after 11.9 years in the role. As of December 2020, Michael personally held 26.02k shares (AU$136k worth at the time). Michael is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Jan 18
New 90-day low: AU$4.96 The company is down 21% from its price of AU$6.26 on 20 October 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$13.16 per share. Recent Insider Transactions • Jan 08
Independent Non Executive Director recently bought AU$54k worth of stock On the 5th of January, Guy Kingwill bought around 10k shares on-market at roughly AU$5.40 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$123k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 20
Independent Non-Executive Director recently bought AU$52k worth of stock On the 16th of December, Fiona Rosalyn Bennett bought around 10k shares on-market at roughly AU$5.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$69k more in shares than they have sold in the last 12 months. 
