Tassal Group

We have mixed feelings about Tasmanian salmon farmer Tassal Group. On one hand, the stock trades well below replacement value (it currently trades at a 20% discount to net tangible assets) and well below the $1.80-$1.90 offered by a private equity firm in 2010, it’s owned by numerous value investors we admire—including Allan Gray (formerly Orbis) and Maple-Brown Abbott—and it operates as the dominant domestic producer in a business heavily protected against imports. It’s one of only a few food suppliers that hold genuine bargaining power against Coles and Woolies. On the other hand, there are concerns. The great...

We have mixed feelings about Tasmanian salmon farmer Tassal Group. On one hand, the stock trades well below replacement value (it currently trades at a 20% discount to net tangible assets) and well below the $1.80-$1.90 offered by a private equity firm in 2010, it’s owned by numerous value investors we admire—including Allan Gray (formerly Orbis) and Maple-Brown Abbott—and it operates as the dominant domestic producer in a business heavily protected against imports. It’s one of only a few food suppliers that hold genuine bargaining power against Coles and Woolies.

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