External Reports

Reports
RMCG Report - November 2019

Please note this report has been commissioned by Ricegrowers Limited (SunRice) and prepared and issued by RMCG to present an analysis of water use in the Southern Basin within the context of current policy settings. The views expressed in this report are RMCG’s and should not be construed as an endorsement by the company.

The report is provided for information purposes only. RMCG has been paid a fee to prepare this report. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however neither Ricegrowers Limited nor RMCG guarantee the accuracy or completeness of this report. This report has been prepared and issued by RMCG and the opinions contained in this report represent those of the principals of RMCG at the time of publication. Ricegrowers Limited does not endorse or confirm the analysis, findings or opinions in the report, and you are cautioned not to place undue reliance on anything contained in this report.

RaaS Report - November 2019Opens in new window

It is important to note the following in relation to the external research report prepared and issued by RaaS Advisory Pty Ltd (ABN 99 614 783 363; a corporate authorised representative (1248415) of BR Securities Australia Pty Ltd (ABN 92 168 734 530; AFSL 456663):

  • The report uses a “sum of the parts” valuation methodology based on past performance to generate a “through the cycle” valuation (notwithstanding the subdued outlook outlined at the AGM in August 2019), and using valuation multiples for a group of domestic and international peers considered to be comparable by RaaS. This method is one of many possible valuation methodologies for a company, and accordingly the use of different valuation methodologies, and different inputs and/or assumptions to those RaaS has chosen for the purpose of preparing its report would produce different valuation results;
  • The report is based on RaaS’s assessment of SunRice’s historical earnings through the cycle and other publicly available information, and does not give any guarantee regarding SunRice’s future financial position or performance, or its outlook. SunRice’s actual financial performance and business outlook may vary – possibly to a material extent - from the events, results or outcomes expressed in, or assumed or implied by, the report. Past performance is not a guarantee of future performance, and the share price and trading performance of SunRice’s B class shares on ASX will not necessarily trade to RaaS Advisory’s opinion on the “through the cycle” valuation or outlook;
  • Whilst SunRice commissioned and paid a fee for this report, the report is based on RaaS’s assessment of SunRice’s historical earnings through the cycle and other publicly available information, and does not give any guarantee regarding SunRice’s future financial position or performance, or its outlook. The report is provided for information purposes only, and no representation, warranty or other assurance is given as to the fairness, accuracy, completeness, or likelihood of achievement of any matter, or related estimate or assumption, contained in it;
  • The report has been prepared and issued by RaaS, and the opinions contained in the report represent the opinions of the principals of RaaS as at the date of issue. This report should be read in conjunction with the disclaimer and Financial Services Guide on pages 39-41 of the report.

Ricegrowers Limited does not endorse or confirm the analysis, findings or opinions in the report, and you are cautioned not to place undue reliance on anything contained in this report.