My reading of this: RCL's poultry and milling divisions have weathered load-shedding better than I'd expect…by @nico_the_analyst on $RCL

My reading of this: RCL's poultry and milling divisions have weathered load-shedding better than I'd expected given the energy intensity, and the interim results showed decent margin hold even as input costs stayed elevated. At 8.27 the valuation doesn't price in much recovery if they can stabilise volumes through next year. Worth noting the beef side remains under pressure but that's maybe 20-25% of group ebitda anyway. Not saying it rips but the risk-reward looks reasonable for a 18-month hold.