Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with an extensive orchard footprint (Riverland, Sunraysia and Riverina) and increasing third-party volume processing. We recently initiated coverage on SHV (RaaS July-26), and focus further on the competitive cost-positioning and export dynamic, which we see supporting SHV’s growth. This is based on its lower-quartile almond growing costs of $7.33/kg (normalised estimate), vs. California ~9.69/kg. We see this as reinforced by limited supply growth, while global demand is growing above ~5% p.a. Global almond pricing has remained consistent in July 2026 (Stratamarkets). We reiterate our view that SHV holds a robust growth strategy, with the strengthening backdrop. The SHV share price has shown recognition of the upward trend in global almond pricing - with the nexus to higher cycle earnings gaining focus. Our valuation at $5.93 aligns SHV’s valuation with industry peers that hold a comparable outlook. CEO Krisina Hermanson commenced from 3rd August, with a strong background in agri asset management and operations, previously as head of APAC with $3b in AUM.
