SHARES in the producers of almonds, other nuts and dried fruits have slumped to a 12-month low of $3.00, but analysts believe the business can be turned around.
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Of the four brokers covering the stock, three recommend buying, while the other says "hold".
At 7.4 times, Select Harvests' forward price-earnings multiple is almost half the broader market's multiple of 14 times.
The stock has a market capitalisation of $170 million.
In August, the company announced plans to raise $48 million to expand its orchards. The $22 million institutional component of this raising has been completed, while the retail offer is nearing completion. The entitlement offer is fully underwritten.
Select Harvests increased net profit by 3.2 per cent to $17.3 million in the 2010 financial year.
