Company A Tassal Group Limited (TGR) is an Australian company engaged in provision of Atlantic salmon in Australia. TGR's operations include hatching, farming, processing, sales and marketing of Atlantic salmon, located in Tasmania. TGR offers its products under four different brands namely Tassal, Superior Gold, Tasmanian Smokehouse and De Costi Seafoods. Tassal: Tassal provides customers with an everyday protein choice with a range of salmon products in fresh, smoked, canned and frozen categories. Superior Gold: Superior Gold is the connoisseur's choice. Everything about Superior Gold is superiorly fashioned, from the curing ingredients and smoking techniques to the care and passion with which its products are produced. Tasmanian Smokehouse: Tasmanian Smokehouse is cured and traditionally smoked with a subtle smoky flavour. It is available exclusively through independent retailers. De Costi: De Costi Seafoods provides consumers, food service and wholesalers with a large array of seafood options. Acquisition: On 14th September 2018 TGR announced that its wholly-owned subsidiary, De Costi Seafoods Pty Ltd has completed the acquisition of the land, assets and inventory of the Fortune Group prawn aquaculture business (from the Fortune Group) in Queensland. Results By Industry Revenue B/Down Salmon 86.0% Seafood 14.0% 100% Results By Geography Revenue B/Down Australia 84.0% Overseas 16.1% 100% Company B GrainCorp Limited (GNC) is an integrated grain business across three grain activities: storage and logistics, marketing and processing in Eastern Australia. GNC supplies grain and processed grain products to Results By Industry Revenue B/Down Grains 52.0% Malt 27.2% customers in domestic and international markets, with a focus on wheat, barley and canola. Grain Marketing: The Oils 20.8% 100% business engages in the marketing of grain and agricultural products such as wheat, barley and canola, Results By Geography and the operation of grain pools for both customers Revenue B/Down locally and internationally. Approximately 145 country Asia 16.8% receival sites with over 20 million metric tonnes ('mmt') Australasia 48.2% of storage capacity. Europe 14.8% North America 17.5% Malt: GrainCorp Malt offers deep grain expertise and Other 2.6% tailored relationships with the advantage of a single point 100% of contact worldwide. The company operates in Australia, Canada, USA, UK and Germany. GrainCorp Malt supplies malt to global brewers, craft brewers and distillers. Oils: GrainCorp Oils is an edible oils, bulk liquid terminals, feeds and used oil collection businesses in Australasia. Grain Corp Oils has business functions across the oils supply chain from seed accumulation to crushing, refining and packing, storage, commodity management, liquid feeds and oil recycling. Table 4 Company Historicals Tassal (Company A) Graincorp (Company B) Per Share Statistics 2017 2018 2019 2017 2018 2019 Sales ($/share) 2.87 2.84 2.87 18.18 20.01 18.46 Cash Flow (cents/share) 34 32.8 25.3 66.2 131.4 79.6 Earnings (cents/share) 32.8 41.4 33.4 21.5 62.3 32.9 Interest Coverage 10.65 12.75 11.62 2.86 6.25 2.87 Debt/Equity (%) 36.6 18.1 22.8 67.7 58.3 67 Total 2017 2018 2019 2017 2018 2019 Revenues ($mill) 425 445 499 4,158 4,576 4,253 Operating margin (%) 22.8 27.2 22.1 6.1 8.5 6.5 Depreciation ($mill) -21 -20.9 -23 -108 -116 -124 Net Profit ($mill) 48.5 58.1 57.3 30.9 125.2 70.5 Long term debt ($mill) 120 67 99 791 748 762 Shareholders Equity ($mill) 404 538 586 1,742 1,859 1,942 Return on capital (%) 10 12 9. 3 4 Return on Equity (%) 12 12 9.9 2.8 7.7 3.9 EBIT ($mill) 76 100 87 109 244 121