Select Harvests Limited (SHV.AX) Stock Analysis & Winston Score

Select Harvests is an Australian company that grows and sells almonds. It owns almond orchards across Victoria and South Australia, making it one of the largest almond producers in Australia. The company sells raw and processed almonds to food manufacturers, retailers, and health food brands both in Australia and overseas. The company earns money by selling almonds in bulk to industrial buyers and in packaged form to consumers under its own brands, including Lucky and Sugarless. Most of its revenue depends heavily on global almond prices and the size of each year's harvest, both of which it cannot fully control. The current negative margins reflect how tough conditions have been — high water costs, rising farm expenses, and soft almond prices have squeezed profitability hard. The key risk going forward is whether almond prices recover enough to cover the company's cost base, since without that, returning to consistent profitability will be difficult.