Given the timing of farm projects, in our view, we should expect accelerated results in 4Q23 and in 2024. Results for the first three quarters may not reflect the scale of improvement in results for the full year. We assume that, as operating results improve, 2024-25 will have an accumulation of operating cash flows, which in turn will translate into an increase in net cash on the balance sheet and the company's readiness to pay its first dividend from earnings in 2024.
