Costa reported FY21 EBITDA growth of 11%, or 4% excluding acquisitions. The company had lower prices in avocados in 2H21, but berries and mushrooms had a good second-half. There should be strong EBITDA growth in FY22e given acquisitions, tomato production expansion and a recovery for grapes. We forecast FY22e EBITDA of $265 million, up 21%. However, with changes to its lease structure, we only forecast 6% NPAT growth.